Retail Management A Small Business Entrepreneur's Checklist

BUSINESS PLANNING AND MANAGEMENT LIMITATIONS

Do you know your own personal management assets and liabilities?

 yes  partially  no
 

Do you have a written small business plan covering 1 to 5 years?

 yes  partially  no
 

Can you concretely define what general product category you are in?

 yes  partially  no
 

Can you describe in writing what specific category you are in?

 yes  partially  no
 
 

MARKET ANALYSIS

Do you know in detail what factual market conditions and government requirements impact on your firm?

 yes  partially  no
 

Do you know your specific geographic and demographic market areas?

 yes  partially  no
 

Do you know your market area competitors by name, organization, size, and gross sales?

 yes  partially  no
 

Can you describe in writing the strengths and weaknesses of competitors in your defined market areas?

 yes  partially  no
 
 

MARKETING STRATEGY

Can you identify in a written business plan what key advantages you have over specific competitors?

 yes  partially  no
 

Can you describe in writing how your goods and services are distributed or sold?

 yes  partially  no
 

Do you know what sources of supplies and costs are required to operate your business?

 yes  partially  no
 
 

FINANCIAL CONTROLS

Can you detail the specific monthly cash and credit requirements of your firm?

 yes  partially  no
 

Do you maintain a file of and stay aware of the advantages of small business computer planning, accounting, financial management, and marketing controls?

 yes  partially  no
 

Do you use standard financial industry ratios as a guide to measure annual performance?

 yes  partially  no
 

Do you maintain written costs of sales, break-even analyses, profit and loss statements, and appropriate accounting journals?

 yes  partially  no
 
 

PERSONNEL FUNCTION

Do you know how much personnel money you spend on human resource development as compared to competitors?

 yes  partially  no
 

Do you know exactly what employee benefits cost you? Do you know the impact compared with industry standards?

 yes  partially  no
 

Do you have a detailed personnel plan for the management staff, clerical, and specific labor (i.e., part-time, union) required to operate your firm?

 yes  partially  no
 
 

OPERATIONS, ORGANIZATION, AND SPECIAL AREAS

Do you have a detailed building or facility plan which documents the space required to operate the business?

 yes  partially  no
 

Do you know why your business is a sole proprietorship, partnership, franchise, or corporation -- and the legal limitations or advantages of this business form?

 yes  partially  no
 

Do you use specialized consultants on a pre-planned basis for accounting, legal, tax, insurance, employee benefits, and other critical business operational areas?

 yes  partially  no

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