Step 1. Check If Your Business Is In Crisis
Is your business generating enough income to cover your expenses without having to touch your savings? If it is not there are many reasons why this may be the case. This analysis of your situation is not comprehensive enough to cover all situations but should give you a broad picture of your situation.
Evaluate the information if it suits, that’s great. If it doesn’t, discard it. Basically you should proceed if the money side of your business needs attention. Go ahead and complete (“Doc 1”) because we need this information to go to the next step. Once that is completed you will have two important pieces of information.
1. How much you spend in your personal life
2. How much you need to earn to support that amount (plus or minus)
DOC 1 Financial Analysis Monthly Yearly
FIXED DOMESTIC EXPENSES Mortgage Payments or Rent
Electricity
Rates
Fire and General Insurance
Personal Accident or Disability Insurance
Health Insurance
Car Hire Purchase/loan
Other Hire Purchase/credit cards
Debt Reduction – Personal Loans Overdraft ECT
Other
Club Dues
School fees
Food and Living expenses
Telephone
Other
TOTAL MONTHLY $ $ ………….
VARIABLE DOMESTIC EXPENSES Medical, Dental, Chemist etc (net After Refunds)
Clothing and Footwear
School Requisites – Fees, books and sports
Dry Cleaning and Laundry
Entertainment, Theatre, Amusements
Tobacco, Liquor other Personal Items
Home Maintenance
Running Cost – Second Car and Fares
Church, Charities Etc
Sports and hobbies
Vacations
Motor Vehicle (1) Hire Purchase /Lease
(2) Registration & Insurance
(3) Repairs & Maintenance
(4) Petrol Oil Tyres
Other Traveling – Parking tolls Fares Etc
Telephone
Other – Charges A/C Gifts ETC
TOTAL MONTHLY $ $ ………….
OTHER EXPENSES Memberships
Fees and other Self-Education
Printing, Stationery, Postage ETC
Telephone
Newspapers and Periodicals
Entertainment and Gifts
Centre of Influence & Sub Agency Cost
Other overheads – Rent Secretarial ETC
TOTAL MONTHLY $ $ ………….
SAVING AND ACCUMULATION Life Insurance and Superannuation
Investments
Saving – Bank, building society etc
Other
TOTAL MONTHLY $_____________ $ ………………
NET ANNUAL INCOME REQUIRED $ $
Dan Cavalli If you really enjoyed this information and would like more details about this article please consider subscribing for the free enews the ABC’s of Success for Business and Personal Development Tips at
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