How financially fit is your business?

If you are concerned that your business is struggling to meet its financial obligations work through the simple questions contained in this feature of our website and we will send you a scored risk assessment. This will point out those areas of your financial controls that you may want to tidy up.

You can select individual answers to the questions posed. The default setting is Not Applicable - leave this choice in place if the issue raised by a question does not apply to your business. For instance, if you are a retail business the questions on credit control will probably not apply.

Although there are 22 questions it should take no more than two or three minutes to complete. We do not charge for the report we send you. All we need from you is your contact details, email address will do, and we will send you a personalised Business Risk Assessment for you to consider. And of course we would be more than happy to speak with you if you require help or more information.

Questionnaire

  • 1. Do you prepare updated, moving annual budgets? (Can you always see profits, balance sheet and cash flow forecasts one year ahead)

  • 2. Do you prepare and review monthly management accounts?

  • 3. Do you prepare weekly cash flow projections?

  • 4. Do you credit check all new customers?

  • 5. Do you set and enforce credit limits for each customer?

  • 6. Do you follow a systematic process to chase outstanding debts? (monthly statements, follow-up letters and telephone calls)

  • 7. Have you taken out credit insurance to insure against bad debts?

  • 8. Does the actual day's credit given to customers consistently exceed your credit terms?

  • 9. Do you review your key suppliers periodically to see if you can extend your credit terms?

  • 10. Do you review your key suppliers periodically to see if you can reduce your costs by finding alternative suppliers?

  • 11. Do you pay your suppliers early?

  • 12. Do the total amounts you have borrowed from banks and other finance providers exceed your business retained profits and capital? (Capital is your issued share capital if a limited company, or the balance of your capital account(s) if you are a sole trader or partnership)

  • 13. Do you struggle each month to pay your bills, stay within overdraft limit, etc?

  • 14. Do you have sufficient cash reserves to meet your fixed cash flow commitments for one month forward, with no incoming funds in that period?

  • 15. During the last year have you defaulted on loan repayments?

  • 16. During the last year have you exceeded your overdraft limit without your bank's agreement?

  • 17. During the last year have any cheques, direct debit or standing orders been refused payment by your bank?

  • 18. Have you reviewed your outside funding sources in the last year? (To consider rescheduling debts or refinancing at lower interest rates, etc)

  • 19. Do you send your bank monthly management accounts as well as annual accounts?

  • 20. Does your accountant assist in the preparation and/or review of your management accounts and cash flow forecasts?

  • 21. Have you undertaken a strategic planning review of your personal and business tax affairs within the last year?

  • 22. Would you say you are employing more staff than you need?