Starting a Business Checklist (continues...)

Operational Starting a Business Checklist:

• Create record keeping system (filing system for different records)
• Determine physical layout of business facility.
• Identify equipment and supply needs.
• Identify key players and their roles in running your business (i.e. partners, managers, employees, advisors, vendors, etc.)
• Create procedures for all aspects of business operations (i.e. how to handle orders, delivery, payment for products/services, how to order supplies).

Accounting and Bookkeeping Starting a Business Checklist:

• Create a bookkeeping system (QuickBooks, etc.)
• Create appropriate invoicing forms.
• If you extend credit, prepare appropriate credit application forms.
• Create financial projections which include:
• A monthly cash flow projection covering at least 12 months (shows how much received and spent, purchases made, and the timing of the cash flowing in and out of your business. The projection helps to show how much financing is needed).
• Pro forma profit and loss statement for at least two years. Each statement shows the overall profitability of your business for a specific period.
• Pro forma balance sheets at the start of your business and at the completion of years one and two. Each statement shows the picture of business assets, liabilities and equity as of the statement date.