Self-help Questionnaire on Financial Planning for Small Business Owners

Please read each statement and record your agreement as:

1 = False

2 = True

A prime reason for small business failure is financial. Many entrepreneurs or small business owners are not trained in or aware of how to create a financial plan. These questions help you think about many aspects of a financial plan to see whether you as the business owner, have areas to work on or improve upon. How good is your financial planning currently? Do you need to review or revise your plans now? Is the financial plan for your business solid or do you have some work to do?

SI NoQuestionnaire12Remarks
1I have a financial plan in writing that outlines my business’s planned expenditures over the next several years.

2I have consulted with a financial specialist regarding my personal and professional financial future.

3My financial plan has a large cushion built in for unanticipated costs or investments.

4I have consulted an accountant to determine what expenses are tax deductible 

5I have a system to keep track of expenses and income.

6My business plan reflects and separates out fixed /start-up costs and recurring costs.

7In my financial plan, there is a predicted cost for professional development through trainings, seminars, workshops, conferences.(Team capability development)

8I have projected income for the next FIVE years based on my market research results.

9The financial plan for my business includes a large marketing budget for expenses including: costs of networking events, workshops, trainings and seminars, entertainment & travel costs.  Also includes Websites and other marketing materials like brochures.

10I have sales targets set for the next five years that reflect the optimal annual percentage increase in my industry.

11I have sat down with advisors or business associates and brainstormed every possible source of expenses that may arise.

12Going into the first (or second or third) year of my business, I have enough savings to cover at least 6 months of slow sales as the business grows.

13My company has numerous financial benchmarks.(Minimum targeted levels ) (ex Hurdle rate of Profit Margin)

14I have communicated the key points of the financial plan to employees or consultants.

15I have explored the option of business loans and have decided whether this avenue is right or wrong for my company.

16When I think about my financial plan, I feel calm and secure because I know how thorough it is.

17I have researched and created a solid pricing strategy for my goods or services.

18My financial plan contains a profit and loss (P&L) statement

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