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?

 

Sl 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
19	I have clearly decided whether I want to sell or distribute equity (ownership) in my company
20	I have a well laid out contingencies section in my financial plan which describes potential problems with my individual business, the market, or the economy in general.
21	My financial plan reflects my seriousness about my business and my commitment to making it work by carefully outlining what I will need to do to launch and grow the business.
22	I sleep well at night knowing that the financial side of my business is well planned and accounted for.
23	I have explored the option of investors (angel investors, venture capitalists, etc) and have decided whether this avenue is right or wrong for my company.
24	My financial plan accounts for missed revenues due to holidays, sick days, time off, emergencies, and low productivity.
25	After consulting with several professionals or knowledgeable parties, I am convinced that I have enough start-up capital for a successful business launch ( for freshers).
26	I do not have too much trouble with keeping track of my businesses revenues and expenditures
27	I have updated my financial plan quarterly (or I plan to).
28	I am aware of usefulness of external rating and wanting to continue
29	I am aware of Credit Information Reports of CIBIL and others and importance of good score
30	I take salary from the company account and does not use  company account for meeting personal expenses
31	I am conscious of not using short term funds(OCC /Cash Credit)  to long term use
32	I am differentiating more effectively between daily cash management, on the one hand, and financial analysis and planning, on the other