Monday, August 15, 2011

The Deadly Dozen small business questions

It the book of Proverbs is says"the wise see trouble and take refuge, but the fool proceeds and are  punished". In my office I get to see it all. So many times the solution was easy a few weeks or a few years ago and there was little or not cost other than the change in habits or direction.
 In Larry Burkett's book Business by the Book, he states that 60% of all businesses become unprofitable once their interest rate reaches 15%. Debt is surely a slippery slope that some business owners manage but there are other key areas that we also need to make sure we have a plan to address.  We see so many people who are so busy working in their business they never get to work on their business. 
We have compiled what we call the deadly dozen to motivate you to work on your business. This list of 12 question are for small business owners who want to take refuge and change their direction. If you can not answer yes to most of these questions, what are you going to do when something happens like a death of a partner or something to your physical health. If you need assistance coming up with a plan and then help implementing your plan, stop in and see us or give us a call at 330-808-3905 or visit our web site at Don't wait till it is too late. Take control of your future before someone else does.

Small Business quiz
Answer yes or no to each of the following questions

1) My business has a monthly written budget we use as a guide?

2) We have written job descriptions for each employee and job?

3) We have partner/lose of key man insurance to cover us in the case of the death of a key team member or myself?

4) We have checks and balances in place to protect our assets against an employee or accounting service from embezzling or stealing from us?

5) We have a board of “advisors” you can turn to for wise counsel?

6) We have a plan to become debt free and stay debt free?

7) We have a plan for setting aside money for quarterly taxes ?

8) We have a plan to develop or do you have six months of expense in retained earnings?

9) We have a plan or strategy for succession planning?

10) We have short and long term disability insurance?

11) We have a program in place to develop our future leaders? 

12) We are pleased with the lifestyle we  are currently living?

What question would you add to our list?

What question keeps you awake at  night?

1 comment:

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