Financial Health Check

1. We rely primarily on our bank balance to measure the financial performance of our business. (Give a rating out of 5 for each question; 1 being weak and 5 being strong in each area)

2. We regularly forecast a three month outlook on our cash position.

3. Our business is making a regular profit that fuels its expansion plans

4. We can link our cash balance to profitability - it makes sense.

5. The bank account and credit cards are reconciled to the accounting system on a weekly basis.

6. We are fully up to date with accurate lodgements and payments of BAS, PAYG, Super, Payroll Tax

7. Our Accounts Receivable and Accounts Payable are within terms and accurate.

8. We clearly understand that our business is solvent.

9. We review the business Profit & Loss report, Balance Sheet and Funds Flow Statement on a monthly basis.

10. We have a financial dashboard with the right financial statistics to proactively run the business.

11. We measure the cash that is locked up in our business - such as stock, debtors, deposits, equipment and delayed customer billing.

12. We set aside time for a regular monthly management meeting to review the financial results and set priorities for the next period.

13. We have a clear strategic plan for the business which is fully supported by a financial forecast.

14. We track and monitor our monthly financial performance against our forecast/budget/targets.

15. Our organisation produces forecasts for Profit & Loss and Cash Flow and we update them regularly.

16. We know the profit margin that we are making on each of our core products / services.

17. We know exactly who our most profitable customers are.

18. Our business understands and has access to the many sources of capital that are available.

19. We know the value of our company and are clear on the levers that grow that valuation.

20. Our company qualifies for Government Grants and we do receive the applicable funding.