Five Pillar Survey – How Does Your Business Rate?

There are a lot of components to having a successful business, and those components make up the Five Pillars of Success. If any one of these pillars is weak or missing, your business is at risk, your dreams are at risk.

How does your business stack up? Where would a little bit of help make the biggest difference?

* 1. BUSINESS BACK OFFICE – THE FOUNDATION
Have you set up your business under an entity (S-Corp, C-Corp, LLC, or sole proprietorship) that will allow you to maximize tax deductions? Is your record-keeping thorough enough to protect your personal assets if your business should ever be sued? Is your accounting clean to protect you in case of an IRS audit? Do you have all the right business insurance in place?

* 2. GETTING KNOWN AND MAKING SALES
How would you rate your business expertise and fulfillment (that means successful follow through ) in the area of Branding, Marketing, and Sales? These are 3 very distinct topics!

* 3. GETTING AND STAYING ON TRACK
Do you have written goals for your business (specific, measurable, with a due date)? Have you updated or reviewed your revenue projections in the last 6 months? Is someone managing your business, or key areas of your business, against milestones and deliverables? Do you have business coaches (at least one), mastermind groups (at least one), and a Board of Advisors (or a mentor or two you can call upon)?

* 4. GROW YOUR BUSINESS, WORK FEWER HOURS
How much are you doing in your business that could be given to someone else (hiring or outsourcing) so you can spend your time on what you do best? Do you have a process for hiring? Have you documented repetitive processes, or do you have to repeat yourself every time you get someone new to take on a task… or do you have to figure it out all over again because it’s only an occasional task?

* 5. REST AND RECHARGE
Have you structured your activities so you can take more than one tax-deductible vacation each year? Do you schedule business planning retreats (like our up-coming business cruise – stay tuned!)? Have you read the 4-Hour Workweek and implemented at least one strategy? Do you take time out for yourself?

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