Max Greenwood, CPA, Chicago, Illinois, is the sole proprietor of The Sorcerer’s Accountant, a small but highly successful accounting and tax preparation company. The firm provides small-business clients with tax accounting, management accounting, QuickBooks setup and training. The business is expanding its services to include bookkeeping for small businesses in order to move beyond a one-person operation. This will require investment in marketing and staff to expand the business to include this additional line of business. This business plan organizes the strategy and tactics for the business expansion and set objectives for growth over the next three years.
Clients will be offered bookkeeping services by the business with oversight from a CPA. This is at a cost they can afford. This involves the hiring of undergraduate students as bookkeepers and graduate students as managers. Fixed costs are kept as low as possible and Sorcerer’s Accountant continues to expand its expertise through its website resources. As 8 part-time bookkeepers work for clients, the sales will more than double over three years. Greenwood’s salary and dividends also increase significantly.
Objectives
The Sorcerer’s Accountant will launch a new type of service, small business bookkeeping, which will be offered as a continuing client to the same clients Sorcerer’s Accountant currently provides.
The Sorcerer’s Accountant has set these objectives:
- Two part-time bookkeepers are needed to slowly launch the bookkeeping service.
- Bookkeeping service annual revenues equal or more than current total revenue within three years (effectively doubled revenue).
- To realize a net income of $60,000 within three year
- In three years, 8 part-time bookskeepers will be needed
Mission
The Sorcerer’, Accountant, provides small businesses with a full set of tax and management services in Chicago, Illinois. These services allow them to not only save money, but also ensure compliance to tax laws.
Keys for Success
The following keys are essential to the success of an accounting business:
- Building trust with clients
- Maintaining current CPA certification. Education on accounting laws and practices
- Going beyond saving clients money to proposing how they can increase their revenues
- Transparency, reporting, and taxes: legal and ethical practices
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