A Universal Business Plan

for an Independent

Bookkeeping, Financial,

and

Payroll Service

Table of Contents

  1. Form of Business
  2. Short Term Objectives
  3. Long Term Objectives
  4. Personnel
  5. Insurance
  6. Location
  7. Business Risk
  8. Products and Services
  9. Customers/Clients
  10. Locating Clients
  11. Competition
  12. Marketing Plan
  13. Equipment and Materials Needed

Chosen Name ______

(Location) ______

______

Form of Business Proprietorship

A proprietorship business form has been chosen. This will create personal identification and responsibility. Each client will be dealt with on an individual basis and confidence and good reputation will be used for business growth.

Short Term

Objectives Business Establishment

  1. The aim of the business is to establish a professional accounting/bookkeeping service that will reflect quality performance and fill a wide range of business needs.
  1. To create for clients proper accounting, inventory, and financial controls that will aid them by giving constant business growth on a profitable basis.
  1. To make available to clients accounting systems that have been designed for their business, and have these systems available for both hand-posted and computerized usage.

Long Term

Objectives A Growing Business

  1. The aim is to create and continue the business on a sound and conservative basis.
  1. To promote (through direct mail and personal contact) services and products to prospective clients in a way that will cause business growth on a continuing steady pattern.
  1. To gradually expand the business through the inclusion of qualified associates who have been adequately trained in business management.

Personnel Trained and Qualified

  1. Present. My own background includes exclusive training in business management and accounting systems. I have completed a wide variety of different company’s books which include general sales, manufacturing, construction, automotive, and finance. They include the preparation of financial reports and statements.
  1. My educational and professional background includes graduation from , , and

, all specializing in Accounting and Business Management.

  1. Future. Any additions to personnel will be based on their individual training in all facets of business accounting with the ability to converse with clients on a professional and knowledgeable basis.

Insurance Insurance Coverage

All business insurance will include full coverage of all assets of the business in case of loss by theft, fire, or other related reasons. Personal life coverage, in the event of death, will be in the sum of $ .

Location The location of the business will be in my home located at

. Overhead costs will be kept at a minimum. A room within the home will be fully equipped and utilized for the bookkeeping service business. My present residential location is within an area where over 1,000 small prospective business clients are located.

Business Risk 1. The normal business risks which result from unprepared management, inadequate capital, and lack of accounting have been given careful consideration and are being covered as part of this business plan.

  1. The current business climate shows a definite need and a future expansion potential for those who are qualified to give professional accounting services.

Products and

Services Provided General Business Bookkeeping Products

  1. The products I have available to clients include hand-posted accounting systems for partial or full-charge accounting. They include bound manuals covering journalized bookkeeping, the general ledger, and a variety of subsidiary ledgers.

  1. A complete filing system for daily transactions is furnished to clients for their use in giving stronger financial control.
  1. A computer accounting program covering the entire integrated field of business bookkeeping is available for distribution to clients when such becomes requested or desired.

Services

  1. Complete bookkeeping services are included as needed and requested by clients, including data entry for all sales, disbursements, payrolls and standard entries.
  1. Detailed computation and completion of financial statements are made available as a separate service for those clients who already maintain in-house journalized bookkeeping.
  1. Special services covering business financing, year-end tax returns, word processing, and corporate management are optional services available to clients on a contract basis.

Customers and

Clients Types and Size of Businesses

  1. All small businesses are potential clients. Where in-house bookkeeping is maintained, the professional completion of financial statements, business financial packages and corporate creations, special consultations and services will be available when requested.
  1. For businesses that have no complete bookkeeping systems, these will be provided and serviced on a daily, weekly, or monthly basis as needed.
  1. Final year-end closings, tax returns, and management reports will be made available to all clients and customers.

Locating Clients Advertising for New Clients

  1. The advertising budget will be maintained on a very conservative basis. Direct mail to new businesses and businesses within the close vicinity of the office will be the primary source of clients. Each of these businesses will be given personal contact with a visual display of all products and services offered.
  1. All direct mail advertising will come from proven solicitation methods covering the exclusive systems designed and available for the client’s specific business.
  1. Referrals will be gained from satisfied clients and used in the promotion of new customers.
  1. Direct telephone solicitation will be used when personnel (able to give proper presentations) can be located and utilized. All clients will be kept in contact on a monthly personalized basis.

Initial Promotion

  1. Two hundred and fifty personal letters to friends and relatives will be sent announcing the opening of my new business, asking for referrals, and offering a “thank you.” Business cards will be included with each letter.
  1. Ten personal letters will be mailed each business day to all small businesses within a one-mile radius of my business location advising them of my business service and confirming a specific personal visit with an accounting and financing presentation.
  1. Ten letters with brochures will be mailed each business day to new businesses within the trade area advising them of the available bookkeeping systems and offering financing preparation services.
  1. A one-column by five inch local newspaper ad will be run weekly for the first month of business (together with a “FREE” published article written about me, personally, and the service I offer printed in the same newspaper). A personal picture will be included with the article.
  1. Ten personal contacts will be made daily as a follow-up to the written requests for appointments.
  1. Ten follow-up telephone calls will be made daily to new businesses who have been mailed letters and brochures.
  1. All letters mailed and telephone calls made will emphasize the personally designed accounting systems, and financing services I have available.

  1. Each presentation visit will include a display of the filing system and simplified accounting forms available for client use.

Competition Other Competitive Bookkeeping Services

  1. Other bookkeeping services within the city should create a constant source of new clients. This would be caused due to the many additional services I will offer. With the utilization of updated systems and programs, plus a weekly contact, financial statements can be completed immediately at the end of each month, which is what clients desire. Lack of prompt service will create immediate interest from those who want quicker action.
  1. Some competition (having been in business for many years) becomes lax and not willing to give complete service to clients.
  1. Having many additional business services available through the furnishing of financing loan packages, corporate articles, and year-end closings will add to client interest.
  1. My pricing and billing structure gives great flexibility and provide prospective clients quick service quotations.

Overall Marketing An Expanding Area

  1. The location of my business is in a growing commercial area. New retail stores are being created each year. Shopping centers are large and fully occupied.
  1. Based on present studies, the need for professional accounting services becomes greater each year. A recent government circular shows accountants as being #3 in the demand professions during the next ten years.
  1. Small businesses are maintaining a continual growth pattern. Population within the area is increasing and demand for services is following the same pattern.

Why Will Clients be Attracted

  1. The products and services offered are more complete than those offered by the competition and are in increasing demand as a greater number of small businesses are created.

  1. The personal “on site” service given by me together with exclusively designed systems for businesses will create interest.
  1. My training and background plus that of personnel will be a positive plus in present and future marketing.

Equipment and

Materials Needed

for Professional

Service Electronic Equipment and Materials

In order to prepare modern financial documentation in a computerized fashion, the following equipment is considered necessary:

  1. An IBM compatible 386 computer with a color monitor.
  2. A wide and narrow (track fed) printer for use in preparing journals and columnar presentations.
  3. A laser printer for high quality financial statements.
  4. A full capacity printing calculator.
  5. An electric typewriter for quick service.

Computer Programs and Materials

  1. ABC Full Charge Bookkeeping Software
  2. WordPerfect 5.1 Computer Software
  3. LOTUS 1-2-3, ver. 2.3 Computer Program
  4. A Payroll Plus Program
  5. Client file displays
  6. Computer Paper and Office Supplies
  7. Hand-posted Bookkeeping Systems for clients and full-charge service

Furniture and Fixtures

  1. An executive size office desk and chair
  2. A four-drawer business filing cabinet
  3. Two customer arm chairs
  4. Office bookcase, decorations and planters