Growth

How do you know if the growth you’re experiencing is profitable? Are you growing in the right areas?

You need to know the following:

• What are your most profitable products and services?
• Who are your most profitable clients?
• Cash flow-where is your money going?
• What is the financial trend of your business-sales, profits, cash flows
• Do you truly understand your financial statements (profit-loss statement and balance sheet)?
• How does your business taxes affect your personal tax situation?
• Have you provided for your own retirement and insurance needs?
• How will the business operate if you are unable to run it?
• Are you thinking of adding a partner or shareholder?
• Have you protected your personal assets?
• Have you reviewed your business plan and update as needed?
• What are the trends and future of your industry?
• Who reviews your hiring and payroll procedures to ensure compliance?