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Business Capabilities Self-Assessment

Business Capabilities Self-Assessment

  • 1

    Capability pillars

    This assessment is designed to help you evaluate your current business knowledge, skills, and capabilities. It is not a test, and there are no passing or failing scores.

    Your responses will help identify areas where you are already confident and areas where additional education, coaching, or experience may strengthen your business. Your responses will be recorded for your use and to improve our ability to assist you.

    By submitting this form you agree to our Terms of Use and Privacy Policy.

    Please answer each question as candidly as possible.

    Most people complete this assessment in approximately 15–20 minutes.

    Click Next when you are ready.

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  • 5

    Business Foundation

    The following questions focus on the legal, administrative, and operational foundations of your business.

    A strong foundation helps protect your business, supports future growth, and prepares you for financing opportunities.

    For each statement, select the response that best describes your current capability.

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    Choosing the appropriate legal structure affects taxes, liability, ownership, financing opportunities, and how your business operates.
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    Most businesses must obtain registrations or licenses from local, state, or federal agencies before operating legally.
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    Businesses must comply with laws involving taxes, employment, consumer protection, safety, privacy, and other requirements depending upon their industry.
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    Using separate bank accounts and credit cards helps protect your business, simplifies bookkeeping, and demonstrates professionalism to lenders.
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    Businesses may have obligations for income taxes, sales taxes, payroll taxes, estimated taxes, and required tax filings.
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    Organized records include financial information, contracts, licenses, insurance policies, tax records, employee records, and customer information.
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    Business insurance helps protect against financial losses caused by accidents, lawsuits, property damage, theft, or other unexpected events.
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    Employers have legal responsibilities involving hiring, wages, payroll taxes, employee records, and workplace compliance.
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    Payroll includes calculating wages, withholding taxes, making tax deposits, and issuing required reports and forms.
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    Business owners should understand the rights, responsibilities, costs, and risks contained in agreements before accepting them.
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    Protecting business information includes using secure passwords, backups, access controls, and appropriate cybersecurity practices.
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    Internal controls are procedures that reduce mistakes, fraud, or misuse of business assets—for example, separating financial duties, approving expenses, reconciling bank accounts, and protecting cash and inventory.
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    Successful business owners regularly identify potential risks and take steps to reduce or prepare for them before problems occur.
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    Business Viability

    Great work.

    You have completed Business Foundation, the first of five capability areas.

    The next section explores Business Viability—whether your business has a sustainable reason to exist and compete successfully. You'll consider your understanding of customers, competition, pricing, planning, and long-term strategy.

    Click Next when you're ready to continue.

     

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    Your value proposition is the unique benefit your business offers that solves a customer's problem or fulfills a need better than competitors.
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    A target customer is the specific group of people or organizations most likely to purchase your products or services.
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    Market demand means enough customers are willing to purchase what you offer at prices that support a successful business.
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    Knowing your competitors helps you identify opportunities to differentiate your business and respond to changing market conditions.
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    A competitive advantage is something that makes customers more likely to choose your business over others.
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    A business model describes how your business creates value, generates sales, manages costs, and produces profit.
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    Effective pricing considers costs, customer value, competitor pricing, and desired profitability.
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    Successful business owners stay informed about changes in customer preferences, competitors, technology, regulations, and economic conditions.
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    Growth opportunities may include new products, services, customers, locations, partnerships, or operational improvements.
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  • 29
    Well-defined goals provide direction, improve accountability, and help measure business progress.
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    A business plan describes your business, customers, operations, marketing, finances, and future goals.
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    Successful businesses regularly adjust to changes in technology, competition, customer expectations, and economic conditions.
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    Good decisions are based on reliable information, realistic assumptions, and careful analysis rather than emotions or assumptions.
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    Successful business owners use financial reports, customer feedback, market research, and measurable results to guide decision-making.
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    Financial Competence

    Excellent.

    You have completed Business Viability, the second of five capability areas.

    The next section focuses on Financial Competence—your ability to understand, manage, and use financial information to make sound business decisions. Financial competence is one of the strongest predictors of long-term business sustainability and financing success.

    Click Next when you're ready to continue.

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    Bookkeeping is the process of recording your business's financial transactions accurately and consistently.
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    Financial statements show how your business is performing financially and are essential tools for making business decisions and obtaining financing.
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    Reconciling means comparing your bookkeeping records to your bank statements and resolving any differences.
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    A budget helps you plan income and expenses, while cash flow management ensures you have enough cash available to meet your obligations.
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    Cash flow forecasting estimates when money will come into and leave your business so you can plan ahead.
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    Managing customer payments, supplier obligations, and inventory levels helps improve liquidity and reduce financial risk.
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  • 41
    Profit margin measures profitability, while break-even analysis identifies the sales needed to cover all business costs.
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    Successful pricing covers costs, supports business growth, remains competitive, and provides an appropriate return.
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  • 43
    Key financial indicators (also called KPI or Key Performance Indicators) may include profitability, cash flow, sales growth, gross margin, debt levels, and liquidity.
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  • 44
    Working capital is the money available to pay normal operating expenses and keep your business running smoothly.
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  • 45
    Borrowing capacity depends on cash flow, existing debt, operating expenses, and the ability to comfortably make loan payments.
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    Financial projections estimate future sales, expenses, cash flow, and profitability based on reasonable assumptions.
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    Successful business owners use financial reports and measurable data to guide planning, investments, hiring, pricing, and other business decisions.
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  • 48

    Financing Readiness

    Good job.

    You have completed Financial Competence, the third of five capability areas.

    The next section focuses on Financing Readiness—your ability to prepare for and successfully obtain business financing. These questions explore the knowledge, documentation, financial readiness, and planning that lenders typically evaluate when considering a loan request.

    Click Next when you're ready to continue.

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    Business financing may include loans, lines of credit, equipment financing, commercial mortgages, grants, equity investments, or other sources of capital.
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    Lenders evaluate factors such as repayment ability, cash flow, credit history, collateral, management experience, and the overall strength of the business.
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    For many small businesses, lenders review the owner's personal credit history in addition to the business's financial condition.
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    Reviewing your credit reports helps you identify errors, understand your credit standing, and improve your future financing opportunities.
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    Lenders commonly request financial statements, tax returns, bank statements, debt schedules, and other business documents during the loan process.
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    Financial projections help lenders understand how future business performance is expected to support loan repayment.
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    Lenders want evidence that your business generates sufficient cash flow to comfortably repay a loan while continuing normal operations.
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    Collateral consists of assets that may be pledged to reduce a lender's risk if a loan cannot be repaid.
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  • 57
    Many lenders view an owner's financial investment as evidence of commitment and confidence in the business.
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    Borrowing the appropriate amount for clearly identified business purposes improves financial management and strengthens a loan request.
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    Business loans involve interest, fees, repayment schedules, loan agreements, and ongoing financial responsibilities.
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    Loan applications often require financial statements, tax returns, business plans, ownership information, and supporting documentation.
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    Strong lender relationships are built through timely communication, complete information, and transparency when challenges arise.
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  • 62
    Obtaining financing begins a long-term relationship. Successful borrowers meet repayment obligations, provide required financial information, and communicate proactively with their lender.
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    Bankability means building a business that consistently demonstrates sound management, financial strength, reliable repayment capacity, and sustainable growth over time.
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  • 64

    Continuous Growth & Bankability

    Outstanding.

    You have completed Financing Readiness, the fourth of five capability areas.

    The final section focuses on Continuous Growth & Bankability. These questions examine the habits, mindset, and leadership practices that help business owners continue improving their businesses over time. Successful entrepreneurs understand that learning, adapting, and developing new capabilities are ongoing responsibilities throughout the life of their business.

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  • 65
    Successful business owners continually establish new goals and measure their progress toward achieving them.
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    Continuous improvement begins with honestly assessing what is working well and what can be improved.
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  • 67
    Business education may include workshops, courses, books, mentoring, coaching, podcasts, or other learning opportunities.
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    Experienced advisors can help identify opportunities, avoid costly mistakes, and provide valuable perspective.
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  • 69
    Listening to customers helps businesses identify strengths, solve problems, and increase customer satisfaction.
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    Businesses that adapt to change are more likely to remain competitive and sustainable.
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  • 71
    Well-designed systems improve efficiency, consistency, quality, and customer satisfaction.
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  • 72
    Tracking progress helps you celebrate successes, identify challenges early, and make informed adjustments.
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  • 73
    As businesses grow, owners must also develop new leadership, management, and financial skills.
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  • 74
    Constructive feedback from customers, employees, advisors, and lenders provides valuable opportunities for growth.
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  • 75
    Long-term success comes from consistently improving your business practices, financial performance, and management capabilities over time.
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  • 76
    Strong businesses create opportunities, build wealth, support employees, and contribute to healthy communities.
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  • 77
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