Strategic Checklist: Promotion/Advertising & Data Gathering/Fact Finding

Strategic Checklist: Promotion/Advertising & Data Gathering/Fact Finding

Third of a Four Part Series

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Strategic Checklist: Promotion/Advertising & Data Gathering/Fact Finding

Promotion/Advertising

What are the resources available and are they adequate for the task at hand/growth planned? How big do we want to get? What does our business plan say? Are budgeted marketing efforts being consistently achieved and monitored? How are we tracking new business leads and what is our strategy for keeping and retaining our present client base? Marketing statistics are the purveyor of future operational results and are critical to be adequately determined and tracked appropriate with corrective changes in marketing efforts being consistently made.

Data Gathering/Fact Finding

Do our financials properly reflect our business needs? Are we able to adequately track meaningful management information such as current assets to liabilities ratios, gross margins, days in receivables, etc? Are appropriate percentages and ratios being examined? Are we tracking/working with our CPA to determine and track essential financial, operational, and narrative information? Is the company undercapitalized? Do we have enough cash to meet ongoing/expected needs for operations based upon past trends/projections and our business plan? Do the financials properly reflect the operations of the business and do we understand their nuances? Is management taking the necessary corrections and monitoring their results adequately?

Watching the Store

Who is authorized and to what levels to access the company assets and proprietary data/records/methods and trade secrets? How is this controlled and documented? Is their adequate safeguarding of assets (i.e., are staff members who write checks different from those who prepare the bank reconciliation's and review the cancelled checks)? In controlling cash, accounts receivable, accounts payable, inventory and fixed assets, are books and records, passwords, billing procedures, sequential numbering and accounting for invoices and checks properly maintained and controlled? Are assets physically protected and secured with keys/pass codes/tracking technology and video surveillance cameras? Are assets properly safeguarded/locked during day and evening hours? Locked not only means under physical lock and key but adequately protected by limiting procedures and segregation of staff duties to maintain adequate separation of duties and internal control. Are policies and procedures documented and are all appropriate personnel informed of the varying levels of safeguards, segregation of duties and appropriate monitoring maintained?

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