Use this checklist to identify where your strengths lie and where there is room for improvement.
This checklist should help you to look honestly at what you can do well and what you do badly. If there are skills you lack, this does not mean that you cannot go ahead. But you need to compensate:
- be trained or seek advice from an enterprise agency or other advice body
- fund the business so you can employ those skills which are lacking
- use professional advisers, if appropriate.
As you answer each question, underline the appropriate word or words:
| Financial | ||||
| Have you kept accounting books, for example, sales and purchases daybooks, cash books or used a simple software program? | many times | on a few occasions | not at all | |
| Have you ever installed a system of credit control? | yes | no | ||
| Have you ever negotiated credit terms with a supplier? | yes | no | ||
| What is your experience of drawing up cash flows? | extensive | a little | none at all | |
| Do you understand the importance of controlling cash? | yes | no | ||
| What is your experience of drawing up budgets? | extensive | a little | none at all | |
| Is break-even analysis a technique you have used before? | yes, frequently | yes, sometimes | no, not at all | |
| Do you know when and how you would use: | (a) An overdraft ? | yes | no | |
| (b) Leasing? | yes | no | ||
| (c) Factoring? | yes | no | ||
| What is your experience of estimating and raising money for long-term financial needs? | extensive | a little | none at all | |
| Do you know what are the sources of long-term funds, for example, venture capital? | yes | no | ||
| What is your experience of drawing up business plans? | extensive | a little | none at all | |
| What is your experience of presenting your plan to financiers? | extensive | a little | none at all | |
| Marketing | ||||
| Do you understand the different ways you can establish prices? | yes | no | ||
| Do you know how to analyse market sectors? | yes | no | ||
| What is your experience of identifying product benefits? | extensive | a little | none at all | |
| What is your experience of: | ||||
| (a) Direct response advertising | extensive | a little | none at all | |
| (b) Public relations | extensive | a little | none at all | |
| (c) Face-to-face selling | extensive | a little | none at all | |
| (d) Direct mail | extensive | a little | none at all | |
| (e) Telephone selling | extensive | a little | none at all | |
| (f) Marketing through the Internet | extensive | a little | none at all | |
| Do you understand how to build relationships with customers? | yes | no | ||
| Operational | ||||
| Do you know how to introduce a stock control system? | yes | no | ||
| Do you understand all the ins and outs of your product; that is, how it works, what it does? | yes, very well | yes, somewhat | no, not very well | |
| Do you understand the effect that control of costs can have on profits? | yes, very well | yes, somewhat | no, not very well | |
| Do you understand the manufacturing process of your product (if applicable)? | yes, very well | yes, somewhat | no, not very well | |
| Do you know how to use a database to gather information? | yes, very well | yes, somewhat | no, not very well | |
| Do you understand how to integrate the use of information technology in your business? | yes, very well | yes, somewhat | no, not very well | |
| General management | ||||
| What is your experience of staff recruitment? | extensive | a little | none at all | |
| What is your understanding of employment law? | extensive | a little | none at all | |
| Do you know how to set goals and objectives for employees? | yes | no | ||
| What is your experience of project management? | extensive | a little | none at all |
Once you have finished assessing your skills and abilities, you will have some indication of what improvements you should make.
Related Topics
Running a business
