A due diligence checklist, assessing key operational areas in your business can be a great saving wise tool for your business.
You've worked really hard to establish and grow your business - so take the time to scrutinize your business and see what's working and what needs to be reviewed or changed.
A business health check - you being proactive so that your business will continue to grow exponentially.
Take a look at the good business practiceslisted below in the checklist and apply the "stop", "start", "change" or "continue" principle to the key areas.
DUE DILIGENCE CHECKLIST
If you are doing something that isn't adding value to your business - stop doing it.
After scrutinizing the checklist, you may find that there are certain key areas that you need to start implementing or perhaps changing slightly?
And finally, you should be able to confirm sound business practices that you need to continue within your business.
Our advertising marketing plan is specifically focused and targets our specific niche?
Our advertising and public relations message is current, topical and innovative?
We have employed the the right people with the right skills and the right attitude?
We are prepared to fire people who are not of benefit to the company or business?
We have a training policy and structures in place for new employees?
We have identified key performance areas for staff?
We monitor our staff turnover and try to retain excellent staff?
We have small business insurance coverage to suit our needs?
Our accounting and finance structures are credible, current and effective?
We review our pricing models regularly?
We are able to verify that our selling price compared to the cost of the product is correctly priced to ensure a profit and value for our clients?
We know what our debt to equity ratio is?
We know the value of our fixed and current assets?
We use our assets to work for the business and to increase the business's value?
We keep stock and raw materials to a minimum?
We consider depreciation on equipment when determining the business's net worth?
We borrow prudently against assets to finance expansion and growth when financially viable?
We are aware of the legal ramification and legislation that pertain to all aspects of the business?
We minimize extending credit to clients needlessly?
We have an efficient structure in place to chase debtors?
We aim not to borrow against future incomes to pay off debts?
You have completed your business's due diligence checklist?
Hopefully you were able to confirm the strengths of your business, you were alerted to its weaknesses, you identified threats and listed opportunities.
Great - you've just completed a SWOT analysis - now make it a regular review for proactive money saving tips for frugal living.