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Assess your financial health

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Finance

Assess your financial health

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Assess your financial health

Your Financial Healthcheck

The Financial Healthcheck is an easy-to-use tool designed to assess the financial health of your business.

It won't take long to complete (as little as 10 minutes) and at the end of the process, we will prepare a downloadable list of recommended actions for you to take. You will also get plenty of information and templates to help you implement the recommended changes.

Your Financial Healthcheck

1

Do you know how much revenue you need to generate to break even?

No

Yes

Vaguely

N/A

Knowing exactly what you need to sell each week to cover your costs will help you make better business decisions.

2

Do you use cash flow forecasts to manage your business?

No

Sometimes

Yes

N/A

Knowing how much money is comimg in and going out in any given period is essential for good decision making.

3

Do you have the cash reserves or orders to survive the next 90 days?

No

Yes

Maybe

N/A

To survive unforeseen emergencies you need a cash reserve or forward orders that will cover the costs of the business.

4

Do you review your debtors monthly to chase overdue payments?

No

Sometimes

Yes

N/A

Managing your debtors book is essential to ensure the cash flow of your business is not affected by late paying customers.

5

Do you review your own debts on a monthly basis?

No

Sometimes

Yes

N/A

Monitoring your debt regularly will ensure you don't end up owing more than you can afford.

6

Will any unplanned future financial issues affect your profitability?

No

Yes

Don't know

N/A

It is important to know there are no financial issues coming up that will derail your business financially.

7

Do you make a profit on every product or service that you sell?

No

Yes

Don't know

N/A

It’s important to trade for profit, not sales.

8

Do you monitor all business operations regularly for early warning signs?

No

Sometimes

Yes

N/A

You need regular information to monitor operations and solve any issues before they become problems.

9

Is your yearly sales growth keeping pace with, or beating, inflation?

No

Yes

Maybe

N/A

To stay in business, your sales need to at least match or preferably exceed the rate of inflation.

10

Do you consult your business advisers when you need to?

No

Sometimes

Yes

N/A

An impartial point of view when making tough decisions can make all the difference.

Last updated 21 November 2012

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