Do you have a separate bank account for your business?
What do you use to track your revenues and expenses?
Other bookkeeping tool
Wait, am I supposed to track those?
Have you evaluated different entity types (sole proprietorship, LLC, S-Corp) and formed the best one (if applicable) for your business?
I've evaluated the different types, chosen the best one for my business and formed it (if legally required).
I've evaluated the different types but haven't decided which one is best for my business, or haven't formed the entity yet (if applicable).
I haven't evaluated the different types, but I know I need to.
I keep hearing about this LLC thing and am wondering if I need one or not...
Do you currently work with any of the following in your business?
A CPA (Certified Public Accountant)
TurboTax / H&R Block / Other Tax Preparer (non-CPA)
None of the above
Do you create an annual budget for your business?
Yes, and I regularly compare my actual revenues and expenses to my budget to ensure I'm on track.
Yes, but I'm not always good about regularly checking in.
No, but I've thought about it before!
I need a budget?
Overall, how do you feel about the "money stuff" in your business?
Great! I'm on top of tracking my revenues and expenses, I feel confident that I'm filing and paying the right taxes and I know how to access the financial information I need to make good decisions in my business.
Pretty good. I've put some systems in place, but I'd like to have a better sense of my business' financial health.
OK. I think I've taken the right steps to set up and manage the money in my business, but I'm honestly not sure. I wish someone would just tell me I'm doing it all correctly so I don't have to think about it.
You've put some good systems and processes in place to manage the money in your business, so well done you! It seems there's still room for improvement, which means it's only going to get better from here.
Looks like you're running a financially fit business. Well done you! You should feel confident in the steps you've taken so far. Are you ready to move to the next level and become a pro with your business money?