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we need to put out to reach our goals —
things like that. Every year we are finetuning the process."
According to Bach, the group forum
during planning week encourages contractors to hold each other accountable and
ensure they're writing realistic, achievable
plans. "Sometimes a licensee will write an
accurate financial plan, but they don't like
it," said Bach. "They want a certain profit
and will try to reverse engineer to get
there, but it doesn't work that way. Sometimes there's confusion about the difference between an income statement and a
cash flow plan, or there will be a lively debate about how to classify certain costs.
Occasionally percentage of revenue on
specific line items may get too high or too
low, and we'll need to look at that."
Finalizing the plan
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24 Landscape and Irrigation February 2013
The official due date for completed
2013 financial plans in the LandOpt network was December 20. But given the defined structure of the process, most
contractors left the Pittsburgh meeting
with their plans already anywhere from 80
to 90 percent complete, and most were
completely done well in advance of the
deadline.
"Ultimately, the process is really about
building confidence in myself as an owner
to make better business decisions," said
Arnold. "Not only is it understanding what
it takes to put a solid financial plan together,
but also recognizing the benefits of being
able to manage that plan. Success isn't guaranteed. But we're putting a plan in place,
working toward it, and when things change,
we'll adapt and make adjustments that will
allow us to be successful."
LI
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