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TWENTY QUESTIONS TO GET YOUR FINANCIAL HOUSE IN ORDER.
Hey Founders,
Running a business is no easy feat. You're constantly juggling multiple roles, making crucial decisions, and striving to stay ahead of the competition. Amidst this hustle, one critical aspect often gets neglected: your financial health. Many Founders find themselves overwhelmed by financial management, leading to disorganization, missed opportunities, and even business failure.
But don't worry—my crew and I are here to help you take control. Today, I've got a quiz that will help you determine if your financial house is in order. It's a quick, straightforward way to assess your current financial habits and identify areas for improvement. Because let's face it, if you don't have a firm grip on your finances, you can't steer your business to success.
So, grab a pen and let's get started. Each question will give you a snapshot of how well you're managing your business finances.
THE QUIZ
Do you use accounting software to record your transactions? Yep / Sorta / Nope
Is your company up to date with its record-keeping? Yep / Sorta / Nope
Are you confident that all transactions are recorded accurately? Yep / Sorta / Nope
Do you know how to analyze the financial information in your software? Yep / Sorta / Nope
Are you entering sales/inventory transactions twice, once in your sales management system and then again in your accounting system? Yep / Sorta / Nope
Are your systems automated to charge, collect, and remit the correct tax based on CRA/IRS’s place of supply? Yep / Sorta / Nope
Do you reconcile your bank account promptly after receiving your statements? Yep / Sorta / Nope
Are payroll wages, policies, and performance reviews monitored regularly? Yep / Sorta / Nope
Do you use information from your accounting system to help you with one-time decisions? Yep / Sorta / Nope
Do you know what your gross and net profit is monthly? Yep / Sorta / Nope
Do you update your product/service/project costs quarterly? Yep / Sorta / Nope
Do you have a financial dashboard that reports key performance indicators [KPIs] on a frequent basis? Yep / Sorta / Nope
Are your collections, payables, and inventory turns better than similar companies in your industry? Yep / Sorta / Nope
Do you review your financial statements with your bookkeeper and accountant regularly? Yep / Sorta / Nope
Have you built a budget or cashflow forecast for your business and do you monitor it? Yep / Sorta / Nope
Are you planning beyond one year? Yep / Sorta / Nope
Do you have policies to control and authorize expenditures in your company? Yep / Sorta / Nope
Are you making your payroll and tax remittances on time? Yep / Sorta / Nope
Are you and your business financially prepared in case of an emergency? Yep / Sorta / Nope
Do you have an exit strategy in place for your business? Yep / Sorta / Nope
DECODING YOUR RESULTS
Now that you've completed the quiz, it's time to decode your results. Count how many times you answered "Yep", "Sorta", and "Nope." Here's what your score means:
Mostly "Yep": Congratulations! Your financial house is in excellent order. You're on top of your financial game, which means you're well-positioned to make strategic decisions and handle any surprises that come your way.
Mostly "Sorta": You're doing a decent job, but there's room for improvement. Take a closer look at the areas where you're not consistently hitting the mark. A few tweaks and additional focus could significantly boost your financial stability.
Mostly "Nope": It's time for a financial overhaul. You're at risk of serious financial mismanagement, which could jeopardize your business. Seek professional advice [helpdesk@nailthenumbers.com] and prioritize getting your finances organized.
THE BOTTOM LINE IS THIS...
Getting your financial house in order isn't just about keeping your books tidy. It's about empowering yourself to make informed decisions, plan for the future, and ensure the longevity of your business. When your finances are in check, you can focus on growth, innovation, and serving your customers better. You can sleep better at night knowing you're prepared for whatever comes your way.
So, take this quiz seriously, and don't just stop at identifying areas of improvement—take action. Your business's future depends on it, and you, my friend, have what it takes to make it happen. You're built for this.
Now, go out there and conquer those financial challenges like the boss you are!
By the way, if you need a hand getting your finanical house in order, reach out. Our Crew is a click away at helpdesk@nailthenumbers.com
Until next week, stay focused, stay fearless, and stay financially fierce!
Taunya.
ABOUT TAUNYA WOODS RICHARDSON
Taunya is well-known for her straight-shooting, bottom-line-building approach to founder finance. As the Founder of Nail The Numbers, she brings 30+ years of experience in entrepreneurship, finance, and neuroeconomics to our mission of strengthening the minds and bottom lines of Founders across North America.
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