Answers!

I promised in my last Blog to give you some answers to the questions in the Health Check:


When you started the company you had some aims and objectives. Have you achieved them? If not, why not, are they still relevant?
Do you put your suppliers in competition? Yes, at least annually.
Do you have an overdraft? Yes, there if needed.
Do you push this limit frequently? Not a good sign!
Do you negotiate your overdraft? Yes, at lease annually.
Do you check your accountant's work? Yes, each quarter.
Do you ask for help or advice regarding your business Yes, from successful peers.
Are you owed by your debtors? Yes, but none more than agreed limit.
Do you have any debts outstanding more than 60 days old? No!
Do you have management accounts? Yes.
Do you predict your cash needs for the business? Yes, quarterly.
Do you have a Business Plan? Yes.
Have you ever investigated the possibility of Grants for the company? Yes.
Do you monitor your competitors' performance? Yes.
Are you increasing sales at the same levels as your competitors? Yes (if not what are they doing that your not?)
Do you have a Sales Plan Yes.
Do you have a Marketing Plan? Yes.
Do you ever undertake advertising? Yes and check ROI.
Do you monitor projects? Yes weekly / monthly.
Are your projects and services Fixed price? No.
Do you have premises? Yes, if so what are the costs against profit?

These can only be a rough indicator of the health of the Business and each one can be investigated further as necessary.

I hope you have found this useful; in future editions I will be looking at some of these in more detail as well as current trends and practices. 

However, next time I will have the first of our Guest Bloggers!

Don't miss it!

Regards,

Malcolm