Limited Company Quiz

1. Do you regularly review your business income and expenses?

Pick the answer that feels the closest match to your situation.

Yes, I track everything monthly.

I check my finances occasionally but not consistently.

I rarely look at my numbers - I leave it to my accountant.

2. Do you have a proven system to track it (Software or Excel sheet)?

Pick the answer that feels the closest match to your situation.

I have software (or a spreadsheet) that I use, but I struggle as I am not sure how to do it efficiently.

Yes, I have user-friendly software, and it takes me about 1 hour or so to finalise figures for a month.

Why would I make my life more complicated by having a system to track my numbers?

I have software where accountants make all entries, and I only use it to invoice my clients and review the reports.

3. Do you know how much profit you can take home each month?

Income - expenses - future taxes = PROFIT to take home.

Yes, I track my profit monthly. I roughly know how much tax is due, so I make sure I take just the profit after tax.

I am so early in building my business, and I do not have profits yet.

I assume that if I have money in the bank account, that is my profit to take home. No?

I don’t always track profit closely. But I do have a separate account for tax, where I put at least 20% of my sales. So I know I can take home whatever is left.

4. What’s your approach to tax savings?

Pick the answer that feels the closest match to your situation.

I plan and set aside money for taxes as I always know my profits.

I save, but don't know how much I need to put aside. Most of the time, I save too little, and it causes me stress.

I wait until tax season ends and hope for the best.

5. Do you separate business and personal finances?

Pick the answer that feels the closest match to your situation.

Yes, I have separate bank accounts and budgets.

No, I use one bank account for business and personal.

I have separate bank accounts, but I mix funds when needed.

6. How do you decide your pricing?

Pick the answer that feels the closest match to your situation.

I calculate my costs, include my time, and add a profit margin - it’s a strategic decision.

I started with low prices, but as my confidence and expertise grew, I now charge premium rates that reflect the high value I deliver.

I honestly just guessed when I started and haven’t really revisited it since.

I check what others in my industry charge and try to stay somewhere in the middle.

I go with what feels right or what I think people will be willing to pay.

7. Do you have a cash flow buffer in case of slow months?

Pick the answer that feels the closest match to your situation.

Yes, I have an emergency fund or savings to cover business expenses for at least 3 month.

No, I rely on clients paying on time and never running out of new clients.

I try to save, but I don’t have a set system.

8. Do you track which products/services make you the most profit?

Pick the answer that feels the closest match to your situation.

Yes, I analyse profitability and focus on my highest-earning offers.

No, I just focus on selling whatever brings in revenue.

I think I have an idea, but I don’t look at detailed numbers.

9. Do you regularly check if you’re overspending on unnecessary business expenses?

Pick the answer that feels the closest match to your situation.

I look at expenses sometimes but don’t make major changes.

Yes, I review expenses and cut what isn’t necessary at least a few times a year.

No, I don’t track small expenses - they don’t seem significant.

10. How do you handle payments in your business?

Pick the answer that feels the closest match to your situation.

I confirm the price and ask for payment first. If the client requests it, I send an invoice afterward.

I issue an invoice and wait for payment before I begin, but I don’t chase unpaid invoices - I assume they’re no longer interested.

I take full payment after the work is done - I want to make sure the client is happy first.

I start the work immediately and invoice later. I trust the client will pay when they can.

I issue an invoice and won’t start work until it’s paid. If it’s not paid, I follow up with a reminder, and then a phone call if needed.

My products are digital, so payment is required upfront. Once paid, the system automatically sends an invoice.

11. Do you have a plan for scaling your business?

Pick the answer that feels the closest match to your situation.

No, I focus only on keeping my business running for now.

Yes, I reinvest profits and have a growth strategy. I set regular goals.

I think scaling should happen naturally.

12. How often do you review your financial systems and processes in your business?

Pick the answer that feels the closest match to your situation.

Never - I avoid it because numbers confuse me, and I don’t feel confident changing anything.

Rarely, I learned a system once that works “well enough” and haven’t had time to review or improve it.

Regularly, I’m always looking for ways to make things smoother or save time/money. If something feels clunky, I tweak it

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