23 Nov Small Business Diagnostic Tool
One other tool we have developed to help you in this endeavor is the Small Business Diagnostic Tool. It based on the same framework but it is applicable to any small business, regardless of the accounting software used. Included in this tool are issues such as does the business has a business plan? Are there large balances in non-interest bearing accounts? Does the business have an exit strategy? Just to name a few. There are approximately 100 questions. This is the perfect opportunity to look at the business from the “big picture” rather than just the financial. It is also the opportunity to expand the services you provide to a small business client if you have the expertise or to assist the client in building a team of advisors if the services are beyond your core competencies.
TRICK: For some clients that I am providing the “premium” analysis, I will include a table of contents and tabs for QuickBooks Analysis, Financial Analysis, and General Business Analysis based on the work I have done with them to have the answers to all the questions (i.e. no “Not Sure” answers) since I have been working through the process with them.