|10 Question Business Quiz|
All business owners should be able to answer the following ten questions using 'ballpark figures' with confidence (and without looking it up):
1. What is your year-to-date sales growth over last year?
2. What is your profit margin percentage, and how does it compare to other firms in your industry?
3. Do you make major business decisions with your 'gut' or with actual financial data to support the decision?
4. Do you feel comfortable with the accuracy of your financial statements when you give them to your banker, investor or other lender?
5. What is your business worth?
6. Is your company's level of debt high, low or consistent with your industry?
7. Do you know what your break even point is in monthly sales before you begin turning a profit?
8. What is your current cash position? What will it be at year-end?
9. What will sales likely be next month?
10. Does your business have an annual budget? If so, where are you...ahead, behind or on-course?
Understanding your finances is a critical part of business management.
If you can't give approximate figures for each answer above, we can help.
Learn more about BUDGETING and FORECASTING.