The Essential Business Questions: Have You Asked Them? Part 2

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.

In part 1 we compiled a list of 10 questions that business owners and managers should ask themselves to ensure their management, whether it be cash flow or personnel, is as it should be. Here, in part 2, we ask another 10.

All 20 questions are available for download in .pdf format below

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?

11

Have you stress-tested your forecasts (e.g. sales 10-20-30% down) and planned for what action would be necessary depending on what that told you?

 

 

12

Have you conducted a cash profile sensitivity analysis for debtor days slippage to ascertain by how much slippage before you reach your maximum borrowing facility? 

 

 

13

If yes: Have you taken the appropriate action to stop this from occurring?

 

 

14

Be honest: Are you providing the strong clear leadership your business needs now?

 

 

15

Are you maintaining clear, positive communication with your team?

 

 

16

Are you ensuring the happiness of your best people?

 

 

17

For 14, 15 and 16: Don’t take your own judgement on this. Ask your team/someone close to your team.  

 

 

18

Are you looking out for opportunities? – Even in challenging times they can come about!

 

 

19

Are you acting decisively?  Taking too long is one of the most common reasons for getting yourself into a little bit of bother!   

 

 

20

Are you maintaining a positive, proactive, can-do attitude?  This is a must. 

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

And feel free to download all 20 questions here! 

Alan J McCafferty

Founder & CEO

SimplyCashflow