Why Creators Also Need to Be Planners, Even Though They May Hate It


Do you consider yourself to be a creator? If so, you may have come up with a fantastic idea for a new business and are now looking for ways to set yourself up as an entrepreneur. However, don't let enthusiasm get the better of you and make sure that you properly think this through before you proceed. What are some of the key areas to focus on while you make your decision?

The Importance of a Good Plan

To begin with, take your creative hat off for a minute and focus on something a lot more mundane – the business plan. This can be very tedious for people like you, but time spent now will definitely pay off down the road.

As you create a plan like this you will look at your business from a number of different perspectives, rather than ploughing ahead with only your original idea. You'll also be able to predict some of the likely obstacles and figure out ways that you can overcome these before you actually meet them. You need to be able to envision where you will be in five or even ten years from now, so that you can structure the path ahead carefully.

Impressing Investors

If you ever want to expand and get others to help you do so, you will be much better off if you have a formal business plan and the investors can see that you're serious. Certainly, you can make a plan when you actually get to that stage, but a history of careful thinking will look good as well.

Avoid the Cash Crunch

Like it or not, a business is going to thrive or fail on its ability to handle and manage its cash flow. Even the most experienced entrepreneurs can be caught out by this issue, but if you have a business plan that is well structured it should carefully cover inputs and outputs, so that you never get caught out.

Exit in Style

Remember, this business is meant to provide you with a good lifestyle and future security. Consequently, you will come to a point where you need to sell the business as a going concern so that you can enjoy the fruits of your labours. A well-structured business plan will cover this carefully, so that you can strategise your future well down the road.

A Crucial Partner

For more information or advice, contact local accounting services.


28 November 2017

Accounting Tips for Parents: Earning, Saving, Paying Taxes and More

Becoming a parent is hard. It's not just the middle of the night feedings or the angry teenagers that can be challenging. You also have to deal with financial issues. From day one, you have to deal with less time to work but more need for money. Hi, my name is Jules, and I have been there. I have raised four kids and really struggled through many of them. Now they are all in uni, and I want to help other families. If you want to read about accounting tips for parents, you have come to the right place. Please, take a look at these posts. I hope they guide you in the right financial direction.