How Strong is Your Financial Plan for your small business ?


How Strong is Your Financial Plan for your small business ?

Undercapitalization, poor budgeting, and misallocation of resources often lead to small business failure within the first couple of years. Many entrepreneurs or small business owners are not trained in or aware of how to create a solid financial plan. Many therefore think that their plans are effective when really they are not.

This measure assesses many aspects of a financial plan to see whether you, the business owner, have areas to work on or improve upon. The results will indicate how strong your financial planning currently is and whether it is advised that you start from scratch or get some assistance.

Please Select the answer that best represents your feelings, thoughts, and behaviours regarding your view of yourself and your future. Choose how true each statement is for you on scale of 1 to 5, 1 is Less true and 5 is More true

I have a financial plan in writing that outlines my business’s planned expenditures over the next several years.
I have consulted with a financial specialist regarding my personal and professional financial future.
My financial plan has a large cushion built in for unanticipated costs or investments.
I have consulted an accountant to determine what expenses are deductible and I have a system to keep track of expenses and income.
The financial plan for my business includes a large marketing budget for marketing materials including: website, brochures,letterhead and envelopes, business cards, flyers and announcements, and newsletters.