Making a success fee offer in no way affects how I go about my work, that is surely what real professional ethics are all about. Where a client is seeking funding on what I consider to be a long shot, I say that and explain why it is a long shot, what the fee is and that the fee is payable regardless of whether he or she gets the funding.
The client can then choose whether he or she has a punt on the long shot. Contrast this to the majority of the local competition. They will generally quote a fee, but not on a fixed price basis like mine. They will very often then attempt to charge more than their quote. They do this regardless of whether the client had a good lending proposition or a rubbish one - some of them in my view probably don't really understand the difference, or won't at least discuss the overall lending proposition first with a broker in order to understand what the proposition is.
The second type of accountant simply takes the fee. My sort of accountant actively discourages clients from entering into loan applications and spending fees with myself and other parties where there is only a remote propsect of success.
Lots of accountants attempt to persuade clients from spending money on futilities, contingent fees do not make you more ethical or less ethical, but they open you up to looking like you might just be a crook.
But in the case of a business plan a third party is going to rely on your work to make their decision to lend or not. It is not difficult to see that your appearance of being independent and or objective might be damaged if you charge on a contingent basis.
The objective will be to get the loan and the fee, whether the figures are right or not will be secondary. Having read through the OP post again and looking at the posts after mine, I have condsidered that the decision on contingent fees would depend on what point the accountant gets involved. If this is at the very start, then I would imagine the client would not have any reliabile figures in which to provide the accountant.
Therefore the client would not know what funding was either required or suitable. The more work undertaken to determine the viability of the figures the more you would need to charge and the more you could perhaps justify that your PI would be safer!?!
So in this case a contingency price could work, but so could a cheap and cheerful cash flow, or something imbetween. In the OP's post, it was suggested that the client is not a dreamer and wanted a fair bit of input.
This to me would suggest that there isn't at present enough meaninful figures to produce a cheap and cheerful cash flow or to decide on the best type of finance required for this project. This is why I commented that I do not understand how you can work backwards, but can only work forwards. Because if the only reason the accountant is involved is to effectively sign something off, then perhaps it is time for the bank to understand that those accountant's certificiates are worthless.
Having said this, this would mean that the banks would perhaps have to be a bit more professional in their approach to work as well! Latest Any Answers Documents from one accountant to another..
Previous agent estimated figures. He is fairly wealthy and not a "dreamer", having been in business before. I got on pretty well with him, and felt I had established some rapport. The best laid plans etc etc.. Focus on the value add Try to persuade him of the value and additional input he's getting from you.
He doesn't want the plan Zara - first, this is why you should always ask a what his budget is b give options and c find out who else he has spoken to and what they have suggested.
If he failed to disclose I would not do a proposal for free. Bob If you ask people their budget I usually find that makes them defensive as they think you are trying to stitch them up. Asking Zara - then I think you need to think about when and how you ask. Do you think he's trying it on? I might do it for nothing if These figures are based on their hourly rate and on any other special services they may include. Although professionals debate the value of one method over another, choosing between a traditional plan or a newer "lean" plan, called a business canvas, will also be a determining factor in your costs.
A full business plan is a longer document that ranges from 30 to pages, depending on the complexity of the project. Obviously, it will cost a great deal more -- in time and money -- to compile a document of this nature. On the other hand, a business canvas is a short snapshot of your company, typically only one page in length.
It is a visual representation of your business, in which key points are summarized and presented. Although creating a business canvas still requires thoughtful consideration, this type of document is often recommended for smaller businesses that do not need to spend their finances on creating lengthy documentation or in seeking out business investors. Templates for this type of plan are available free online. Elisabeth Natter is a business owner and professional writer.
She has done public relations work for several nonprofit organizations and currently creates content for clients of her suburban Philadelphia communications and IT solutions company. Her writing is often focused on small business issues and best practices for organizations. She holds a Bachelor of Arts degree in journalism from Temple University. How to Buy a Franchise: Cost in Time The old adage that "time is money" is certainly true when putting together a business plan.
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A lengthy plan with three years to five years of financial projections may still cost several thousand dollars, but the total cost can be much less than hiring a firm because only one or two individuals are doing the work.
A professional business plan consultant will generally charge between $3, and $15, for a complete business plan (although there are cases where $50, is justified). The low end applies for “simple” businesses such as a pizza shop, a small retail store, a hairdressing salon, etc.
To determine exactly how much your time costs, multiply the value of one hour of your time by the number of hours you invest in developing the plan. If you hire a professional business-plan consultant, the rate will vary from person to person. Thumbtack, an online service that matches consumers with local professionals, quotes the average rate for a . The cost of a business plan varies greatly depending on what type of plan you need. Some plans may be as simple as an executive summary and a one-page financial worksheet, while others can be well over 50 pages .
A typical small firm may offer simple business plans for as little as £1, (U$2,). More complex plans can cost as much as £5, (U$9,). Private Consultants. Using a private consultant to write your business plan can be a cost-effective way to get a strong plan written by an industry expert. A new prospect approached me to assist with preparation of multi year financial forecasts and a business plan in respect of a new business venture. setting up the business will cost several hundred thousands of pounds, for some of which he requires secured bank borrowings. He is fairly wealthy and not a "dreamer", having been in business before.