Part II: Business Owners' Checkup

First, call your advisors and tell them you are conducting a checkup and need their help.  Present an update of what's going on based on the answers you gave in Part I.

Next, ask each person the following questions:

To Your Banker:

1. How's my credit?
2. Can I apply for a larger commercial credit line to carry me thogurh a cash flow crunch?
3. How are we doing compared with similar businesses you deal with?
4. What new financial products or services should I be aware of?
5. Should I be paying my business bills online?
6. How can we make my money work harder when I'm not using it?
7. What else should I be doing to improve cash flow?

To Your Insurance Agent:

1. Since so many people are depending on me, do I have adequate life and disability insurance coverage?
2. How can insurance protect my business against the loss of key managers and employees?
3. How can I accumulate funds for retirement on a tax-advantaged basis?
4. How can you help me create a succession plan and prepare for unexpectged contingencies such as premature death or disability?
5. What other types of insurance should I consider?
6. Is my coverage adequate to cover a growing business?

To Your Accountant:

1. Do you have all the financial information you need to calculate my tax obligations this year?
2. Is my bookkeeper or controller providing all the information you need?
3. What do you need to know to better understand my business?
4. How can I improve cash flow and encourage clients to pay me faster?
5. Are there any new tax laws that affect my business positively or negatively?
6. Am I in compliance with all state and federal payroll tax regulations?

To Your Attorney:

1. Are the company's corporate records up to date and in order?
2. Have we filed allthe necessary forms with local, state, and federal corporate entities?
3. Are any company policies or practices making us vulnerable to a lawsuit or complaint?
4. Does our employment applications violate any state or federal employment law?
5. What can we do to comply with all state and federal laws, including the Family Leave Act and the Americans With Disabilities Act?
6. Can you help me draft a succession plan or refer me to an insurance agent or estate attorney who can?

Be as candid and open as possible with these folks.  The more they know about your business, the more they can be of assistance.