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 No | Questionnaire | 1 | 2 | Remarks |
|---|---|---|---|---|
| 1 | I have a financial plan in writing that outlines my business’s planned expenditures over the next several years. | |||
| 2 | I have consulted with a financial specialist regarding my personal and professional financial future. | |||
| 3 | My financial plan has a large cushion built in for unanticipated costs or investments. | |||
| 4 | I have consulted an accountant to determine what expenses are tax deductible | |||
| 5 | I have a system to keep track of expenses and income. | |||
| 6 | My business plan reflects and separates out fixed /start-up costs and recurring costs. | |||
| 7 | In my financial plan, there is a predicted cost for professional development through trainings, seminars, workshops, conferences.(Team capability development) | |||
| 8 | I have projected income for the next FIVE years based on my market research results. | |||
| 9 | The 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. | |||
| 10 | I have sales targets set for the next five years that reflect the optimal annual percentage increase in my industry. | |||
| 11 | I have sat down with advisors or business associates and brainstormed every possible source of expenses that may arise. | |||
| 12 | Going 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. | |||
| 13 | My company has numerous financial benchmarks.(Minimum targeted levels ) (ex Hurdle rate of Profit Margin) | |||
| 14 | I have communicated the key points of the financial plan to employees or consultants. | |||
| 15 | I have explored the option of business loans and have decided whether this avenue is right or wrong for my company. | |||
| 16 | When I think about my financial plan, I feel calm and secure because I know how thorough it is. | |||
| 17 | I have researched and created a solid pricing strategy for my goods or services. | |||
| 18 | My financial plan contains a profit and loss (P&L) statement |
