Checklist: Business Growth
Deciphering the Maze of Information for Experienced Business Owners
A Checklist and Answers for Experienced Entrepreneurs Regarding Where to Go Next to Grow Your Business
Entrepreneurs who have made it through the first year and are well into the toddler phase of their business venture are, in this Entrepreneurs topic anyway, experienced veterans. What is important to an entrepreneur who has things up and running already is very different from those who are just starting out along the path of self sufficiency.
For instance, writing a business plan isn't really a concern anymore - but getting new customers is. Trying to find ways to increase profits while reducing expenses becomes even more important than in the first year or so, and business plans, although useful, aren't normally referred to after the initial start-up.
For those among us who aren't sure exactly where they can begin growing and building around the business foundation of they've already created, this checklist should help. It poses the questions that most entrepreneurs should have answered before moving into the 'teen years' of business - or at least have planned out and written down somewhere.
Attached to each question is a link to an article in this Entrepreneurs section of Suite 101 that will assist you in furthering that one aspect of your business success. No link yet? I'm working on I, but have most likely provided outside links to resources and organizations that can at least get you moving in the right direction. And as always, if you have any questions or comments about this checklist (perhaps you think something is missing, or maybe you feel one of the points is useless) let me know.
- I have a formal, long-term plan for my business that isn't merely in my head, but is written down in a professional manner that could be quickly and easily used and/or accessed by all members of the organization.
- I know where I am strong as an entrepreneur and use those skills whenever possible. For the business ownership knowledge, information or skills I am lacking or weak in, I have a written plan on how to work on them. [Article of interest: Free Online Courses]
- I keep precise, timely and useful business records.
- I am aware of, and have calculated, the break-even points for my business.
- I know what the specific revenues and expenses are for my business, and I know how to manage them.
- I am aware of my businesses financial ratios.
- I understand and can explain my business' financial statements and situation clearly.
- I have five-year cash flow forecasts in place.
- A bare minimum of twenty-five percent of my time is allocated towards business planning.
- I know who the movers and shakers are in my business field and geographical location.
- I have a written plan that takes into account my business' strengths and weaknesses in relation to them, and what I plan on doing about it.
