Take the Financial Pulse of Your Business

Posted on: June 16, 2015

off the charts

Critical Questions for Business Owners


No matter what you do, getting paid for the work you do and managing cash flow are two of the greatest challenges for business owners.

It doesn't matter how much money people may owe you.  If you don't have enough money to pay your bills every month, or meet your payroll expenses, you will eventually go out of business. 

Take The Financial Pulse of Your Business

These questions will help you take the financial pulse of your business.  They are diagnostic in nature and designed to provoke thought and action to ensure success your success:

  1. Without looking at your checkbook, how much money is in your business checking account today?
  2. Do you have a business savings reserve account?
  3. Do you set aside money every month to pay your payroll, income and sales taxes?
  4. Do you have good cash flow management system?
  5. Do you experience cash flow problems from time to time?
  6. Does the same person handle both your incoming and outgoing funds?
  7. Have you prepared a 2015 income and expense projection?
  8. Have you scheduled a tax-planning meeting with your accountant?
  9. Did your business have a profit in 2014?
  10. Did your business have goals in 2014?
  11. Did you meet these goals? If not, list three things that affected your profit last year.
  12. If 2014 was a down year, what do you plan to do differently this year?
  13. Do you ask customers or clients for a deposit before you begin work or process a big order?
  14. How much money do clients or customers owe you right now? (current and past due)
  15. Is your money earning interest while you are sleeping?
  16. Do you have a signed agreement with all credit customers?
  17. Do you check credit references before issuing credit to new clients or customers?

If you have any challenges in any of these areas, please give me a call, and I will be glad to tell you how to solve them, or we can discuss any of them.

Your Success Is My Success.