A financial plan is important for keeping both your short-term and long-term financial health in check. As such, it is important to conduct frequent reviews of your financial plan to determine your business’ financial position at any given time. Essentially, tracking your financial plan enables you to manage your business’ revenues and expenses, as well as monitoring your business goals. Further, tracking your business’ financial plan enables you to identify areas where your business is lagging behind based on your goals and objectives.
When reviewing your financial plan, it is important to analyze factors that are central to the growth of your business such as risk tolerance, crucial expenses such as tax, as well as business priorities. Essentially, your financial plan review should include a combination of reviews of your current finances, your projections, as well as your goals.
This checklist will guide you on the best approaches when reviewing your financial plan.
Part 1 – Reviewing your Goals and Objectives
1 How realistic are your financial goals and objectives?
2 Are your financial goals specific and measurable?
3 Are the goals categorized as long, medium, and short term?
4 Are your business goals separated from your personal goals?
5 Are your financial goals actionable?
Part 2 – Assessing your Products/Services and Activities
6 How effective are your marketing and pricing strategies?
7 What is the target market’s reaction to your products/services?
8 Are your goods/services meeting consumer needs?
9 Have you conducted a review of your packaging, design and other systems?
10 Have you reviewed your sales and aftersales services?
Part 3 – Reviewing Costs
11 Do you conduct frequent reviews of your costs?
12 Have you analyzed your direct costs and overheads?
13 Are there cost reduction strategies in place?
Part 4 – Reviewing your Financial Position
14 Is your cash flow forecast updated and reviewed regularly?
15 Is your working capital regularly reviewed and monitored?
16 Are there financial plans for accommodating business growth and changes?
17 Are there cheaper and safer funding options for your business?
Related Information Products –
IM Checklist – Online Marketing Checklists With PLR
Millionaire Society – Affiliate Marketing program