Page 1 of 7 - BUSINESS TYPE
Page 2 of 7 - PLANNING
Do you have a business plan?
(Where do you see your business in the future)
Do you have "clearly defined" 3-5 year goals?
(Do you know what the business needs to deliver financially in order to achieve your personal goals)
Do you review your business performance (income & profit) and direction on at least a quarterly basis?
(Are you on track, what is going well, what needs to change)
Do you meet with your accountant BEFORE the start of the Financial Year?
(Confirm financial forecasts, ensure appropriate business structures, tax planning and investment planning)
Page 3 of 7 - MARKETING
Do you specialise in specific types of work and markets?
(Are you experts in a specific type of work, do you have a reputation as an expert in a market)
Does more than 70% of your business come from repeat customers or word-of-mouth/referrals?
Do you know what makes you different from your competitors - why you are "Unique"?
(Do you survey your customers level of satisfaction, what makes your client happy to use you over your competitor)
Do you track the number of job enquiries and where they are coming from?
(Which part of your marketing investment generates your most "profitable" work)
Do you keep in regular contact with your clients?
(Do you provide "how to" or "need to know" information, seasonal services)
Page 4 of 7 - PRODUCTIVITY
Do you have an induction/training plan for all new team members?
(Provide job descriptions detailing your requirements and expectations, how performance will be measured)
Do you schedule and manage jobs using a software system?
(Record hours and materials, invoice and take payment onsite)
Do you know your current "Break-even point" and required "Charge-out rate" to ensure you generate profit?
(What is your required charge out rate if you employ new team members)
Do you use a pricing template/system that is automated to quickly and accurately price jobs?
(Based on specific work type, correct labour rates, correct material costs and mark up)
Do you have customers sign your terms of trade agreement PRIOR to commencing a job?
Does your quotation documentation clearly outline the scope of proposed works and how you want to do business?
(Stating payment terms, itemising quote inclusions and exclusions)
Page 6 of 7 - FINANCIAL
Do you use an accounting software system?
(Xero, MYOB, Quick Books)
Do you have a VERY detailed Chart of Accounts within your accounting system?
(Itemising all income/work type, cost of sales, expense categories)
Do you generate a Profit & Loss Report and review performance against your budget on a MONTHLY basis?
(Sales, cost of sale, gross profit, labour, expense categories, net profit)
Do you regularly forecast your cash flow position?
(What will be coming into and out of your bank account each week)
Do you have a bookkeeper or accounts support?
Page 7 of 7 - General
Are you satisfied that you are achieving your personal goals?
(Such as lifestyle, income, debt levels, working hours and stress level)
Given your lifestyle goals are you satisfied with the level of income your business provides you?
How many employees do you have?
(Not including business owner)
How many years have you been operating?
What is your business turnover?