How Financially Fit Is Your Business?

Quiz Questions

• 1.
  Are you up to date on tax filings and payments?

  • A.
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    Of course!
  • B.
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    Not quite
• 2.
  Do you use a separate bank account for your business?

  • A.
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    All set up!
  • B.
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    It's all in my personal account
• 3.
  Do you keep your business account strictly separate from personal?

  • A.
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    Strictly separate
  • B.
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    Not quite
• 4.
  How do you collect payment from customers?

  • A.
    Cash or Cash Apps (Venmo / Personal PayPal)
  • B.
    Credit Card Processors (e.g., Stripe, Square, PayPal Business)
  • C.
    Merchant Account
  • D.
    Other
• 5.
  Where do you keep track of your transactions?

  • A.
    Paper journal
  • B.
    I rely on my bank and credit card statements
  • C.
    Spreadsheet
  • D.
    Software (e.g., QuickBooks)
• 6.
  Who prepares your tax filings?

  • A.
    A CPA or accountant
  • B.
    Storefront business (e.g., H&R Block, Jackson Hewitt)
  • C.
    I do them myself or use software (e.g., TurboTax) 
• 7.
  Are you up to date on credit card and bill payments?

  • A.
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    Barely a balance
  • B.
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    A bit behind
• 8.
  Do your customers pay on time consistently?

  • A.
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    Most of the time / always
  • B.
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    I end up waiting very often

Quiz Outcomes

• 1.
  Building your financial FOUNDATION

  Just like you need to perfect your plank before you can master a push-up, you should be focusing on the key building blocks of your business (separate bank account, payment processors, etc.) before progressing to new levels in your business.
• 2.
  Making financial GAINS

  You may have mastered the building blocks, but make sure you are using them properly in order to get the optimal results. You should consider hiring a CPA to help you find the right areas to strengthen, so you are positioned to profitably perform in your business.
• 3.
  Positioned to PERFORM  

  You have established a strong financial foundation for your business and are set up for success. Now, it is about focusing on growing your sales and investing in tools to help you level up. Your focus should be on profitable activities and making sure your pricing and offers are aligned with your financial goals in your business. Work with an advisor to develop a plan to crush your profit PR.