09/09/2020 by MNV Associates
Role of Bookkeeping and Accounting Firms in Dubai in Business Planning
Starting a business needs a lot of work, from coming up with idea and evaluating its feasibility to executing your strategy. When doing so, you should inspect every side of your potential company, especially the financial part. This is why you should consult bookkeeping and accounting firms in Dubai.
Why You Need Market Research and Business Plan
Before talking about how accountants can help you in planning your company, you might be wondering why you need market research and a business plan before launching your company. In understanding the importance of these two, you need to know that market research is an essential aspect of any business plan.
The easiest way to understand the importance of the two concepts is to look at your potential company and the product or service you want to offer. Your business plan is basically a document that contains all important details of your company such as your name, product or service, vision and mission, marketing strategy, finances, budgets and research.
Market research will tell give you an idea about the industry you are planning to join, its market and the prospective target of your company. It can also give you an idea about your competitors and the advantages and disadvantages they have.
How Accountants Help in Market Research and Business Planning
Now that you know what exactly these two are and why you need them, you may be ready to see how bookkeeping and accounting firms in Dubai figures in this process. Here are some of the benefits they offer:
Studying the Market
As mentioned, an analysis of the market is composed of reports regarding the industry, the target market and your potential competitors. Keep in mind that when you join the sector, you will act as a rival of existing companies, and as they say, it is important to know your enemies. Your accountant can help you understand your competitors’ performance, finance-wise.
Your accountant can help you gather, process and evaluate publicly available financial data. With this, you can try to see what the competition has been doing right and how it can improve its performance. Of course, you will apply your findings to your company, which gives you an advantage.
Making Performance Projections and Targets
Remember that your business plan should persuade the reader that your idea is feasible. One way to do this is to predict how your company will perform given the strategies you present in the document. As you are a budding business, you want to show your targets and make projections showing potential performances toward achieving your goals. Accountants can help you make projections and targets.
Creating a Budget
Lastly, an accountant can help you create a budget to help manage your finances in a streamlined and efficient manner. This will outline projected spending on staff, research and development, acquisition, marketing and other related expenses. This will serve as a guide to see whether you are over- or underspending.
The Bottom Line
Any aspiring entrepreneur needs to do market research and make a business plan to help them launch their future company. With the help of an experienced and skilled accountant, you can take one step closer to your dream armed with research and a detailed strategy.