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A Checklist and Answers for Experienced Entrepreneurs Regarding Where to Go Next to Grow Your Business
Entrepreneurs who have made it through the first year and are well into the toddler phase of their business venture are, in this Entrepreneurs topic anyway, experienced veterans. What is important to an entrepreneur who has things up and running already is very different from those who are just starting out along the path of self sufficiency.
For instance, writing a business plan isn't really a concern anymore – but getting new customers is. Trying to find ways to increase profits while reducing expenses becomes even more important than in the first year or so, and business plans, although useful, aren't normally referred to after the initial start-up.
For those among us who aren't sure exactly where they can begin growing and building around the business foundation of they've already created, this checklist should help. It poses the questions that most entrepreneurs should have answered before moving into the ‘teen years' of business – or at least have planned out and written down somewhere.
With every question is an answer, which can be found at http://www.entrepreneurs.suite101.com/ if you require further assistance. Alternatively, you can start a discussion and ask questions of the author, who will freely assist you with your business decisions for free.
1. I have a formal, long-term plan for my business that isn't merely in my head, but is written down in a professional manner that could be quickly and easily used and/or accessed by all members of the organization. [Long-Term Planning]
2. I know where I am strong as an entrepreneur and use those skills whenever possible. For the business ownership knowledge, information or skills I am lacking or weak in, I have a written plan on how to work on them. [Lifelong Learning]
3. I keep precise, timely and useful business records. [Record Keeping, Managing Employees]
4. I am aware of, and have calculated, the break-even points for my business. [Financial Management]
5. I know what the specific revenues and expenses are for my business, and I know how to manage them. [Financial Management, Increasing Profits, Increasing Sales, Managing Growth]
6. I am aware of my businesses financial ratios. [Financial Management, Record Keeping]
7. I understand and can explain my business' financial statements and situation clearly. [Lifelong Learning, Financial Management, Managing Employees]
8. I have five-year cash flow forecasts in place. [Financial Management, Long-Term Planning]
9. A bare minimum of twenty-five percent of my time is allocated towards business planning. [Long-Term Planning, Managing Employees, Managing Growth]
10. I know who the movers and shakers are in my business field and geographical location, and I have a written plan that takes into account my business' strengths and weaknesses in relation to them, and what I plan on doing about it. [Managing Growth, Managing Employees, Long-Term Planning, Increasing Profits, Increasing Sales, Staying Ahead of the Competition]