Change Implementation Techniques for Creating a Sense of Urgency

Technique 2.23 Ten Questions Every Business Owner Must Answer

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Ten questions that can help identify a sense of urgency, especially for the small to medium-sized business

1. Have you had a recent health check and ensured that you have adequate life insurance, income protection and/or disability insurance?

2. Have you measured your business return on investment, including hours worked for a week, and does it justify the money invested and the risks associated?

3. Have you forecast your cash flow requirements for the next 6 and 12 months?

4. Have you optimized your debt and equity structure (having regard to security guarantees and covenants)?

5. Have you adequately resourced staff-wise for the next 12 months?

6. Do you have succession planning in place?

7. Have you analysed the profitability of existing clients and taken appropriate action?

8. Do you have a strategy for developing new business?

9. Have you documented and secured important supplier agreements?

10. Have you looked at the spread of your total wealth to reduce the risk of financial ruin should the business stagnate or fail?

Damien Lynch, 2007

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