As your business grows you are likely to purchase assets which in turn will mean that the depreciation will start to become a part of your accounting (or accountants) life.
Knowing the value of what you own (and its replacement cost) is critical for making sure you have adequate insurance in place and that you understand the true value of your business.
Get a pen and a piece of paper, set a timer for 60 seconds
Write down all the things that have gone well in your life or business 3 to 6 months ago.
A short while ago I was asked what I, as a NED, would expect to receive from a small to mid-sized business (approx 5m turnover and 40 staff) with a Board of Executive Directors. Below is my response - it is a personal view, and other NEDs might have other preferences or requirements, but if you have nothing in place at the moment, this could be a starting place for you and your team.
These four questions will help you during any review. Get all involved to answer them separately then discuss them in turn to build an agreed list.
A SWOT (strengths, weaknesses, opportunities, threats) is an essential strategic tool for any business. As a traditional four box entity it isn’t tremendously useful. Converting it into an 8 box SWOT immediately transforms the tool and stimulates debate about what the organisation is going to actually do…
Here is a quick exercise that should only take 60 seconds.
If a business gets investment it WILL, almost certainly, be required to complete a monthly summary.