Help Your Business Have A Future

Help Your Business To Last

Planning for success means planning for the future. Here is a list of 30 questions to which small to midsize businesses should be able to answer "yes." Go back and work on the "nos" to ensure your company's continued success.


FOR ALL COMPANIES

Do you have a mission statement?

Do you have a vision statement?

Do you do strategic planning every year?

Is management dedicated to long-term profitability?

Is management's integrity beyond reproach?

Do all employees understand the importance of sales?

Is management in regular contact with customers?

Does management review the financial statements?

Is advertising focused on the right target market?

Has the company defined its image for its customers?

Do you prepare financial statements monthly?

Does management review the financial statements?

Are the financial statements accurate?

Is all the money the business earns deposited daily?

Does management review cash receipts and disbursements?

Does liability insurance adequately protect the company's equity?

Is the liability insurance adequate to prevent personal liability?

Are fixed assets safe and secure?

Is legal counsel competent and independent?

Is legal counsel consulted on all legal matters?

Do the employees benefit when the company achieves its objectives?

Is authority delegated with responsibility?

Is everyone treated with dignity?

Are performance evaluations held annually?

Is poor performance constructively criticized?



FOR FAMILY-OWNED BUSINESSES


Has the family defined the purpose and objectives of the business as it relates to the family?

Do family members understand their assignments or roles in the business?

Have you replaced unqualified family members with qualified, nonfamily managers?

Is the business protected from claims that arise from an owner's divorce or death?

Has the family identified a successor to the president?


 

Source: Adapted from The Family Business: Power Tools for Survival, Success and Succession , by Roger C. Allred and Russell S. Allred, Allred & Associates, Inc., Bakersfield, California, copyright 1997. Adapted in arrangement with the Berkley Publishing Group, a member of Penguin Putnam Inc. All rights reserved.

 

©1998 AICPA

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