Bussiness review questionaire

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A P P E N D I X
Business review
questionnaire
The purpose of the questionnaire is to review the performance of your
business across seven key operational areas, and to evaluate each area
by grading the firm’s performance of a scale of 1 (poor performance)
to 5 (very efficient). The success of the process and its value to the busi-
ness will depend on the evaluation being honest and objective.
The questionnaire should take about 30 minutes to complete. Each
section has a list of descriptors (key words relevant to that section) and a
number of questions. You should not try to answer every question – use
them along with the descriptors, to prompt your thoughts, to help you
identify your level of efficiency in each area. There is a Comments box
to summarise your thoughts, and another small box for you to enter the
grade for the firm’s performance in that area. Not all sections will apply
to every business, so feel free to omit any sections that are not relevant.
You can summarise your score in the box below and identify any areas
where training for yourself, managers or staff may be relevant.
Key performance area Score Training need (Y/N)
(1–5) Who for and comments?
1. Management efficiency
2. Sales, marketing, and
customer relations
3. Business operations
4. Finance
5. Managing staff performance
6. Innovation, technology, and
intellectual property rights
7. Planning for the future

Appendix Business review questionnaire 393
Area 1: Management efficiency
Descriptors
Delegation/prioritising/proactive planning/reactive decisions/last-
minute rush/personal energy and motivation/management styles.
Points to consider
■ Typically, how do you spend your time each day?
■ How many hours do you work each day? How well do you man-
age your time?
■ As an owner-manager, how positive and motivated do you feel
about your business?
■ Do you feel you can trust your staff?
■ What examples can you give from the past year where you have
delegated responsibility to others, and were they successful?
■ If you chose or had to leave the business for 3 months (e.g.
sickness or holiday of a lifetime) what would your business
look like when you came back?
■ Do problems of staff performance only come to light when
they are at crisis point?
■ When did you last take a holiday?
Comments:
Please grade your business performance on a scale of 1 (poor) to 5 (very
efficient) or n/a.

394 Business review questionnaire Appendix
Comments:
Area 2: Sales, marketing, and customer
relations
Descriptors
Winning contracts/successful negotiations/generating new business/
market awareness/effective advertising/generating revenue/sales skills/
customer relationships/customer loyalty/repeat orders/customer
turnover/customers’ perceptions of the business.
Points to consider
■ Why do people buy your products or services?
■ Who are your competitors and why do people buy from them?
■ How much has your business revenue grown since last year?
■ How have your markets changed in the past year?
■ When did you last review and update your marketing plan?
■ Would your customers regard you as their first-choice supplier?
■ Would you say that you have sound long-term relationships
with your customers?
■ Would they happily recommend you to someone else?
■ How much of your sales effort is spent in replacing lost
customers?
efficient) or n/a.

Area 3: Business operations
Descriptors
Efficiency/smooth-running/breakdowns/delays/mistakes/bottlenecks/
frequent changes to schedules/late deliveries/stock levels/health and
safety/workplace accidents/numbers of complaints/levels of waste/
returned goods/quality systems and accreditation.
Points to consider
■ How well do your operational planning and business processes
work?
■ Are you faced with frequent or last-minute changes to plans or
scheduled work?
■ Are you usually able to meet customers’ deadlines?
■ How often do things seem to go wrong?
■ Are there any recurrent problems affecting your operations?
■ How much of your money is tied up in stock?
■ Have you ensured a safe working environment for your staff?
■ Do your members of staff think that quality matters?
■ Do you encourage continuous improvement?
Comments:
efficient) or n/a.

Comments:
Area 4: Finance
Descriptors
Book-keeping/annual accounts/profit-margins/break-even/credit con-
trol/cash flow/budgetary planning/working capital/need for investment.
Points to consider
■ How well do you think you manage your finances?
■ Are there any obvious weaknesses in your financial systems?
■ Do you know what your break-even sales level is?
■ Can you pay the bills when you need to?
■ How would your bank manager/accountant describe your
current financial situation?
■ Do your customers normally pay you on time?
efficient) or n/a.

Area 5: Managing staff performance
Descriptors
Effective teamwork/staff loyalty/flexibility and co-operation/positive
cultures/stability/high turnover/high sickness/industrial disputes/
discipline and grievance issues/high recruitment costs/tribunals/training
and development plans.
Points to consider
■ Would you say that you have a stable and loyal workforce?
■ How many of your staff left last year?
■ How many days were lost last year through sickness or
absence, and has this level changed recently?
■ Do your staff enjoy their day at work or are they clock-watching?
■ Do you think your staff would regard you as a good boss?
■ What skills do your staff need and how do you help the staff to
obtain them?
■ Do you think you comply with current employment legislation?
■ Are you at risk of industrial or legal action by staff at present?
Comments:
efficient) or n/a.

Comments:
Area 6: Innovation, technology, and
intellectual property
Descriptors
ICT systems/customer databases/customer records/financial systems/
e-commerce/e-marketing/knowledge management/data protection/
intellectual property rights.
Points to consider
■ Are you making best use of technology to contribute to the effi-
ciency of your business?
■ Have you examined opportunities to use e-commerce or
e-marketing in the business?
■ Is intellectual property important to your business?
■ If you were setting up your business again tomorrow, would it be
the same as it is now? What would you do differently?
■ What investment have you made in new technology in the past
2 years?
Please grade your business performance on a scale of 1 (poor) to 5
(very efficient) or n/a.

Area 7: Planning for the future
Descriptors
Business objectives/strategic plans/long-term growth and development/
development opportunities/succession plans.
Points to consider
■ How will changes in the outside world, and in your markets,
impact on your business?
■ Do you know where you want the business to be in 3/5/10 years
from now?
■ Do you have a clear idea of how you will get to that point?
■ Have you considered what finance or investment you will need
for the future?
■ What important decisions did you take last year that really made
an impact on your business performance?
■ If you wanted to sell your business tomorrow, could you put a
value on it?
Comments:
efficient) or n/a.

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Index
Absenteeism 287–288
Accounting ratios 172, 182, 265,
300–303
Advertising & promotion 45–47, 163,
249
Advertising Standards Act 102
Aged debtor analysis 172, 178–179
Asset Cover 301
Average credit 300
Banks 18, 22–23, 26, 36, 39, 53
Barriers to market-entry 76
Benchmarking 299
Best-cost provider strategy 261
Bills of Exchange 321
Bolton Committee Report 1, 14
Book-keeping, double entry 172–175
Borrowing capacity 183, 239, 267, 301,
315–321, 372
Borrowing required 312–314
Break-even analysis 19, 39, 160–162
Budgetary control 175, 308–312
Budgetary planning 21, 27, 38–39, 132, 133,
137, 158–159, 162–166, 172, 175,
307–308, 371
Building Regulations 48, 99, 127
Business
life-cycle 223–230
Links 26, 187, 210, 213
Performance 234–246, Appendix
Plans 17–20, 26–50, 172, 218
Business Idea 28, 53–62, 220
Format 26–28
Implementation 47–49, 54
Importance & purpose 17–20
Presentation 24, 219–220
Proposer(s) 27, 29–34
Support agencies 225
Viability 19, 30, 50, 52
Business Names Act 111
Cambridge Small Business Research
Centre 240
Capital 40, 273, 312, 316, 365
Cash flow 3, 140, 175, 180, 241, 271,
304–305, 321
Cash flow forecasting 21, 27, 38, 132, 133,
158–159, 166–170, 265, 305–308,
312–313, 371
Change management 246–247, 352,
366–368
Chartered Management Institute 26
Commercial Bonds 187–188, 321
Commercial mortgages 126, 275, 318
Companies Acts 59, 109–110
Competitors 78–79, 250
Competitive advantage 250, 261, 350–351
Competitive strategy 277
Consumer Credit Act 111
Consumer Protection Act 101–102
Contracts of employment 106, 143,
148

Control of Pollution Act 100–101, 254
Contribution to fixed costs 160–162
Convertible loan stock 320–321
Cooperatives 61–62
Copyrights 356, 358, 360
Copyrights Designs & Patents Act 111,
Corporation Tax 167
COSHH 96
Cost leadership 260–261, 277
Credit control 172, 179–181, 305–307
Creditors 166, 169, 305
Culture shift 223–231, 311
Current assets 300
Current liabilities 300
Customer(s)
based assets 324
care 198–208, 343–344, 347, 353
communications 346–347
expectations 100–201, 344–345
loyalty 247
perceptions 198–200, 344–346
relations 341–343, 351
retention 47, 191, 198, 247–248, 342–343
service 199–200, 343
Data Protection Act 43, 280
Debentures 317
Debt collection 180–182
Debtors 166, 169, 305–307
Decision-making 239–240
Delegation 66, 69, 73, 228, 230, 286
Department of Trade & Industry (Dti) 2, 319
Differentiation strategy 261
Disability Discrimination Act 116–117, 254
Disabled Persons Employment Act 115–116
Discipline procedures 154
Distribution network 85
Diversification 277, 367
Domain names 361
Earnings per Share 302
E-commerce 339–342
Economic influences 252–253, 321
Economies of scale 261, 262, 264, 325,
386, 390
Efficiency ratios 303
Employing staff 142–157
Employment law 104–105, 113–114, 254
Enterprise Agencies 26, 119, 143, 187, 265
Enterprise
culture 5–7, 10, 232, 352–355
ethos 1–5
Entrepreneurial characteristics 7–13, 350
Entrepreneurs
personal objectives 8, 18, 32, 65, 71–72, 224,
227–230, 240, 259–261, 267
serial 9, 226
social 9
Environmental Health 97–98, 127, 212, 254
Environmental influences 237
Equal Opportunities 251–254
Equal Opportunities Commission 115
Equal Pay Act 117
Equity 184, 313, 316
European Community/EU 3, 7, 142–143, 187,
251, 254, 375
Exit strategy 374–390
Exporting 335–339
External environment 251–255
Factories Acts 94
Factoring 189, 306
Family business 264, 374–384
Family support 355, 375–379
Fees & charges 45
Finance
Acts 108
for start-up 7, 18, 21–22, 40, 184
sources of 40–41, 182–189, 308–311,
315–312
Financial
Exposure 227–229, 259, 272
forecasts 158
monitoring & control 172–182, 308–311
performance 240–242, 298–304,
Appendix
planning 38–40, 158–171, 307–308,
312–313
Fire Regulations 97
Fixed assets 314
402 Index

Fixed costs 160–162
Fixtures & fittings 134–135
Flotation 320, 384
Focus strategy 261
Franchises 54, 125
Gearing ratio 301
Google 79
Grants 187, 317
Grievance procedures 154–156, 372
Gross profit 166, 171, 176, 178, 302
Growth 221–223, 257–271, 365–367
H.M. Revenue & Customs 55, 57, 60, 108, 163,
167, 211
Headless chicken syndrome 227–228, 323
Health & Safety 94–96, 143–144, 148, 250, 254
Hire Purchase 21, 188, 280, 31
Implementation 41–46, 210–220, 370–372
Innovation 325, 349–355
Interim management 385
Insolvency 56, 57, 59
Insolvency Act 112–113
Institute of Leadership & Management 26
Insurance 121
Accident or disability 130
Buildings/building contents 37, 127, 131
Combined policies 131
Goods in transit 129
Employer’s liability 38, 106–107, 129, 131
Health 130
Key Persons 130
Loss of Profits 129
Motor vehicle 130
Product Liability 129
Public Liability 37, 129, 131
Professional Indemnity 129, 131
Stock 127, 129
Intangible assets 363, 379, 389
Intellectual property 111, 148, 349, 356–364
Internal environment 237–247,
Internet – (also see e-commerce) 87,
339–340
Intrapreneurs 9
Job Descriptions 145–147
Key personnel 130
Learning and Skills Council 266
Leasing 180, 280, 315
Legislation 48, 93–120, 254
Anti-discrimination 114–119
Environment 97–101, 127
Employment 103–107
Financial & company 94, 107–114
Health & Safety 94–97
Trading 101–103
Liability for business losses 56, 57, 59
Liability for property leases
Life insurance 130
Limited company 58–60, 211, 238–239
Liquidity ratios 265, 300–301
Loan Guarantee Scheme 185–186, 318
Loans
long term 21, 186, 314–316
medium term 186, 314–315
short-term/overdrafts 21, 185–186, 314,
315
unsecured 185
Local Govt Miscellaneous Provisions Act
99–100
Long-term liabilities 311, 313
Made or Born argument 10, 13–14
Management skills 65, 143, 239, 267
Manpower planning 283, 294–297
Market/Marketing 29–30, 41–46, 323–341
development 80, 261
environment 75, 237–238, 247–251
mix 80–81, 83–86
penetration 248, 276
plans 44–45, 75, 81–87, 312, 329–331
research 19, 42–43, 76–80
segmentation 19, 80–83, 247, 328–329
share 77–78, 230, 248, 265
Mark-up 39, 172–176
Maslow’s Hierarchy 259
Materials 137–138
McKinsey 7S analysis 235
Index 403

Merchant banks 319
Minimum wage (statutory) 107
Mission statements 18, 257, 267
Monitoring & control 20–21, 49, 190, 242–243
National Insurance Contributions 56, 143,
144
Networking 69
Net Asset Value 301
Niche markets 78, 261, 323, 329, 333, 339, 389
NVQ’s/SVQs 26
Office equipment & furniture 128, 131–132,
135–136, 144, 184, 271
Operational decisions 227–229
Organisational environment 25, 237–248
Overheads 129, 144, 165, 242, 271, 305
Over-trading 169, 183, 304, 321
Parallel Planning Process 376–377
Partnership Act 56, 58, 60, 71, 110, 184
Partnerships 56–71, 167, 211, 238, 265, 379
Patent Co-operation Treaty 357
Patents 356–357, 359, 388
PAYE (pay as you earn) 56, 71, 144, 211, 241
Payback on investment 265, 277, 383
Pensions 130–131
Performance indicators Appendix
Person Specifications 147
Personal objectives 71–72
Personal survival budgets 39, 159–160
PESTLE analysis 62, 251–255
Planning consent 213 (see Town & Country
Planning Act)
Plant & equipment 34–35, 128, 131–132, 135,
184, 244–245, 276–278
Political influences 251–252
Premises 29, 36, 50, 121–128, 212, 243,
271–275,
Freehold 125–126
Leasehold 126–127, 275
Location 30, 122, 243–244, 272–274
Rented 127, 274–275
Size 121, 123–125, 272–274
Prioritising work 70
Product diversification 241
Profitability ratios 242, 265
Profit & loss 40, 170–171
Profit margins 21, 39, 83, 84, 165, 172, 175,
228–229, 242
Quality 197–206, 229
Control 193
Management 193–196
Standards 46, 156, 190–197, 204–208, 249,
353
Systems 192–194, 196, 353
TQM 193, 196, 199, 202, 346
Race relations Act 115
Raw Materials 136, 161, 281–282
Recruitment & selection 145–157, 213,
283–284, 291–292, 295
Registrar of Companies 60, 211
Regional Development Agencies 226, 266, 274
Resource requirements 34, 121–141
Return on Capital Employed 182, 265, 301
Reward structures 145, 148, 182, 284, 295,
296, 353
RIDDOR 96
Risk analysis 23, 49, 210, 213, 215–216, 383
Sale of Goods Act 101–102
Sales 323
forecasts 21, 47, 91
plans 87–90, 312
revenue 21, 47, 91–92, 161, 163, 165, 175,
198, 267
skills 75, 89–90
turnover 302
Security 57
against borrowing 40, 50, 56–57, 239, 314,
322
fixed & floating charges 314
Self-assessment 64–65, 68–69, 72, 221,
Appendix
Self-employment 377, 378
Sexual discrimination 117
Share capital 184, 186–187
Sickness 145, 148
404 Index

Skills
audit 67, 143, 288–290
barriers to skills training uptake 4–6,
292–294
business 19–20, 32–34, 65–66, 383, 385
gap analysis 65–67, 73, 288
owner-manager (also see entrepreneurial
skills) 72, 143, 284–286
Small Business Service 265
Small Firms Enterprise Development Initiative
(SFEDI) 2, 25,26, 210, 216, 221, 234
Small or Medium Enterprise (SME) 1, 3, 23,
225, 229, 265, 296, 358, 379, 389
Social trends 252
Sole Traders 56, 167, 174, 211, 238, 279
Staff
appraisal 156, 284
employing 142–157, 286–287, 291–292
interviews 152–154
resources 37, 243, 283
selection 152–153
skills (also see skills gap analysis) 143, 243,
267, 288
turnover 145
Stakeholders 237, 240, 383
Stakeholder Pensions 107
Standard operating procedures 289, 354–355
Start-up 15, 17–20, 21–25, 184–189, 212,
227–228, 372
Stock 127, 129, 132, 135–136, 184, 303
Control 172, 176–178, 282
Levels 172, 245, 282
Turnover 135, 176–177, 245
Strategic
analysis 231, 234–237, 264, 266
choice 236, 257–267
decisions 228, 230–231
growth 221–231, 257–269, 365
implementation (also see implementation)
236
marketing audit 323–328
objectives 71, 230, 257,259–261, 267–269, 368
options 260–269
planning 231–232, 258
Succession plans 225–226, 379–383, 385
Suppliers 140–141, 282–283, 325
SWOT analysis 67–68, 255–256, 265
Systems 368–370
Tactical decisions 228–229, 271
Technology 253–254, 280–281, 325, 350, 356
Terms & conditions of employment 147–148
Town & Country Planning Acts 98–99, 127
Trade marks 358, 360, 362
Trades Descriptions Act 102
Trade Union Reform & Employment
Right Act 118
Trade Unions 148
Trading Standards 101–102
Trading status 29, 47, 55–61, 211, 238–239
Transport & distribution 36–37, 133–134, 165,
271, 278–280, 305, 324
Treasury fixed-rate loans 318
Utilities 138–139
Valuation 362–363, 389–391
Value Added Tax 2, 7, 56, 58, 61, 70–71, 163,
167, 173, 179, 188, 196, 211, 242
Variable costs 160–162
Venture Capital 188, 316–317, 363–364, 374,
383–384
World Intellectual Property Organisation
(WIPO) 356–359, 361
World Trade Organisation (WTO) 358
Working capital 144, 167, 169, 227, 241, 270,
300, 303–305
Working Hours Directive, the EC 107–108, 251
Yellow Pages/Yell.com 79, 85
Index 405

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