Considerations for Managing Your Business
Follow this easy-to-use business management checklist to keep your company on the right track
Every business has changing needs. It's never too late to start asking yourself important questions about managing your business. Take the following business management checklist into consideration and use this information as a guide to make sure you're planning ahead for a secure future.
Business management checklist: Three top management questions to ask
Every business owner should ask three important questions - and keep asking them on an ongoing basis:
- Are we efficiently and effectively managing our assets?
- What are our current and future borrowing needs?
- What is our long-term strategy and how secure is our business?
Plan for the future: Develop your long-term strategy
Evaluate the strategies and goals for each area of your operation and adjust for your long-term strategy with these helpful tips for business management.
Sales and marketing
- Take an inventory of your current marketing efforts.
- What tactics are you using now?
- Is your current marketing program sufficient, or do you want to expand your efforts?
- Are your advertisements reaching the right audience?
- What is your competition doing to market themselves? Is it effective? What ideas can you think of to improve upon their efforts?
- Do you contact your clients and prospects through the mail or email? Can you expand your mailing list?
- Do you have a website?
- If so, is it up to date?
- Is the contact information clear and easy to find?
- Can users find your site easily through a search engine?
- Are you able to track the visits to your site?
- If so, are you satisfied with the level of traffic you're getting, or do you want more?
- If not, consider how to add that functionality.
- Are there any organizations you could join to widen your network?
- Do you have a strong referral-generation system in place?
- Are your current sales in line with your projections?
- Are you able to reach your intended audience?
- Do you maintain a system to track your clients? Meetings? Events?
- How does your sales strategy stack up against the competition?
- Are you familiar with the products and services offered by your competition?
- Are you aware of their sales and marketing practices?
- Are there other activities/tasks that can be performed online to make managing your business more efficient?
- Tracking your bank accounts
- Depositing checks remotely
- Receiving payments
- Communicating with clients
- Does your business software still meet your needs?
- Is there an updated version available?
- Are your contracts right for the size of your business today?
- Are there bottlenecks in your processes?
Accounting and finance
- Do you handle your own bookkeeping or does someone else do it for you?
- If you do it, are the books getting done efficiently and effectively?
- Has your business grown to the size that you need to hire someone to do your bookkeeping?
- When was the last time you met with your accountant or financial advisor?
- Do you have the right accounts established - small business checking, business savings, business line of credit, etc?
Managing your money
- Do you have the tools and resources to effectively manage your business' money?
- Are you setting realistic budgets and business goals?
- Is your current staff getting the job done efficiently and cost effectively?
- Do you need to increase/decrease your staff?
- Is your current location meeting your needs? Do you need more space or do you need to move to a different location?
- Where in the business cycle are you and how is that affecting your cash flow?
- Are you experiencing growth?
- Is this a down cycle?
- Is your business seasonal?
- Do you have overdraft protection?
Tips for business management: Understanding your borrowing needs
Are your tools and equipment up to date?
- Is it time to update your information technology?
- Is there newer and better technology available for your industry?
- Do you need to update any business-related software, such as inventory, database, etc.?
- Are you working with an experienced lender?
Learn more about managing your business with help from Citizens Bank
Whether you are creating your first business plan and need tips for business management or are looking for business borrowing solutions, Citizens Bank can help you get on your way. Start today and call our customer care representatives at 1-800-428-7463 for more information.
You can also download a printable version of the Considerations for Managing your Business guide.