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Startup Checklist

 

Management

 

  1. Do you know enough about this business to operate it effectively?

  2. Have you worked in this type of business and experienced the practical problems that may be encountered? If not, can you fill the gaps in your knowledge?

  3. Have you set objectives for the various aspects of your business?

  4. Have you broken the objectives down into achievable projects with a practical timetable for completion?

  5. Have you assigned responsibilities for meeting these objectives to key personnel?

  6. Have you set out reporting procedures that enable you to monitor progress toward these objectives?

  7. Have you developed an appropriate credit policy for customers?

  8. Have you established a procedure to collect your receivables?

  9. Do you feel confident in your ability to deal with customers?

  10. Have you developed a way to repair and replace your fixed assets?

  11. Have you developed an inventory control system?

  12. Have you established contracts with the suppliers your firm will be dealing with?

  13. Have you established a procedure for purchasing inventory, equipment and supplies?

  14. Do you have alternative sources of supply for major purchase requirements?

  15. Have you developed an accounts payable procedure?

  16. Have you established credit terms with key suppliers (payment terms, credit limits, discounts and finance charges)?

  17. Can you manage your own time commitments to the business?

 

 

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Keith Anderson, BCom, CPA, CA-IT, CITP Copyright September 9, 1999 Last Modified :09/10/15 10:21 AM