Today is the 3rd anniversary of Skyview CFO. It’s been a while since I last posted… I’ve been busy!

A lot has happened since I last posted, so I wanted to share my recent experiences in an effort to show those who may be feeling challenged entering the workforce or finding the ‘right’ career path, that there are plenty of different ways to get your foot in the door.

In August 2022, I moved Skyview HQ out of my apartment and into a WeWork office in midtown Manhattan. While I was unpacking, one of my neighbors walked into my office and asked what I did. I told him that I provide CFO services to small businesses, and he nodded and said, “I could probably use that soon.”

Less than a month later, he became my biggest client. After more than 20 years in construction, he recently started his own general contracting firm and needed someone to help manage the financial operations. While I had experience in other industries, I knew nothing about construction. I can’t even hang up a picture frame, if I am being honest. Nonetheless, I had to teach myself all about the unique financial processes in the field, and luckily my new client was patient and saw that I was a quick learner.

At first, like most of my clients at the time, he only needed my services for a few hours per week. But over the next year, his business kept growing . It was growing so fast, I was faced with some tough decisions. In order to provide the level of service he needed, I would have to drop some of my other clients. I had tried hiring people to manage those relationships while I grew the business, but in the end it became tough for me to train and provide the same level of service my clients expected. After negotiating, my client agreed to a new rate that would allow me to part ways amicably with those other clients, while still allowing me to maintain some of my smaller accounts who only required my services for a few hours each month.

Fast forward a few more months and I am now managing the financial operations of a multi-million dollar company, in an industry I knew nothing about two years ago. I still have helped other clients on the side, including a start up I invested in after meeting the founder while I was judging a business plan competition at my alma mater, Syracuse University.

While the journey of Skyview CFO has many miles ahead, it has taken a major pivot from since I launched in May 2021. My original intention was to provide financial services within the summer camp industry, but I found that my business model did not really work best for them. Currently, I am no longer providing services, or taking on clients in the summer camp industry. Not until I decide to buy one, that is.

The point is that there is more than one way to get a job. I’m not saying you should make a consulting firm and take the route I did, but there are more ways than just applying to job posts behind a keyboard. You need to think outside the box. Don’t get me wrong, I’ve been far from perfect. I was losing money every month in my first year and made plenty of mistakes along the way. It was not easy, especially while earning my Master’s in Accounting, and dealing with my parent’s lengthy divorce at the same time, but I have finally found myself on a path I am proud of.

I see a lot of recent graduates trying to enter the workforce now, complaining that nobody is hiring, while expecting six figure salaries to work remotely in jobs they have zero experience in. No job is going to just jump out and get you. Sometimes they fall in your lap, but more often than not, you have to figure out alternate routes and prove yourself. You have to be okay not being a millionaire in your 20s. You have to be okay not making money, coming into an office, and learning. I have no idea where I’ll be in five years, if Skyview CFO will still exist, but what I will tell you is that I’m always trying to figure out how to increase my value while doing something I enjoy.

I intend to do more writing. I enjoy blogging about business topics and might consider putting out a new book in the future so stay tuned.

Lastly, I could not have done this all without my strong support system who has gotten me through the times of doubt, and to remind me that the people who are hating on my path and trying to bring me down are insignificant.

If you have any questions about my experience or want some advice, please email me at brandon@skyviewcfo.com .

-B

Let’s face it, paying taxes isn’t fun. However, it’s best to get ahead of it to ensure you don’t end up paying any fines or late fees.

Luckily, fractional financial service companies, like Skyview CFO, have become more commonplace over the last couple years. The lingering effects of the pandemic have led to a rise in freelancers, and virtual services that mesh with the work-from-home or hybrid working environments

Fractional financial services can help business owners save time and money by ensuring your accountant doesn’t have a large pile of disorganized information to bill you at a substantial hourly rate to make heads or tails of.

What are Fractional Financial Services?

At Skyview, we provide three different types of services: Fractional bookkeeper, controller, and CFO services. Think of us as the translator between you and your accountant. Maybe you just need someone to clean up your books, or just an extra set of eyes on your numbers. That can seem costly, especially if you don’t have the budget to hire anymore full-time employee. This is where a fractional services can be a cost effective solution.

Fractional Bookkeeping

It’s 2023 and the days of bookkeeping being recorded in actual books are well and gone, as are the days of needing a software downloaded on your desktop. Accounting platforms, like QuickBooks have made the shift to online which allows for the virtual bookkeeping industry to exist.

The average salary for a full time bookkeeper is approximately $50,000. By providing our services virtually on a part-time basis, we are able to come in at a significantly lower rate – as lows as a couple hundred dollars per quarter!

A fractional bookkeeper will categorize your income and expenses, save and file your receipts, reconcile your bank accounts, process your payroll and produce your financial statements essential for both you and your accountant.

Fractional Controller

A fractional controller is more hands on than a bookkeeper. They can provide services such as budgeting, forecasting, price shopping, pricing strategy, and other analytical reports, in addition to the standard bookkeeping services above

Fractional CFO

A fractional CFO is more geared towards startups who need financial guidance, business planning, and funding tactics. This can be a much better alternative to a full-time CFO who will either demand a substantial salary, or equity.

Find Out More

If any of these services appeal to you, or if you just want to set up a free consultation drop me an email at brandon@skyviewcfo.com !

On August 16, 2022, The Inflation Reduction Act of 2022 (IRA) was signed into law. The IRA was created to direct new federal spending toward reducing carbon emissions, lowering healthcare costs, funding the Internal Revenue Service, and improving taxpayer compliance, all in an effort to help curb the rising inflation.

However, the House GOP is sending a message by passing a partisan bill yesterday (that WON’T make it through the Senate) that would cut that IRS funding.

So, what does this all mean?

Why is inflation so high? What is the purpose of the new IRS funding from the IRA? What message is the GOP sending by passing this bill?

Why Inflation is High

Inflation is reaching historically high levels due in large part to lingering effects from the pandemic. At the start of the Covid-19 outbreak, consumers began spending less because of lockdowns, and in turn, started saving more. Then, when Covid-19 restrictions eased, people started spending more again. Companies, however, couldn’t keep up with this increased consumer demand. 

Just as there are many causes of broad-based inflation, there are many factors that have given way to higher energy prices. Large in part, due to Russia’s invasion of Ukraine and the resulting Western countries’ sanctions which put severe limits on the import of Russian oil. Both events played a significant role in rising energy prices and supply-chain issues.

The result of all these things? Higher prices for most goods and services.

Corporations and wealthy individuals have been getting away with not paying taxes. Ergo, most people can’t afford to buy things while those who can do not fund the government with their taxes, which is contributing to inflation and leaving the economy in a very shaky state.

IRA Funding From The IRS

Excerpts from the nonpartisan Joint Committee on Taxation (JCT) indicated that the legislation might lead to increased payments on personal taxes for Americans of all incomes. However, this calculation was based on an assumption that companies would pass on parts of the minimum corporate tax to employees, which was criticized by Steven M. Rosenthal, a senior fellow at the nonpartisan Tax Policy Center (TPC). The TPC estimated that the bottom 80% tax filers by income would actually receive a net benefit. The 80th-99th percentile would incur a small cost (0-0.1% increase in average federal tax rate) while the top 1% would incur a 0.2% increase. The costs mainly are imposed indirectly as corporations facing higher taxes, which may end up reducing the wage increases for workers; individual tax rates were not changed.

Treasury Secretary Janet Yellen directed IRS Commissioner Charles Rettig to NOT use the new funding to increase the rate of audits of those making less than $400,000 a year above historical levels, but to instead focus on “high-end noncompliance.”

The GOP Response

“Our first bill will repeal funding for 87,000 new IRS agents, because the government should be here to help you, not go after you,” declared the very newl House Speaker Kevin McCarthy, who was barely able to get elected by his own party.

Republicans claimed throughout the midterm campaign that Democrats were sending “an army of IRS agents” to go after middle and lower-class taxpayers with the new agency funding in the IRA. A tad misleading. 

Republicans also say they are not buying the assertions from administration officials stated above and have vowed to keep up scrutiny of the IRS.

The Democrat Response to the GOP Response

“They don’t want a fairer tax administration, they think it’s bad for some of their supporters,” Rep Richard Neal, the top Democrat on the Ways and Means Committee, said in debate with Republicans. “What they’re attempting to do tonight is bad for middle-class families. It’s bad for small businesses.”

This new House Republican measure would increase the budget deficit by more than $114 billion through 2032, according to the Congressional Budget Office.

My Interpretation

Inflation is high. Corporations haven’t been paying the limited taxes they owe. Lawmakers are trying to curb rising inflation by funding various programs, including the IRS so that it can collect from the top 1% more efficiently. The GOP is trying to appeal to their supporters and say that Democrats are spending money and use it to come after poor people to force them to pay more taxes with guns. The Democrats are saying, “false”.

Will any of this actually reduce inflation? We’ll just have to wait and see.

Speaking of tax… If you need help getting your businesses’ 2022 financial statements ready you should hire an outsourced CFO or bookkeeper from Skyview! For more info email me at brandon@skyviewcfo.com!

Don’t panic! While there is strong evidence that says yes, you can die early due to stress on the job, there are very different kinds of job “stress”. The point of this post is to help identify what causes you the most stress at work and understand what type of stress is the most dangerous.

Stop me if you’ve had this conversation before… you’re meeting up with your old college buddy at happy hour and they ask, “so, how’s work?” You scoff, do a little shrug, and robotically respond “It’s work.”

After a brief awkward pause you remember you should probably ask them the same thing so you return the favor, “What about you?” Your friend let’s out an identical scoff to yours and agrees with your assessment, “It’s work.”

You both then stand their awkwardly and sip your $5 beers in the sticky midtown pub.

No? Just me? Well anyways, I’m sure you’ve complained once or twice to your friends and coworkers about your job. Don’t worry, you’re not going to die because your boss wears too much perfume, or because you office is in Dumbo and you thought it was going to be a remote role, but now it’s “hybrid” and you wouldn’t have crammed into the Upper East Side if you had known that.

Most people do not like their job in this country – it’s a fact. According to a 2018 study, conducted by Morning Consult, just 33% of U.S. employees said they were “very satisfied” with their current job. I’ve had jobs I’ve hated, and I’ve had jobs I’ve hated slightly less. As a business owner I have by far the most stressful decisions to make than I did in any of prior roles. I have days where I love it, and I days where I want to throw my computer out the window. Upon reflection I realized my frustration at former jobs all came down to lack of control.

The jobs I had shortly after graduating Syracuse University with a degree in both Finance & Entrepreneurship, I sat in a cubicle and was monitored constantly for 8 hours per day. I was docked pay if I was late, and may have been scorned once or twice for taking too much time on a lunch break. However, the jobs were quite simple. Add up a few numbers in excel. Copy and paste a few paragraphs. File documents into another file. REAL GROUNBREAKING STUFF. But the job itself was not stressful. Nobody was going home hungry if I missed an email.

Today I am faced with many more difficult and stressful decisions than I was in the cubes. Like, whether or not it’s a good use of my time to keep writing this article. As a business owner, a consultant, and an employer, my decisions don’t just affect my paycheck and life, they affect my clients, my team, and if I had kids probably them too. But I am way happier than I was when I lacked control.

This isn’t a pitch to leave corporate America and start your own business. Just because you’re not a CEO or a manager doesn’t mean you shouldn’t have control over how you do your job. As long as your are completing the duties asked of you professionally, you should be treated like the adult you are. On the other hand, if you are a manager you might want to think about how much you tend to micromanage and the damage it can do to your business in the long run, because there has been statistical evidence that one’s degree of control in their job has a correlation with an increase in chances of getting a heart attack, or dying due to other early onset health conditions.

In his book Naked Statistics, Charles Wheelan cites a famous British study known as the Whitehall Studies that followed 17,530 civil servants over the course of 7.5 years. They were able to make a distinction of those with “low job control” by asking questions like “can you decide when to take a break?” or “Do you have a choice in deciding how to do your job?”. After years of research and subsequent studies, they were able to find a strong correlation between having a low degree of control in your job and dying from coronary heart disease.

While the Whitehall studies were conducted more than 50 years ago, the underlying message has been supported by subsequent studies. The bottom line is that while all types of job can be stressful in their own regard what really eats at peoples psyche is not feeling like they have any control or say in how they lived their life.

Therefore, I find it very important whether you are an entry level worker or a CEO, giving people as much flexibility as you can when it comes to getting the job done is how successful companies operate. What do you think?

I often see business blogs that recommend “top banks” and other financial products for small businesses. Having worked at a bank, and now being a a small business owner, I have come to notice that most of these blogs either fail to recognize which factors are most important to small business owners, or they’re simply paid by sponsors. I mean, they can’t possibly believe that Axos is the best bank for small business owners. But not to worry I am here to the rescue! This post is an unbiased, unsponsored account of which factors you should consider when selecting the right bank for your small business. Hopefully you can take some ideas away, make your own decision and not fall victim to targeted ads that don’t actually have your best interests in mind. Also, you don’t have to be limited to just one bank! It is good to utilize multiple banks so that all of your precious eggs are not in one basket.

1. Accessibility

Even in today’s day and age with virtual banking, it is important to do business with a bank that has real people and has plenty of accessible branches and ATMs in the area where you conduct business. For instance, I work in NYC where there is a Chase on every corner. That makes it convenient for me to pop in to see a banker, or utilize an ATM without having to pay a fee. However, there are plenty of states where Chase does not operate in. Of course, even if I am in NYC but I do a lot of business in Pennsylvania where Chase does not operate, it might not be my best option.

2. Fees/Balance Requirements

Many banks will advertise that they don’t charge any “common banking” fees such as monthly service, checks, wires, and so on. However, for most banks these fees ARE free ONLY IF you maintain a certain minimum balance. Be wary of advertisements from banks that claim to not charge any fees, when they might require you to retain a balance that is beyond your capacity and you’ll wind up paying them.

3. Saving Options

Depending on your business’ cash flow you may be sitting on a idle cash for short periods of time that you can’t put into investments, so it just sits in your bank account. Banks offer different interest rates and some are much more competitive. CDs are a thing of the past as I have yet to see one in the last decade to offer a sensible rate worth locking up your money. Today, there are some banks that offer over 1% APY, which is well higher than most big banks offer (usually in the ball park of 0.4%).

4. Borrowing Options

Whether it’s a Credit Card, a Line of Credit, or a Small Business Loan, it’s easier to borrow if you have a relationship and banking history from the lender. For instance if I have a my checking and savings at Local Bank. They will see how much money I bring in over the course of the time I do business with them. If I talk to my bankers there about my business and they get to know how it functions, when it comes time to borrow money, it is easier to articulate and prove why the bank should loan money to my business at a reasonable rate. It would be much more difficult to walk into a bank without any knowledge of me or my business and ask for a sizeable loan. When considering a bank you want to make sure they have multiple products with real people behind them.

As a small business owner, rapid inflation can be detrimental, but there are some ways to combat some of its negative side effects

Buy In Bulk

In periods when inflation is rapidly rising, the main notion is that something today will be a lot more expensive tomorrow. Therefore, as a business owner, if you are sitting on some free cash, you would be better off buying more supplies or raw materials than you normally would, because they will end up costing more as you continue to wait.

Raise Your Rates

If the price of everything else is rising, your products/services should too. Of course, you want to be wary as you do. Depending on your industry or clientele you may not have the luxury to raise your prices and maintain demand.

Fill Up Your Tank

If you travel by car a lot to conduct business, you want to fill your tank up as much as possible even if it is not empty. Gas prices are continuing to soar, especially with the escalating Russia-Ukraine conflict. By buying gas before you need it you are staving off the more expensive prices that will continue to rise in the near future.

Earn Interest

While it is best not to sit on cash, as rising inflation will continue to lower its value, banks tend to pay more interest on savings accounts when rates are high. Compare your bank account’s APY with other options and make sure you are getting the highest interest reward possible on your idle cash.

Utilize Freelancers

As inflation rises, so does the cost of living. As the cost of living rises, so does the cost for labor. If you are trying to expand but find it too expensive to bring on full time employees with high salary demands too large for your budget, an alternative is utilizing freelancers and independent contractors to fill in the gaps. For example, instead of hiring a full time bookkeeper for $60,000/year you can hire a virtual CFO… like Skyview… for as low as $150/month.

That’s right! As you might be able to tell, I’m an avid writer and have enjoyed using The Skyview Scope as my creative outlet while I navigated not just the launch of my own company, but assisting over a dozen business owners as they set out to start their own companies. While, my business is less than a year old, and I am far from an “expert”, during this short time I have encountered many valuable lessons, spoke with successful entrepreneurs, and watched a lot of business movies and TV shows.

Sky’s the Limit: Navigating a Business Launch is a business help book comprised of tips, instructions, things to consider, and cautionary tales to be mindful of when launching a business. It will be available for purchase on Amazon starting March 1st.

Please fill out this form if you would like to pre-order a signed copy!

No payment necessary until the book is available for purchase.

Starting a business is like setting out for a long road trip. Before you begin, you need to pick out a car. The right car. Since you are the driver, you have to be comfortable in the vehicle you choose to operate.

Think about the last time you bought or leased a car; what did you consider? Cost? Down payment? Gas mileage? Horsepower? Aesthetic? Safety? These are all (to some degree) the same aspects to consider when deciding what kind of business you want to run.

As much as I would love to buy myself a Lamborghini, I don’t have the funds for it. Not yet at least. Go buy some brand new Skyview Merch. Anyway, just like a Lamborghini, I can’t simply sink money I don’t have into a start-up with initial expenses (the down payment) that are too high, coupled with ongoing maintenance fees that would continue to bleed me dry. Also, as someone living in Manhattan, it would not make sense for me to even own a car in the first place. There are other methods of transportation that are better suited for my lifestyle. Even if I had enough money to buy a Lamborghini, in Manhattan, it would make more sense for me to hire a luxury car service. Thankfully, I’m not faced with these dilemmas yet. I just ride the Covid-infested subway for now.

If you’re starting a business, the odds are that you already have an idea for the type of car you want to drive. But before you commit, you still want to make sure that it’s the best fit for you to maintain your lifestyle and reach your destination. If it gets poor gas mileage, if it’s unsafe, if it’s pink, you probably will want to consider other options. 

The good thing about cars is that if they breakdown, they can often be fixed. Along your journey you may need to change a tire, fix a broken muffler, change the oil, and so on. But even if you start driving and realize the car isn’t right for you, you can always turn around and restart you journey with a better suited vehicle. Of course, you’d rather make that decision 5 miles from where you departed as opposed to halfway across the country. BUT just because you start off driving with one car, doesn’t mean you have to commit to it for your entire life. In fact, one day you might even be able to buy a Lamborghini….

In the late 1800’s, a young engineer left his job at the Edison Illuminating Company to start an automobile company. After receiving praise and encouragement from Thomas Edison himself, he took his talented mind and exceptional engineering skills to begin a new chapter. However, the engineer’s company was not able to produce the sort of vehicles at the price and quality he intended, and it quickly failed. Instead of walking back to Edison with his tail between his legs, he designed a new car: A race car. It was a work of art that captured the attention of many players in the industry.

The success of the race car gave the engineer another chance at launching a new automobile company. The mission was to provide an affordable car for the average American (at the time, cars were a mere luxury for the rich). The engineer, however, had trouble shifting his focus from racing cars, where he was seeing success, to everyday cars. His financial backers grew impatient with the stagnant sales. The engineer decided to leave the company after many conflicts with the financers. That company was the Cadillac Automobile Company and was purchased by General Motors in 1909 for $4.75 million (approximately $145 million adjusted for inflation).

On his third attempt at starting a company, the engineer finally found his groove, and was able to finally focus on producing an affordable car. He and his partner leased a factory from two brothers, John and Horace Dodge. After a few rocky years, they were able to build and replicate the type of inexpensive car the engineer had envisioned. It was the first car to have its steering wheel on the left side, the entire engine and transmission enclosed, and a suspension using two springs. I don’t know much about cars, but apparently this was a big deal. It was very simple to drive and, when it debuted in 1908, it only cost American’s $825 (roughly $23,750 adjusted for inflation). About ten years later, a majority of Americans learned to drive with using this specific model, due to its affordability and simplicity. 

If you haven’t guessed by now, the name of that design is the Model T, and the engineer was Henry Ford. Despite Ford being a huge anti-Semite and documented scumbag, his persistence and development of the Model T, and eventually the assembly line, are two of the most important contributions to the industrialization of America. 

Ford had many ideas but was considered too volatile to be the president of the company that bore his own name. However, the Model T was led to his unfathomable success. Had he quit after the failure of his first few concepts and sidetracks, who knows how long it would have taken the country to develop a car ready to get America on the road. 

When starting a business, it is important to keep in mind that your initial model might not be the one that leads to your ultimate success. Customers may respond differently than you anticipate, it may be harder to pull off than you expect, but that doesn’t mean there won’t be opportunities to receive feedback, adjust your offerings, and come up with a viable solution that can get you where you want to go. 

I’ve always had the entrepreneurial spirit. At Syracuse, I sold T-Shirts that said “Beeracuse”, clever I know. I had many ideas which I never pursued that ended up becoming real companies like BuzzFeed and Fanduel. Don’t believe me, I don’t care, but it’s true. The year before I launched Skyview I had another brilliant idea, or so I thought. The premise was to essentially be able to send gifts to your friends as easy as you would send a Venmo or PayPal. Instead of sending money, you could send a gift without needing the recipient’s address, just their username. The name? Giftmo. Seriously, stop calling me clever, I’m blushing. Before I sank real money into it, I reached out to some of my old professors at Syracuse, who told me that they thought it the idea could have potential, but I better gauge the market first. I did a few surveys, which confirmed my thoughts, but after looking further into the industry I found other apps that offered a similar concept, although not the same. However, I concluded that it was too much of a risk and would require a complicated launch in order for me to be willing to leave my job and give it my all. Although Giftmo died, my desire to run my own company did not. I turned around the Giftmo car, dropped it back at the dealership, and bought the Skyviewmobile.

To be successful on the road, you want to make sure that you get in a car that is right for you. You want a vehicle that you can feel comfortable driving. However, you won’t get a true feel for it until you’re cruising down the highway. Maybe it doesn’t drive as you expected. There’s no shame in getting a new car if your first model isn’t right. I learned a lot from trying to start Giftmo which I can attribute to Skyview’s early success. Sometimes you need to change your vehicle to complete your journey. Or in Ford’s case, design one.

Answering the Tough Questions

If you look online, you’ll find many different structures for a business plan but they all essentially contain the same key information and answer four important questions: What’s the goal of your business? Why will it be successful? How will you make it successful? And how much will it cost to operate? Any coherent business plan answers ALL of these questions. In this article I outline all of the key sections you want to make sure are covered and what to consider while writing them…

Section I: Company Description

The Mission Statement

The first step in writing a business plan is to come up with a convincing mission statement. The first of the four questions: what is the goal of your business?

A mission statement is simply more than, “We sell clothes online”. It’s your MISSION; how will your business improve the lives of your customers? So, let’s try it again. Let’s say your business is, indeed, selling clothes online. A good mission statement may sound something like: To enrich the lives of young women by providing them with high quality clothing at affordable prices. 

The Executive Summary

The executive summary is the first real paragraph of your plan, but should be the last thing you finalize. Now that you have a mission statement, you can use it to develop your executive summary which is an elevator pitch on how you plan to achieve your mission. The summary should answer all of the four major questions and how you plan to achieve the answers. While the executive summary should be the last thing you finalize, you should start with a rough draft to give yourself an outline for the rest of the plan. You can go back and keep changing it as you work through the rest of your plan.

Basic Information 

The easiest part of the plan is writing the basic facts about your business: address, email, phone number, hours of operation, type of corporation, etc.

Industry

Analyzing your industry may sound like a tall task and very time consuming, but it is an important step in creating your plan, nonetheless. The more research you do, the more prepared you will be, but all business won’t require a super in depth analysis. 

At a minimum you’ll want to identify all the industries you’re in as most companies are in more than just one. For instance, while Skyview is in the small business consulting industry, it’s also in the financial services industry and the online blogging industry, amongst others. You’ll want to identify key trends in the industries as well as looking at established companies that have been successful in the field. Lastly, you’ll want to focus on where there is room for opportunity, hence why your business can find it’s entry into it. 

S.W.O.T Analysis

One of the first things they teach in any business school is how to perform a S.W.O.T analysis: Strengths. Weaknesses. Opportunities. Threats. Performing a S.W.O.T. analysis helps you begin to answer the second, and perhaps most difficult, question: why will your business be successful?

Strengths – What will your business excel at? What is it’s specialty and core competencies? What sets it apart from the established players.

Weaknesses – What are your obstacles? What will you need the most help with? What can prevent you from executing your plan?

Opportunities – You’ve identified this in the industry analysis, but reiterate the opportunities your business will focus on seizing upon specifically withing in the industry on a micro level.

Threats – Similar yet different than weaknesses, threats are things that can jeopardize the feasibility of your business in the long run. These are more macro ideas like general shifts in technology, change in consumer behavior, workforce availability, a GLOBAL PANDEMIC, etc.

Section II: Products & Services

This is pretty self explanatory, but listing out all of your products and services can help jog your memory and come up with other ideas on what you can offer clients.

Section III: Marketing

Positioning/Niche

This right here is the most important part of your plan, answering one of the major questions of the plan: What sets you apart? Your niche can change over time, but in order to begin you want to focus on a segment of your industry you want to focus on. Ideally it’s one that is currently in need of businesses like yours, or often gets overlooked by the major players. For instance, my business is financial consulting, but due to my expertise in camping, I have a focus on summer camps. There are not too many firms like mine that specialize in camps so when camp owner’s stumble upon me, I am more likely to get their business as opposed to another firm that has little experience dealing with camps. Carving out a unique niche and a plan to target a unique set of clients will answer, why your company will be successful.

Target Customer

Now that you’ve identified your niche, specifically state the exact demographics of your target customer. What are their ages? Gender? Nationality? Profession? And so on.

Competition

Another self explanatory section, here you want to identify who your main competitors will be. But think outside the box, a competitor does not have to necessarily be in the industry, they just need to be an alternative to your products or services. For example, Netflix famously states that sleep is their main competitor.

Whatever you do, Do NOT say that there is no competition. There’s AWLAYS competition. If you show your plan to a potential investor and they see that you think you won’t have any competition, they will laugh you off and assume you have no idea what you are talking about. You’re starting a business after all, don’t be naïve.

Marketing Plan

This is a section that changes over time, but is important to think about before you launch. You’ll want to come up with a preliminary budget to spend on advertising, where you’ll advertise, and how often. 

Pricing

What is your initial pricing strategy. This evolves overtime, but you need to start somewhere. If you want to put in more due diligence, you can run a market analysis via surveys to your potential customers to see if they’d be interested in your services and how much they’d be willing to pay for them. This also determines your intended position in the market place. Whichever price point you decide to start with, try to avoid negative words like “cheap” and “expensive”, but rather use more flattering descriptions such as “affordable” or “high quality”.

Section IV: Operation Plan

Initial Operation

Your business will look much different in the early stages than it will later on, so here you will describe how you intend to get the business off the ground from an operational standpoint. 

Specifically, you’ll want to discuss any partners/partnerships you have, where you’ll be operating from, who’s responsible for what, and other specifics, such as hours of operation and intended hires.

Expansion

While this may seem like putting the cart before the horse, it is important to think about how you’ll expand when the day comes, because that’s the goal. Going into your business blindly without thinking of an initial expansion plan can lead to some missed opportunities. You’ll want to go over key positions you plan to add once you have more cash and opportunities for hire, what sort of capital requirements you’ll need in order to expand, as well as touching on your advertising plan for expansion.

Management & Organization

Here is where you specifically state who the members of your team are, as well as their qualifications. You’ll also want to list any advisors or partnerships you already have such as business consultants (cough cough) accountants, lawyers, industry experts, etc.

Section V: Start Up Expenses & Capitalization

Now we’re really getting to the meat and potatoes of how this whole thing will start, and what it will take. Consider all of the expenses you’ll need to get off the ground. In terms of capitalization, how will your business be paying for the startup expenses? Are you self funded or will you need outside investors? If the answer is the latter, you’ll want to be very specific in this section as those potential investors will be the main audience for the plan itself, and this is the information they’ll care most about: how much of their money do you need and what for?

Section VI: Financial Plan

My favorite! What can I say? I’m a numbers guy. This section includes two important forecasts: Your 12 month cash flow forecast and your 3-5 year profit and loss forecast. Of course, this question addresses the last main question: How much will it cost to operate?

Cash Flow Forecast

As I mentioned in a previous article, your cash flow represents the wheels of the car that is your business. Forecasting can be very difficult due to the infinite amount of unknowns that lay ahead. But it’s okay! This is just an estimate that is necessary for, not only you (to see if this plan can actually generate money), but for potential investors (for them to visualize how much money can be generated with the specified amount you are asking for). 

The forecast represents both the money coming in, which can be in the form of investments, loans, grants, and revenue, as well as the money going out, which can be in the form of expenses, capital expenditures, and distributions (dividends). 

There are four important numbers that must be included in the forecast: starting cash for the period (how much self-funding and investments will you start with), incoming cash, outgoing cash, and ending cash for the period.

Profit and Loss Forecast

Like the cash flow forecast, the profit and loss is another rough estimate of the money your company will be generating however, for this, you’ll want to predict a little farther into the future. You can go up to five years, but keeping it at three is more reasonable, in my opinion, as most startups are a completely different business five years down the road compared to when they first start. Unlike the cash flow forecast, the profit and loss forecast focuses solely on that: profit and loss. How much will you do in sales, and how many expenses will you have during your first three years. Make sure to consider your costs as you expand (while your revenues may be growing steadily, your costs for expanding my be more significant).

Appendix

Make sure to include any sources or graphs you alluded to in your plan in this section. You don’t want to be accused of plagiarizing before you’ve even started!

If you are looking for help writing a business plan, you’ve come to the right place! Schedule a free consultation here to see how Skyview can assist you in creating a comprehensive plan that will help you present to potential investors!

Once you launch a business, in order to establish a customer base, it is essential to establish credibility. But gaining customers and credibility are akin to the chicken and the egg; without customers you can’t be credible, and without credibility you won’t get customers. So HOW are you supposed to establish credibility with minimal clients during the early stages of your business? I’m glad you asked.…

Invest in a Beautiful website

If you’re reading this article, that means you’ve obviously noticed how professional my website is! Building a website can be very inexpensive, in fact it can even be free. However, unless you are a web designer, if you make a website yourself the odds are it won’t come out looking all that professional. Although building SkyviewCFO.com was one of my larger start up expenses, it was worth every penny, because when you land on it you can feel it’s legitimacy and can afford a beautiful site. If you are trying to get people to buy into you and your business, but they find you on a website that looks like it was put together in a kindergarten computer class, you probably won’t be securing much business. They’ll feel that you probably don’t have a lot of business if you aren’t even able to afford a decent website. There are web designers in all price ranges so you can spend what you are comfortable with, but this is not an area to penny pinch as you want to focus on having the best final product, not the cheapest. If you are in the market, please contact us for recommendations on great web designers.

Ask for Testimonies

When you’re browsing for a movie to watch and you stumble upon something that catches your eye, what’s the first thing you do? I know I go straight to Rotten Tomatoes and check the reviews. Why? Because I don’t want to waste my time watching a terrible movie if people have already suffered through it and know that it sucks! Businesses are no different from movies in this regard; you’re clients are more likely to try out your product or service if they know that people have already had positive experiences. In the early stages, ask anyone you do work for to write a review for you. Don’t be shy! Most people are flattered and love to help out, especially if you did a good job for them. When you get a few solid quotes, put them on your website and other platforms (see below).

Google My Business

Google is the world’s largest search engine, therefore it is your largest lead source by default. Billions of users are at your fingertips, and you want to look legitimate when you pop up on searches. Warning: this isn’t a post about Search Engine Optimization (SEO), which I will address in an upcoming article, so for now let’s focus on how you can simply appear credible on Google.

Have you ever noticed that when you search for a specific business on Google a box on the right appears with basic information about the business? Well, that doesn’t just magically happen, you have to get in touch with Google and have them verify your business in order to do so. The process is called “Google My Business”. Here is a step-by-step process on getting your business’ Google account set up. You’ll be able to include important information such as your website, contact info, address, service are, hours of operation and much more. It’s also another spot for your customers to leave you those reviews.

Establish a Social Media Presence

Now that you have a professional website, a Google profile, and some positive testimonies, your business should be on as many forms of social media as possible, ESPECIALLLY Facebook (or whatever it’s called these days) and Instagram. Facebook owns Instagram so you can post simultaneously on both platforms via Facebook Business Suite to save yourself some time. Not sure what to post? That’s OK! You can hire very inexpensive freelancers on website’s like Fiverr and Upwork to create posts for you that are designed not only to look professional, but to increase your SEO as well. When posting, you want to have a consistent theme in your posts. This helps establish your brand and makes you appear both professional and credible. If you’re very creative, you can put yourself out there on other platforms like Twitter, Tik Tok, Snapchat, and others, but those require some more thought, effort, and creativity. It really depends on your target market, as those platforms have a younger demographic than Facebook.

Looking for more direction? We can help! Contact us.