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?