QUESTIONS TO ASK TO STRENGTHEN FINANCIAL DISCIPLINE

###

Financial discipline is about earning more and spending less, controlling your spending, spending based on budget. Also, it is about earning more than planned, spending less than necessary, saving as much as possible and investing wisely.

 ### To assure smooth operations in business, you need to be financially disciplined. Measure up your business; this would help you manage it well. To manage your finances well, plan well and make proper decision. *** ### Proper financial business, your book keeping, cash flow report, balance sheet, etc. can help you attain financial discipline in business.  ### A CONTINUOUS IMPROVEMENT PROCESS FOR FINANCIAL DISCIPLINE IN BUSINESS 1 What are your financial expectations? Make plans for this. 2 Share your financial plans with your workers 3 Assess the financial stand of your business as a result of your plans 4 Judge the results obtained via your plans 5 Make room for adjustment and improvement  ### ASSESSMENT TO MAKE IN ORDER TO STRENGTHEN FINANCIAL DISCIPLINE *** ### 1 REVENUE ASSESSMENT a) What are the current buyers’ trends? b) Are there appropriate reports about billable hours? c) How sustainable are the rates per billing unit? d) When should the company make new negotiation with buyers?  ### 2 COST ASSESSMENT e) Assess your workers’ time book? f) How appropriate is your discretionary spending? g) How adequate and efficient is staffing in your company? h) What about your marketing expenses, are they driving inquiries?  ### 3 CONTROL ASSESSMENT i) How clear and efficient are the spending policies in the company? j) Hope there is accuracy in payroll k) Do you have control over accounts payable management? *** When all these assessments are done, then financial discipline is instilled in your business. *** *** ### REFERENCE: [Relias](https://www.relias.com/)   designed by me *** ## Follow @drstarry for daily Business Tips ## Thanks for reading!  Credit to me