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Business Strategy / Brainstorm
How Well Do You Know Your Business?
March 3, 2016 | Joe Barrick
21 Questions Every Business Owner Should ask Themselves
- How do you know what amount of market share your business owns, in your market area?
- Do you blame low profits and low sales because of the economy, or competition, or location?
- Do you ever wonder how your largest competitor, with substantially more overhead, can out-bid you and offer the lowest bid prices than you and others?
- Do you ever wonder why your profits were so much higher when your business was half the size? And now that it is double the size, profits are lower, debt is higher, and overhead is less manageable?
- Do you ever wonder why you have to work 10-12 hour days to operate your business and it just seems like you can never get ahead, and the business runs you instead of you running it?
- Are you finding it difficult to obtain financing for Working Capital or to grow your business?
- Are you finding it increasingly difficult to collect on your receivables?
- Does your business have a workable, living, and current Business Plan?
- Does your business have a workable and current Marketing Plan?
- Do you read your Profit and Loss Statement (Income Statement) and your Balance Sheet? If so, how often do you read them?
- Do you have formulas in place that calculate certain indicators that help you make sound business decisions?
- Does your business have real time reporting?
- Do you actually know how to read your Balance Sheet and Income Statement?
- Do you manage your business by Dollars or Percentages?
- Is your understanding of Working Capital: “How much money ($) you have on hand in the bank?”
- Is your profit strategy like this: You work hard all year long to bring in the most amount of sales, so you can pay the bills, and hope and pray there is money left over at the end of the year?
- Does your business offer employees incentives, profit sharing, self-funded retirement plans?
- Do you have a true accountability framework, for all personnel, including yourself, built into your company’s model or business plan?
- Do you have a solid Inventory Control system that measures waste, pilferage, and spoilage? How accurate is your Inventory Control System? How often do you perform a physical Inventory?
- Are you aware of how important an accurate Inventory is to the IRS, and how costly it can be if your Inventory is not correct?
- Do you operate your daily business by “cost control” or “management control” accounting methods?
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