Planning

• My business plan is current and accurately describes and prescribes business activities in sufficient detail for daily operation and lender requirements.
• The goals of the business are known by all constituencies: partners, board of directors, investors, lenders, accountant, attorney, vendors, etc.
• Management, marketing and financial decisions are made with frequent reference to my business plan and goals.
• My plan guides business expenditures and when exceptions are required, they are documented.
• Periodic reviews allow explanation and control of deviations in goals and planning.

Marketing

• Documentation allows me to evaluate the success of marketing and advertising expenditures.
• My advertising plan effectively allows my firm to communicate with its intended target market and outlines media and creative decision making.
• My marketing plan considers the needs of both existing and new customers in product development, promotion, pricing and availability of the product.
• An effective lead system allows me to profile my customers and their needs, and understand the source of leads, the source of sales, and the costs of generating both.
• Those who come in contact with customers on a regular basis have methods for telling management about customer needs, complaints and suggestions for improved products and services.
• Methods of generating repeat sales have been planned and implemented.
• Those responsible for marketing my firm work closely with those developing the business and financial planning.
• Systems of evaluating competitors new products or services are developed and reviewed at least twice a year.
• Formal and informal communication methods allow all constituencies to regularly report opportunities and concerns.

Human Resources

• Employee policies are established, known by employees and assure legal compliance.
• Employee policies, benefits, insurance and training procedures are reviewed at least annually.
• Job descriptions and organizational charts have been developed. The latter allows communication to flow from the bottom up as well as from the top down.
• If subcontractors are used, their tasks are clearly defined, written documentation of their scope of activities is in file, and all legal requirements are met.
• Policies, record-keeping and employee training allow the business to continue operation without interruption regardless of illness, vacation or other absence.
• Motivational methods, remuneration, and management style is sufficiently effective to limit turnover.
• Time management and productivity analysis is used to improve operations and is included in all employee performance reviews.

Operations

• Equipment and facility are maintained and effective record-keeping allows management of the maintenance.
• Technology changes in production and office equipment are systematically reviewed.
• Inventory control procedures are established and can be expanded as growth develops.
• Supplier relationships are established, and are evaluated for price and service on a periodic basis.
• Shortages of industry wide materials are monitored and reported.
• Product and service quality is maintained and evaluated according to industry best practices and benchmarking techniques.

Financial Resources

• The professional responsible for record-keeping and financial statements is knowledgeable about sources of financing.
• Financial statements are prepared in a timely manner and are used to diagnose positive and negative conditions affecting operation.
• Tax records and regulations are updated and documentation stored for convenient retrieval.
• All information required for business valuation is retained and updated.
• Established cash management techniques allow effective monitoring of accounts receivable, customer payment and deposits, collections, etc.
• Credit policies are established and enforced for all customers. Financial stability is established before credit is extended.
• Payment policies allow the firm to take advantage of discounts offered by vendors.
• Cash not required for operations invested.
• Fixed and variable costs are reviewed and updated periodically.