Okay, so we have considered all the requirements for starting an accounting firm. Have you ever dreamt of becoming your own boss? Did you by chance study Accountancy and are finding it difficult to get your ideal job? Why Start an Accounting Firm?
Schools High Schools, Colleges and Universities Sport Organizations Entrepreneurs and Start — Ups Our Competitive Advantage The level of competitions in the tax preparation cum financial consulting services industry depends largely on the location of the business and of course the niche of your financial consulting services.
If you can successfully create a unique brand identity for your tax preparation services firm or carve out a unique market, you are likely going to experience less competition.
For instance if you are one of the few tax preparation services firms in your locations that also offer bookkeeping and financial auditing services and also online tax preparation services, you are likely going to have a competitive advantage over your competitors.
Although the competition in the tax preparation services line of business is not just within same service providers but also other financial consulting related service providers in the tax preparation cum financial consulting services industry.
We are quite aware that to be highly competitive in the tax preparation services cum financial consulting services industry means that we should be able to deliver consistent quality service, our clients should be able to experience remarkable difference cum improvement and we should be able to meet the expectations of clients.
Henry Murdock Tax Consulting, LLP might be a new entrant into the tax preparation services cum financial consulting services industry in the United States of America, but the management staffs and owners of the business are considered gurus. They are people who are core professionals and licensed and highly qualified tax consultants in the United States.
These are part of what will count as a competitive advantage for us. Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category start — ups tax preparation service providers in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.
Our sales and marketing team will be recruited base on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization. We will also ensure that our excellent job delivery speaks for us in the market place; we want to build a standard tax preparation service business that will leverage on word of mouth advertisement from satisfied clients both individuals and corporate organizations.
Our goal is to grow our tax preparation services firm to become one of the top 20 tax preparation services firms in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and tax business plan example to become a major force to reckon with not only in the Saint Paul — Minnesota but also in other cities in the United States of America.
Henry Murdock Tax Consulting, LLP is set to make use of the following marketing and sales strategies to attract clients; Introduce our business by sending introductory letters alongside our brochure to corporate organizations, schools, households and key stake holders in Saint Paul and other cities in Minnesota.
Advertise our tax preparation services business in relevant financial and business related magazines, newspapers, TV stations, and radio station. List our tax preparation services business on yellow pages ads local directories Attend relevant international and local finance and business expos, seminars, and business fairs et al Create different packages for different category of clients start — ups and established corporate organizations in order to work with their budgets and still deliver quality services to them Leverage on the internet to promote our tax preparation services business Engage direct marketing approach Encourage word of mouth marketing from loyal and satisfied clients.
Sources of Income Henry Murdock Tax Consulting, LLP is established with the aim of maximizing profits in the tax preparation services cum financial consulting services industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis and sign retainer — ship with most of our clients.
Henry Murdock Tax Consulting, LLP will generate income by offering the following tax preparation cum tax consulting services for individuals, households, start — ups, NGOs and for corporate organizations; Provide income tax compilation services Provide income tax return preparation services Provide basic tax preparation services Provide standard tax preparation services Provide full-service tax preparation services Provide tax-related financial products Provide other tax return preparation services Other financial consulting and advisory related services Sales Forecast One thing is certain, there would always be individuals, households, mom and pop shops, start — ups, NGOs and corporate organizations who would need the services of professional tax preparation services providers.
We have been able to critically examine the tax preparation services cum financial consulting market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to startups in Saint Paul — Minnesota.
Below is the sales projection for Henry Murdock Tax Consulting, LLP, it is based on the location of our business and the wide range of tax preparation services that we will be offering; First Fiscal Year-: Please note that the above projection might be lower and at the same time it might be higher.
Our Pricing Strategy Hourly billing for tax preparation services cum financial consulting services is a long — time tradition in the industry.
However, for some types of tax preparation services cum financial consultancy services, flat fees make more sense because they allow clients to better predict consultancy costs. As a result of this, Henry Murdock Tax Consulting, LLP will charge our clients a flat fee for many basic services such as tax preparation services and business advisory services and tax consulting et al.
At Henry Murdock Tax Consulting, LLP we will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance.
In addition, we will also offer special discounted rates to individuals, households, start — ups, nonprofits, cooperatives, and small social enterprises. Payment Options At Henry Murdock Tax Consulting, LLP our payment policy will be all inclusive because we are quite aware that different people prefer different payment options as it suits them.
Here are the payment options that we will make available to our clients; Payment by via bank transfer Payment via online bank transfer Payment via check Payment via bank draft Payment with cash In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.
Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for our service charge.
Tax Preparation Service Business Plan — Publicity and Advertising Strategy We are aware of the importance of adequately publicizing a start — up business like ours hence we have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market.
We are set to take the tax preparation services cum financial consulting services industry by storm which is why we have made provisions for effective publicity and advertisement of our travels and tours agencies.
Tax Preparation Service Business Plan — Financial Projections and Costing Starting a tax preparation services firm can be cost effective; this is so because on the average, you are not expected to acquire expensive machines and equipment. Basically what you should be concerned about is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to furniture and equip the office, the amount to purchase the required tax and accounting software applications, the amount needed to pay bills, promote the business and obtain the appropriate business license and certifications.
They are the sole financial of the firm, but may likely welcome partners later which is why they decided to restrict the sourcing of the start — up capital for the business to just three major sources. These are the areas we intend generating our start — up capital; Generate part of the start — up capital from personal savings Source for soft loans from family members and friends Apply for loan from my Bank N.
All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited. Sustainability and Expansion Strategy The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure.
One of our major goals of starting Henry Murdock Tax Consulting, LLP is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to offer our tax preparation services cum tax consulting services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Henry Murdock Tax Consulting, LLP will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Completed Opening Online Payment Platforms: In Progress Application for business license and permit: Completed Purchase of All form of Insurance for the Business:A Sample Tax Preparation Service Business Plan Template Business Overview The financial services industry is indeed a very broad industry and one of the active lines of businesses in the industry is tax preparation services business.
An executive summary of a business plan is an overview. Its purpose is to summarize the key points of a document for its readers, saving them time and preparing them for the upcoming content. The Sorcerer's Accountant accounting and bookkeeping business plan executive summary. The Sorcerer's Accountant is an existing one-person accounting and tax preparation service, planning to expand by adding bookkeeping services.
• Unsubstantiated assumptions can hurt a business plan; the business owner tax returns, resumes, reference letters, personal financial statements, Business Plan Outline. Disregard any questions that do not apply to your business.
A. Description of the Business Part A provides an overview of key information which is developed in.
Identify the federal tax reporting requirements of a small business and its owner, and to establish a plan to account and pay for federal taxes. Identify the general state/local tax reporting requirements of a small business, and establish a plan to account and. Advice on how to develop a strategic business plan for your tax business from The Income Tax School.
Become a Tax Professional. For example, to attain a 5% share of all tax returns in your zip code market area, or to improve your prior client repeat factor to 80%.
One thought on “ How to Develop a Strategic Business Plan ” Graig.