How Strong is Your Financial Plan?
Step
1
of
31
3%
1. I have a financial plan in writing that outlines my business’s planned expenditures over the next several years.
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1 (least)
2
3
4
5 (most)
2. I have consulted with a financial specialist regarding my personal and professional financial future.
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1 (least)
2
3
4
5 (most)
3. My financial plan has a large cushion built in for unanticipated costs or investments.
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1 (least)
2
3
4
5 (most)
4. I have consulted an accountant to determine what expenses are deductible and I have a system to keep track of expenses and income.
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1 (least)
2
3
4
5 (most)
5. 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.
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1 (least)
2
3
4
5 (most)
6. My business plan reflects and separates out start-up costs and recurring costs.
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1 (least)
2
3
4
5 (most)
7. My business has a financial plan, which is backed by accounting practices that are regularly updated and analyzed.
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1 (least)
2
3
4
5 (most)
8. My financial plan includes predicted costs for professional development through seminars, workshops, and conferences.
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1 (least)
2
3
4
5 (most)
9. I have projected income for the next several years based on my market research results.
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1 (least)
2
3
4
5 (most)
10. The financial plan for my business includes a large marketing budget for expenses including: costs of networking events, workshops, trainings, and seminars, business lunches or dinners, and airfare and hotel costs.
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1 (least)
2
3
4
5 (most)
11. I have sales targets set for the next several years that reflect the optimal annual percentage increase in my industry.
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1 (least)
2
3
4
5 (most)
12. I have sat down with advisors or business associates and brainstormed every possible source of expenses that may arise.
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1 (least)
2
3
4
5 (most)
13. Going into the first (or second or third) year of my business, I have enough savings to cover at least 6 months of slow sales as the business grows.
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1 (least)
2
3
4
5 (most)
14. My company has numerous financial benchmarks.
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1 (least)
2
3
4
5 (most)
15. I have communicated the key points of the financial plan to relevant employees or consultants.
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1 (least)
2
3
4
5 (most)
16. I have explored the option of small business loans and have decided whether this avenue is right or wrong for my company.
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1 (least)
2
3
4
5 (most)
17. When I think about my financial plan, I feel calm and secure because I know how thorough it is.
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1 (least)
2
3
4
5 (most)
18. I have researched and created a solid pricing strategy for my goods or services.
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1 (least)
2
3
4
5 (most)
19. I have included office supplies and equipment in my financial plan.
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1 (least)
2
3
4
5 (most)
20. My financial plan contains a profit and loss (P & L) statement.
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1 (least)
2
3
4
5 (most)
21. I have clearly decided whether I want to sell or distribute equity (ownership) in my company.
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1 (least)
2
3
4
5 (most)
22. I have a thorough contingencies section in my financial plan, which describes potential problems with my individual business, the market, or the economy in general.
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1 (least)
2
3
4
5 (most)
23. My financial plan reflects my seriousness about my business and my commitment to making it work by carefully outlining what I will need to do to launch and grow the business.
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1 (least)
2
3
4
5 (most)
24. I sleep well at night knowing that the financial side of my business is well planned and accounted for.
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1 (least)
2
3
4
5 (most)
25. I have explored the option of investors (angel investors, venture capitalists, etc) and have decided whether this avenue is right or wrong for my company.
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1 (least)
2
3
4
5 (most)
26. My financial plan accounts for missed revenues due to holidays, sick days, time off, emergencies, and low productivity.
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1 (least)
2
3
4
5 (most)
27. After consulting with several professionals or knowledgeable parties, I am convinced that I have enough start-up capital for a successful business launch.
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1 (least)
2
3
4
5 (most)
28. I do not have too much trouble with keeping track of my businesses revenues and expenditures.
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1 (least)
2
3
4
5 (most)
29. I have updated my financial plan quarterly (or I plan to).
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1 (least)
2
3
4
5 (most)
30. I have read several books and articles or done other forms of research on how to create a strong financial plan.
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1 (least)
2
3
4
5 (most)
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