25% of all start-ups fail within one year, and 50% of businesses fail within 5 years. Staticbrain.com states that “incompetence” is the number one reason for business failure. I know this seems harsh, but it isn’t too surprising. It is difficult to be good at everything. Most likely, a business is good at making a product or providing a service, but might not be good at planning, finance, accounting, pricing, taxes, and management.
So let’s say you are the 50% that makes it. There is another problem that is common. Many business owners spend too much or all of their time working “in” their business and not “on” their business. An excellent book on this subject is “The E-myth Revisited” by Michael Gerber. A successful business grows to a point where they need to set up processes, delegate more, and grow to the next level. There is a large difference between being competent in providing the service or product and growing a business and infrastructure with employees, management, accounting, and scalable growth.
No matter what category you are in, the below “Management Best Practices Self-Assessment” is for you.
Through collaboration with other consultants and my experience in multiple businesses, we have developed an assessment tool. In just about 5-10 minutes of your time and 30 questions, you will receive two grades.
One grade will assess how you are performing in accordance with HR, employee, and management ‘best practices’.
Another grade will assess your Finance & Accounting procedures.
Click on the image below to download an Excel or Google Sheets Assessment.