usiness plan is not only beneficial for small businesses, but for practitioners too. Rachael Power talks to Ric Payne about what a good plan and sound business model can bring to a firm.
In an earlier webinar series on the 21st century client-accountant relationship, Payne, founder of Principa discussed the merits of business models and plans for practitioners.
Having a road-map for a firm setting out a measurable route to guide practitioners where they wanted to go - whether in terms of growth, client value or simply to remain where they are - was key. Knowing how to do it and how to implement a plan not only benefits the practice, the skills gained mapping out your own path to success can be deployed as added-value services for business clients.
But, Ric Payne notes, simply coming up with a plan isn't enough. Accountants need to have a solid business model in place in the first instance.
Recent research by Principa found a strong correlation between firms that engage in business planning, and high performance. "Firms that have the discipline to engage in robust internal planning tend to be firms that carry that throughout their entire business. As a result, they tend to be more successful," he said.
Preparing business plans doesn't automatically bring about success, but following the disciplines and management control process involved can be an organisational catalyst.
"The mere act of planning doesn’t make firms any better," said Payne. "That’s why I think so many people often prepare a plan and then it goes and sits in a bottom drawer, because there’s no discipline around it...
Register for free with AccountingWEB and log in to see the full article which covers:
- Planning in practice
- How to develop and deliver business plans
- Making your plan a reality
- Working with clients on their business plans
- Developing planning skills
For more in this series, see:
About Rachael Power
Your friendly, neighbourhood community editor.