To check in on your financial health, answer the following questions “yes” or “no.”
- Do you currently have debt or loans that are more than three years old?
- Have you recently applied for a loan or government program?
- Do you know what your credit score is?
- Do you track expenses on a monthly basis?
- Do you know what your largest expense category is?
- Have you taken an audit of your business in the past 2 years?
- Have you talked with your clients in the last 90 days?
- Have you met with the top 20% of clients in the past 30 days?
- Is your business ahead of trends in your industry?
- Do you send invoices in a timely manner?
- Do your customers or clients generally pay on time?
- How do you collect owed payments?
- Do you know where your financial documents are, i.e. income statement, tax returns, credit reports, etc.
- Do you have a succession plan?
- Do you have an emergency fund?
If you answered “yes” to all 15 questions, Congratulations! You’re in great fiscal shape! If not, set up a FREE account at loan mantra today!