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Business Health Questionnaire
Free Business Health Check
Find out how healthy your business is with this free Business Health Questionaire.....
Do you have a Crystal Clear Vision for your Business?
I have skills in (my area) and I enjoy working for myself
I believe there may be a shortfall of people with (my service/product) and think that I can add value
I clearly understand the value (my service/product) brings to the market and what I am offering
I have a Crystal Clear vision of the value my business will be bringing to the market, I understand not only the clear value I am providing but I fully understand the emotional need I am filling.
Do you have a strategy for achieving success?
I am currently advertising
I have contacts and will utilise these
I have developed a business plan
I have a business plan, entailing a marketing plan and financial plan
I have all the above as well as a detailed step by step plan of action for everything I need to do to get my business up and running
Do you have a magic number (the amount after tax you want to earn from running your business)?
No I just want to start making money
I don’t have a specific number
I have a general idea of what I want to earn
I have a specific annual figure
I have a specific annual figure and I have broken it down into monthly targets
Is there enough time in your day to get work done?
I can never get through the workload and don’t know where to start
I have a task list I am slowly working through but cannot see any light at the end of the tunnel
I have a task list that I am working through but important task are not always prioritised over unimportant task
Yes but I do sometimes find that important task do get missed from time to time
Yes my days are well planned and almost all my important task are completed
Are you able to spend quality time with the people you care about?
I never see them I am too busy working
I get to spend some time with them but I am generally too tired to be of much value to any of us
I get to spend some time but I would like to be spending a lot more
I am very happy with the amount of time I have to spend with the people I care about
I am very happy with the amount of time I have to spend with the people I care about and I even get plenty of time for myself
Does your business have a cash-flow forecast/Financial Plan?
We did one when we first started
We have a budget and cash-flow forecast and look back at it once a year or so
We have a detailed budget and cash-flow forecast and review it at least every quarter
We have a very detailed budget and cash-flow forecast which we review monthly to see if we are reaching targets and need to adjust
Have I priced my products and/or services adequately to cover costs and make a reasonable profit?
We have not set any profit targets and simply set prices on what we thought was right
At the moment we are trying to just undercut the competition to gain market share, we are not sure how this affects profit.
We are undercutting the market to gain market share, we understand the impact to our net profit
We understand our sales targets and if reached we will make a reasonable target
We have a detailed sales targets and have priced our products/services to gain a target net profit
Are you keeping up with all your obligations ie BAS and Super /Suppliers
I cant remember when we last lodged our BAS
We are behind and I am not sure how we are going to catch up
We are behind but we have a plan to catch up and get them in order
They are submitted/paid on time but we occasionally get behind
They are always submitted and paid on time.
Do any of my customers owe me money?
N/A as we work on upfront payment
No idea I don’t really track what is owed to me
We know a number of customers are behind and try to call them when we can to get payment
We know a number of customers are behind but we have a system in place so that as soon as they are late they are being followed up
Customers are rarely late but if they are we have a very good system for following them up to ensure we are paid
Is your business continually reliant on overdraft or other financing facilities?
We couldn’t survive without borrowing, we have to use both business and personal credit facilities
We couldn’t survive without our business overdraft account, or other business finance
We do use business financing such as an overdraft but we also regularly pay it off
We do have business facilities but we really don’t use them to much
We have plenty of working capital so we don’t need these facilities
Do you have a clear detailed message so customers know who you are and what you stand for?
Our business name should be enough
We have a clear vision of who we are and what we want to provide but I am not sure if we are really telling customers that
We have a clear vision of who we are and the value we provide in our products/services and we usually promote this to customers
We have a very clear vision of who we are and the value we provide to clients and we continually use this message to promote ourselves to clients/customers
Do you have a marketing plan and budget?
Times are tough so we don’t have a marketing budget or plan
We don’t have a marketing budget but we do have a bit of a plan of how we would like to market
We have some budget for marketing and a bit of a plan for marketing but most of this plan is in my head
We have a marketing budget and a written plan on some marketing activities we will undertake
We have a marketing budget and a detailed written plan with a number of marketing activities so that we have plenty of fingers in the pie
Do you correspond regularly with your clients/customers?
We don’t correspond with them at all
We don’t collect any information from customers or potential customers but we do have a website
We collect information from both customers and potential customers and use our website/email marketing and social media to market to market to them but this is carried out on a pretty ad hoc basis
We collect as much information as possible and communicate to clients/potential clients on a regular basis through 1 or 2 different channels
We have a strong database and we use this to communicate to clients using several platforms from email marketing, Social Media including facebook, google +, twitter , linked in and others. We are touching base with clients at least monthly selling our message.
Do you regularly network and seek other opportunities to meet with prospective clients?
I don't network at all
I think it would be good but I don’t think I am a very good salesperson
I do attend the occasional networking event but I don’t seem to get anything
I attend a number of events and I have my elevator pitch ready to tell clients about my business
I am regularly attending networking events, I am a regular sponsor of them and I have prepared presentations to promote my business
Do you measure the results of your marketing program?
How do we do that
We don't ask clients but sometimes they tell us where they heard of us
We do ask clients sometimes but we don’t have any system to track the income earned
We ask clients most of the time and we can track the income earned but we never really look at the results
We ask all our clients and track income earned and review this regularly to ensure marketing strategies are working
Do you have a business plan?
No we don’t have a business plan
We did one when we first started but haven't reviewed it since
We might revisit our business plan once a year
We review our plan at least every 6 months
Our business plan is a working document where we are continually reviewing it
How organised are your companies systems and procedures?
We don't really have anything in place
There are very few formal systems and procedures in place
We have documented a number of systems and procedures but some would be out of date
We have a strong policy of creating systems and procedures within the business and these are mostly up to date
We have highly efficient systems and procedures and we are operating like a well-oiled machine
Do you use technology where possible to automate some of the business?
We use technology very minimally within the business
We have tried to incorporate technology but I am reluctant as I am not very familiar with it
We use technology where possible but we could probably automate some things a lot more
We use technology extensively but we are probably not making the most out of the systems we have
We use technology extensively and we use it to its maximum potential
What accounting systems are in place?
We don’t have any accounting systems in place
We try to do bookkeeping in house and get the accountant to lodge bas when due
We have a bookkeeper who maintains our accounts very efficiently and we meet with the accountant each year. We rarely have any issues
Our financials are maintained very well and we receive reports at least quarterly so we know how the business is doing financially
Our financials are maintained extremely well and we receive reports on a monthly basis that are valuable to us in running the business
How do you test and measure the performance of the different business units within your business?
We don’t have anything in place
We have some goals and plans for each business unit but there is nothing in place to test and measure performance
We have targets for each of our business units and have the ability to measure performance if we think it is required
We have goals and targets for each business unit and we also measure these on a regular basis but we don’t do anything with the reports
We measure performance on a regular basis (at least montly) and we have rewards/awards when met
Are your personal assets protected from business failure?
I have no idea
I operate as a sole trader or partnership and understand that my personal assets are at risk in case of business failure for both myself and or my business partner
I am in a trust or company structure and understand that this is a separate legal entity from myself
I am aware that if I sign personal guarantees, (such as bank loans or when opening trade accounts), do not meet my BAS requirements or trade insolvent my personal assets may not be protected
I have done as much as possible to protect my personal assets from business failure including having many assets held in my partners name. ie Husband or wife
Is your business set up to legally minimise the total household tax you pay?
I am paying tax at my marginal tax rate and if business does well I will pay tax at the top marginal tax rate
I can minimise tax and pay the company tax rate due to my business operating in a company structure
I am able to distribute income to family members or a company on a lower marginal rate of tax than myself
I am able to distribute income to family members etc and I meet with my accountant before the end of the financial year to look at ways to minimise tax
Can your business survive if you or a business partner aren't able to continue working through death or disablement?
If I or my business partner can’t work the business could never survive
My business partners or staff could continue running it for a period of time
We would need to hire more staff but not sure where we would get the money from
We have discussed it and have a written succession plan in place but we are not sure how it will be funded or valued
We have a method for valuing the business, a succession plan, a buy/sell agreement and funding arrangements so that if anything happens the business will continue to survive
Are you protecting your business name?
I just started trading with a name I like
I have registered my business name
I have registered my business name and I have checked the IP Australia database for similar names
I have registered my business name and applied for trademark of my business name
I have registered my business name and it is also trademarked
Do you comply with the latest privacy regulations?
N/A we do not collect, store, use or disclose personal information
Does this affect me
Do your terms and conditions comply with the latest legal requirements?
I am not aware of what we have to comply with
We have created our own terms and conditions
We sought legal advice and based on that all our terms and conditions should be up to date
We have up to date terms and conditions and we speak to our solicitor on an annual basis to ensure it is up to date
Are your employment agreements legal?
We don’t have any employment agreements
We don’t have employment agreements but we have checked with the appropriate government agency to ensure we are paying the right entitlements
We have employment agreements and have checked with the appropriate government agency to ensure we are paying the right entitlements
We have detailed employment agreements provided to us by professionals, detailing rate of pay and conditions, duties, hours of work and workplace rules
We have detailed employment agreements provided to us by professionals, detailing rate of pay and conditions, duties, hours of work and workplace rules and updated and reviewed on a regular basis
YOUR IDEAL LIFE
I know what I want my ideal life to be
I do not know what I want my ideal life to be. I do not know what I want my priorities to be or what I want to achieve. I do not know if my goals are realistic, or they are not realistic.
I have a little idea of what I want my ideal life to be. I have a small idea of what I consider priorities and some things I want to achieve. I do not know if my ideas are realistic.
I have anidea of what I want my ideal life to be.I have a few ideas about what I consider priorities what I want to achieve.My goals might be realistic.
I have a clear idea of what I want my ideal life to be. I know what my priorities are and what I want to achieve in life.My goals are realistic.
I have very clear idea of what I want my ideal life to be.I know what my priorities are and what I want to achieve in life. My goals are realistic.
I have a realistic plan for success to create my ideal life
I do not have a plan in mind of how I might achieve my ideal life, or I do not think my plans are realistic.
I have vague plans in mind of how I might achieve my ideal life. My plans are not realistic, or they are not substantial enough for me to know if my plans are realistic.
I have some plans in mind of how I might achieve my ideal life. My plans are possibly realistic.
I have clear but general plans of how I might achieve my ideal life. My plans are probably realistic but may require some fleshing out.
I have clear and detailed plans of how I might achieve my ideal life. My planning is specific, measurable, achievable, realistic and timely.
How confident are you that you can achieve your ideal life?
I am not at all confident that I can achieve my ideal life.
I am a little confident that I can achieve my ideal life.
I am moderately confident that I can achieve my ideal life.
I am quite confident that I can achieve my ideal life.
I am completely confident that I can achieve my ideal life.
CONFIDENCE AND DRIVE
How important is the success of your business in creating your ideal life?
The success of my business is not important to me. I can create my ideal life in other ways.
The success of my business is a little important to me. The success of my business will make a small contribution to creating my ideal life.
The success of my business is moderately important to me. The success of my business will make a moderate contribution to creating my ideal life.
The success of my business is very important to me. The success of my business will make a large contribution to creating my ideal life.
The success of my business is essential to me. The success of my business will make a key contribution to creating my ideal life.
How confident are you in your ability to build success in your business?
I am not at all confident in my ability to build success in my business.
I am a little confident in my ability to build success in my business.
I am moderately confident in my ability to build success in my business.
I am quite confident in my ability to build success in my business.
I am completely confident in my ability to build success in my business.
Will the business help you to achieve your ideal life in the future?
Not at all. My business will play no part in achieving my ideal life.
A little. My business will be a small part of achieving my ideal life.
Moderately. My business willbe at least some part of achieving my ideal life.
A lot. My business will be a substantial part of achieving my ideal life.
Extensively. My business will be an integral part of achieving my ideal life.
Is the day-to-day operation of your business part of your ideal liferight now
Operating my business does not form part of my ideal life at all. My business does not allow me to live any of my ideal life through a sense of enjoyment or purpose in my business and/or by helping me to live my ideal life outside of work.
Some aspects of operating my business form part of my ideal life. My business allows me to live a small part of my ideal life, through a small sense of enjoyment or purpose in my business and/or by partially allowing me to live my ideal life outside of work.
A few aspects of operating my business form part of my ideal life. My business allows me to live a moderate part of my ideal life, through a sense of enjoyment or purpose in my business and/or by helping me to live my ideal life outside of work.
Many or most aspects of operating my business form part of my ideal life. My business allows me to live a substantial part of my ideal life through sense of enjoyment or purpose in my business and/or by helping me to live my ideal life outside of work.
Almost all or all aspects of operating my business form part of my ideal life. My business allows me to live my ideal life through sense of enjoyment or purpose in my business and/or by helping me to live my ideal life outside of work.