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How Strong is Your Financial Plan? | Quiz
The number one reason for small business failure is financial.
Undercapitalization, poor budgeting, and misallocation of resources often lead to small business failure within the first couple of years.
Many entrepreneurs or small business owners aren't trained in or aware of how to create a solid financial plan.
Many therefore think that their plans are effective when really, they aren't.
This measure assesses many aspects of a financial plan to see whether you, the business owner, have areas to work on or improve upon.
The results will indicate how strong your financial planning currently is and whether it's advised that you start from scratch or get some assistance.
Please complete all items. Rate each item on a scale of 1-5.
Select the answer that best represents your feelings, thoughts, and behaviors regarding your financial plan. Choose how true each statement is for you.
It’s detrimental to the future of your business that you have a financial plan.
If you don’t know what the first step to take is, consulting with a financial specialist regarding your personal and professional financial future is a fantastic place to start.
When creating this plan, make sure you have a cushion, we all know there will be unanticipated costs or investments along the way that you didn't plan for.
Consulting with an accountant will help you determine what expenses are deductible and help implement a good system to keep track of all your expenses both incoming and outgoing.
Choosing to create a financial plan will reflect how serious you're taking this business.
No one wants to fail when starting up their own business, so do yourself a favor and take this one seriously!
Unsure where to start? Research, read books, reach out to older business men who’ve had experience and time to learn the ropes.
Know we’re here to help you and encourage you to run every aspect of your business with excellence!
Here’s to successful business planning!
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