Your Custom Action Plan

Please provide answers to the questions listed below by clicking the button "Client Assessment Form." 

1.      Do you have a succession plan?

2.      Do you have a defined strategy, goals, and objectives to enhance your success?  

         a.       Is the plan in writing?

3.      Do you have a clear understanding of your competitive advantage?

4.      Is this competitive advantage driving your strategic business plan?

5.      Do you regularly update your strategic business plan?

6.      Do you have measures in place for tracking performance?

7.      Do you know the after-tax value of your business?

8.      Are you required to work full-time for the business to operate effectively?  

         a.       Could you take a four-week vacation?

9.      If necessary, do you have the knowledge to sell your business?  

         a.       Do you understand your choices?

                   i.      Third party.

                   ii.      Insider.

                   iii.      Family.

10.  Do you have a disaster recovery plan?

11.  Is your family protected if the unexpected happens?

12.  Do you have reliable financial information to properly operate your business and provide to third parties?

13.  Do you understand your financial information generated internally and by your outside accountant?  

         a.       This would include understanding your taxes, balance sheet, and income statement.  

         b.      Are these financial statements internally used to make timely business decisions?

14.  Is your financial information used daily, weekly, monthly, or annually to make sound business decisions?

15.  Are you current with all reporting requirements?  

         a.       This includes, but not limited to, government agencies, banks, investment partners, suppliers, and customers.

16.  Do you have a financial forecast?

         a.       Does it assist with monitoring cash flow?

17.  Is your business properly capitalized?

         a.       Do you have a good banker who provides personalized care to you and your business?

         b.      Do you have adequate working capital or the availability to sustain a downturn in your business?

         c.       Do you have significant capital to fund a buy/sell?

         d.      Do you have sufficient capital to weather the loss of a partner (Could be the difference in keeping a crucial line of credit)

18.  Could you have employee errors or irregularities that would not be detected because of a weak system of internally control?

19.  Do you have a defined system of internal control in writing that defines all processes and procedures of the business?

20.   Do you have incentives in place to retain key employees?  

         a.       Are employee goals in line with the company's goals to increase value?

21.  Do you have non-compete agreements with key employees?

22.  Could your key employees operate your business in your absence?

23.  Would the business operations be materially altered if a key employee were to resign, become disabled, or die?

24.  Do you have a policies and procedures manual that defines the company's expectations for each employee?

25.  Do you know who is your direct or indirect competitors?

26.  Is your entity structure appropriate for your defined operations and future exit strategy?

27.  Do you have minutes to your annual board meetings and shareholder meetings?

28.  Are all of your legal documents current and applicable to your current business needs?

29.  If you have multiple shareholders or partners, do you have a buy/sell in place?  

30.  Do you have a sound risk management plan to protect you individually and your business?  

         a.       This would include liability, property casualty, business interruption, contingent business interruption (Key Supplier), key employees, and possible legacy issues.

31.  Do you plan to exit your business in the next five years?  

         a.       If so, do you have a written plan?

If you want to chat about any of the aforementioned questions, don’t hesitate to schedule a consultation with Cooper CPA Group today! 

Our Telephone Number: (713) 243-8590

And make sure to check out our last blog The Unique Consulting Group. We discuss further how we will help you to create a more efficient business infrastructure and maximize the value of your business. Do not miss out on those #freeresources.