Does your business have what it takes to succeed and grow it into a large, profitable company? Take our quick 2 minute quiz, by answering yes or no to the following questions, and discover what we think are your chances of long-term business success.
1. Are you selling your product/service for more than it costs to make?
Factor in ALL the costs, including your own time. Is there a minimum quantity that you need to sell to cover the costs?
This is about more than short-term profitability. This is understanding whether your business has a viable long-term future, and setting the necessary targets.
2. Do you have a healthy cash bank balance?
Regardless of whether your P&L shows a profit or a loss, you need enough cash in your bank to pay your bills. Negotiating terms with Customers and Suppliers can be a key factor in survival.
3. Are you heavily reliant on someone or something?
Do you have one critical customer or supplier? A key member of staff? Do you have a plan in place if that relationship is broken?
4. Can a competitor take your customers easily?
Is your customer base locked in, whether through loyalty or contractually?
Score your business
|Question||Answer - YES||Answer - NO|
Scored 4 points: Congratulations! You have a strong framework in place for a successful business. Make sure your product is equally strong and is on your customers’ ‘must have’ list, and your business can fly.
Scored below 4 Points: Businesses are complex creatures. If you scored 0 on a question, examine this area to figure out how to improve it. Your business might not be broken, but survival is all about building up resilience and getting that plan in place AHEAD of a crisis. We suggest you start with the health check on these 4 areas.