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business plan - Complete Controller

Prior research helps add solidarity and credibility to a business plan as it shows investors and stakeholders a thorough analysis of what can be expected in the coming years. The research conducted should give relevant data on the business model and a fair representation of how the business is going to be received by the market. Check out America's Best Bookkeepers

The type of research one needs to undergo when preparing a business plan largely depends on what kind of business one is looking for a startup. An online business would require different types of research compared to a business plan involving a retail shop. For example, an online business or e-commerce business plan would typically include research relating to top-ranked keywords, domain and hosting solutions, and other technical and market-related research. Whereas, a retail store would require research about the location, rental fees, customer density, etc. The type of research needed when creating a business plan depends on your business. However, research remains consistent regardless of what type of business designation on which a business plan may be based. 

SWOT Analysis

A key part of any business plan is well thought of SWOT analysis. SWOT stands for strength, weakness, opportunity, and threats, and these needs are to be highlighted in any business plan, no matter the type of business or industry. This form of analysis looks at both internal and external factors that could affect the business operations in both the long and short-run. When researching SWOT, a good practice is to utilize data from established businesses in that industry. Using a well-reputed company as a benchmark showcases two things; it proves the model is successful and demonstrates that you have studied your competitors well.  Check out America's Best Bookkeepers

Competitor Analysis

Understanding your competition before the start of your business can be a huge advantage. Competitor analysis helps identify key competitors in the industry and highlights just how successful the business model can be when executed effectively. Having a well-compiled competitor analysis can also differentiate yourself from the rest of the competitors by stressing the competitive advantage your business model would have compared to the rest of the competition.

Market Analysis

Possibly the most critical component of a business plan is market research. Any successful business needs to have a thorough understanding of its desired target audience. Before starting on compiling a business plan, appropriate market research needs to be conducted that helps identify and answer questions such as; who would be the business’s potential customer base (demographics)? What would be the desired market share?  What type of demand exists for the product, and at what price? These are but a few of the questions that would require answering before starting a business plan. The better a business understands the market in which it operates, the more successful it is likely to become. Check out America's Best Bookkeepers

Financial Analysis

This type of research can be conducted by studying competitors’ financial statements. Finance is the heart of any business. Ensuring that all financial components are thoroughly researched makes for a well presented and realistic business plan that is likely to generate interest from investors. Financial ratios are a quick and easy way to form an idea about a particular business or industry. Preparing realistic and credible financial forecasts for the business can add a lot of weights to your business plan as numbers are much better when it comes to presenting a business opportunity than words. Facts and figures make up the lifeblood of any business plan. Financial discipline and proper research can help in compiling forecasted financial statements that are realistic and attainable, making it a worthwhile investment to most.

Conclusion

Starting up a business is like buying a house or a car; only a million times harder. One needs to research to figure out the best available deals in the market and attain knowledge regarding all the different options available. A well-articulated decision can only be made when all necessary and relevant information is brought forth, and this is no different when it comes to formulating a business plan. 

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Plan Your Career - Complete Controller

Choosing and planning a career is a significant event in the life of every adult. Some people know what they want to do at a young age, while others may take years to figure out what they want to be “when they grow up.” Whether looking to use a degree after graduation or making a significant change years later, launching a career takes planning. Every job is not for every person. There are some actions you should take to identify career options that make sense for you. Here are some steps to choosing and planning your career that will help you love what you do.Check out America's Best Bookkeepers

Identify  your Passion

Identifying your passion should be the first step in career planning. Anyone can get a job to pay the bills, most working adults have done that, and many have gotten stuck there. However, to plan a career, you must search yourself for what you want to contribute to the world through your chosen career. Skills can be learned, but passion is something that gets embedded in your DNA.

Prioritize Interests and Skills Check out America's Best Bookkeepers

The next step in choosing and planning your career is to prioritize interests and skills. Making a list of interests may seem like a waste of time, but it is one of the keys to your career choices. Choosing a career based solely on skills may lead to dissatisfaction if it is not something that interests you. It will also improve your dedication to your chosen field if you don’t get bored.

Prioritizing your skills will serve many purposes. First, it will help you identify what skills you have that matches your interests. It also helps identify what training or education you need. Even if you have attended college, you may find there is a need for other training opportunities.

Assess Your Current Job

As mentioned before, many working people are in jobs they took to make ends meet. Others may be in their chosen career but want to take it further. It is essential to take an inventory of what you are currently doing to earn a living. Make a list of pros and cons and ask yourself if you love what you do. If you are starting a new career or furthering your current one, assessing what you are doing for a living is vital to the career planning process.Check out America's Best Bookkeepers

Research

Research is the most critical step in choosing and planning for your career. When we daydream about our perfect job and how it will be, those lofty scenarios often don’t include a lot of reality. Learn everything you can about what the career you’re considering entails. There could be aspects that are not for you; it is better to know this before investing time and education in a career you won’t stick with or are miserable in once you obtain it.

For example, many people who love animals say they want to grow up to be a veterinarian. They just see the interaction with animals and not the other aspects it involves such as surgery, dealing with sick animals, and other tasks that will be extremely difficult to deal with for an animal lover.

Putting It All Together

Planning your career is an important process. Your job is often where you spend most of your waking hours, so if you love what you do because of careful planning, that time will be well spent. So identifying your passion, prioritizing your interests and skills, assessing your current job, and researching the career or careers you are considering are part of the planning process. Make planning for your career a priority using these steps, and you will never work another day in your life because you will love what you do.
Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers