The Essential Business Questions: Have You Asked Them? Part 1

The owner – or manager – of every single business, whether it’s personalised piggy-banks or prisons, should ask themselves if they’re making the right decisions.

As part 1 of our Essential Business Questions Blog, we turn the attention to you.

We’ve compiled a list of 10 questions – more in part 2 – that business owners and managers should ask themselves to ensure their management, whether it be cash flow or personnel, is as it should be.

The interesting thing about these questions is that they are universally relevant, big business or micro – so how many of these can you say ‘yes‘ to?

1.

Are your cashflow management processes as good as they should/can be?

2.

Have you eliminated all unnecessary costs within your business?

3.

Have you minimised your working capital requirements?

4.

Are you crystal clear about your financial and non-financial covenants and monitoring performance against them?

5.

If relevant:  Have you explored all sources of additional funding, be that from better cash management to reduced working capital needs to loans and/or an equity injection?

6.

Has your FD/FC (or outsourced accounting partner) explored all possible ‘accountancy driven’ financial savings?

7.

Are you really focusing on what matters most – and stopped doing what doesn’t?

8.

Are you staying close to your existing customers?

9.

Are you completely customer-oriented/focused?

10.

Have you clearly identified your key business performance indicators – and are you closely monitoring them?

So: how many were you able to answer? Let us know on Twitter and Facebook.

And keep an eye out for part 2 – next week!

Alan J McCafferty

Founder & CEO

SimplyCashflow