PLANS TOPIC: 377 The Business Check-up

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Its that time of year again.

For most businesses that file annual year end December 31st financial statements, you have entered the third quarter of your business cycle. At this time of the year, for all businesses start-up or existing, its a good practice to perform a business check-up evaluation to determine if your company has reached milestones you set for your business at the beginning of the year. Due

to the economy, this year has been particularly challenging or most small businesses. Compare your beginning of the year budget

with where you are right now and see how actual profit and loss stands up to your beginning of the year budgeted profit

and loss projections. This also is a good opportunity to evaluate staff and key management personnel in your organization to make sure everyone is on the same page understanding the focus and direction of the company. Customer relationships

should be reviewed to determine if the business is addressing the needs of its existing customers and properly marketing to new

clients. Key questions should be considered when performing the business checkup. Some of these questions are:

1. Are the products and services the company provides generating the necessary income and profit?

2. Should certain products or services be added or subtracted to increase the companys overall profit margins?

3. When providing our product and services do we deliver on time keeping customers happy and maintaining good customer relations?

4. Is management focused on the task at hand and generating the positive energy necessary to make the company

successful?

5. Does ownership and management treat their employees and support staff fairly to establish a solid and loyal employee base?

6. Does the company meet weekly or monthly to discuss strategy and planning to better perform and market the companys products and services?

7. Are relationships with vendors and trades managed properly, maintaining credit and business relationships?

8. Does everyone in the company understand the goals, objectives and mission of the company?

9. How does the business currently stack up to the competition and industry?

10. Has the companys marketing strategy been successful through the first three quarters of the year?

As you perform the business check-up and evaluate some of the aforementioned questions, the focus, determination,

objectives and goals of the company should be reviewed from ownership to employee making sure everyone in the

company knows their role, and realizes that each individual person creates the whole team when building and maintaining

a successful business.

Vincent C. Ragland is

President and CEO of PLANS.

PLANS can be reached at (312)

286-6886 and by Email at

Vncnt599@sbcglobal.net.

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