A good business manager must have a good working knowledge of the financial state of their business at any given time. Is your knowledge adequate?
This checklist will help you discover how much control you have over the financial management of your business:
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DO YOU KNOW |
YES |
NO
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What your daily bank balance is? |
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☐ |
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Break-even sales on a weekly basis? |
☐ |
☐ |
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Gross profit rate in comparison to your competitors? |
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☐ |
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Profit and sales projections month-by-month? |
☐ |
☐ |
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Which products/services are most profitable? |
☐ |
☐ |
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Monthly stock level requirements? |
☐ |
☐ |
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Your profit over the last three months? |
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☐ |
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What you expect to pay in tax this year? |
☐ |
☐ |
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Your REAL costs for your products/services/job? |
☐ |
☐ |
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How to legally minimise your tax? |
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☐ |
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The various changes in tax and business regulations? |
☐ |
☐ |
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What to do BEFORE problems get serious? |
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☐ |
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How to keep your debtors at an acceptable level? |
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☐ |
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Working capital requirements month-by-month? |
☐ |
☐ |
If you have not answered "Yes" to all the above questions, you should perhaps look around for some professional assistance.
There are many good, local accountants available who can show how to save time and money in your business; or call me at Back To Basics Business Solutions on 0451 184 599 or email This email address is being protected from spambots. You need JavaScript enabled to view it. . Remember, your time is best spent doing the things you do best!