ACT Program - Boulder Small Business Development Center

Assess. Calibrate. Take action.

ACT Program Overview with Dan King

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ACT Program Assessment

Name *
Company *
Title *
Email *
Phone *
Website
Address *
Street AddressApt, Suite, Bldg. (optional)CityState / Province / RegionPostal / Zip CodeCountry
The Boulder SBDC works with hundreds of small businesses every month. We fully understand that as a small businesses owner, you are frequently absorbed in the day-to-day activities of your business. However, in these changing times it is more critical than ever that you find some time to pause and reflect on your underlying business proposition. Many of the basic assumptions that have supported business for years have changed. It’s a new playing field and we must all learn new ways to move forward. The ACT self-analysis assessment is a guide to assist you in identifying the most crucial areas for consideration. The assessment is not designed to be overwhelming or comprehensive. Not only would such a design would be too daunting for many small business owners, but additionally, many of the issues are complex problems with no clear, single, correct answer. You need to be prepared to move forward on this basis and adjust your course as conditions change and new information becomes available.

Cash Flow Stress Assessment

In order to reach the long-term, your business must survive the short term. The life blood of a business is cash. Without cash, your business cannot survive. The Cash Flow Stress Assessment asks you to estimate the number of months that your cash can last under current operating conditions. This analysis requires a conservative estimate of short-term revenue, a careful consideration of expenses and a review of any possible short-term sources of cash, including the disposition of underutilized assets. Now is not the time to be overly optimistic. While we shy away from using the term “worst case,” you should take a hard look at your cash flow assumptions. If you need help with this analysis, the Boulder SBDC has a free cash flow model and can also direct you to more robust models that are available for a fee.

You are also asked to assess your current financial reporting capabilities. Accurate financial information will be needed to navigate through the crisis.
My Short Term Cash Flow Projection is *
Not complete, I don't know howCompleted, but I'm not sure it's correctCompleted, and I have less than 1 month of cashCompleted, and I have between 2-3 months of cashCompleted, and I have between 4-6 months of cashCompleted, and I have between 6-12 months of cashCompleted, and I have more than 1 year of cash
My Profit and Loss Statement is *
Not complete, little or no documentationAdequate, but could be improvedReady for taxes, with some cleanupIn excellent condition, ready for an audit tomorrow
My Balance Sheet is *
Not complete, little or no documentationAdequate, but could be improvedReady for taxes, with some cleanupIn excellent condition, ready for an audit tomorrow
My Statement of Cash Flow is *
Not complete, little or no documentationAdequate, but could be improvedReady for taxes, with some cleanupIn excellent condition, ready for an audit tomorrow

Sales Reality Assessment

The Sales Reality Assessment requires you to take some time to think about who your current customers are and how they are likely to behave in the coming months. This may require you to identify how much you really know—or don’t know—about your current customers.

You are also asked to consider if there are other customers who may be a market for your current product or service. Will these new customers use the product in the same manner or perhaps for a different purpose? How can these new customers be reached?
Are my current customers likely to remain as customers in the short term? *
NoYes, but their spending is likely to be reduced by more than 50%Yes, but their spending is likely to be reduced by 50-25%Yes, but their spending is likely to be reduced by 25-10%Yes, but their spending is likely to be reduced by less than 10%Yes, but their spending is likely to stay the sameYes, and their spending is likely to increase
Can I find new customers for my current product? *
NoYes, but I don't know who they areYes, and I know who they are but don't know how to reach themYes, and I know who they are and how to reach them, but I lack the tools and/or resources to reach themYes, and I know who they are and am implementing a plan to reach themYes, and I know who they are am already in contact with them

Product/Service Assessment

The Product/Service Assessment asks you to think about your current product/service itself. Is it still something that will be in high demand in the changing environment? Could you easily change or modify your product/service?
Demand for my product/service is likely to be *
Reduced by more than 50%Reduced 50-25%Reduced 25-10%Reduced by less than 10%Staying the sameIncreased
Can I easily change my product/service to something else that is in high demand? *
NoMaybe, but I don't know what that would beI have ideas but need assistance vetting themYes, but I lack the resources to do soYes, I know what it is and just need to implementYes, and am already doing so

Operational Assessment

The Operational Assessment requires you to consider if you have the right tools to execute a new business strategy. Do you have the right people on the team? Do you have the physical assets you will need? Have you established the right distribution channels?
Do I have the right team to execute a new strategy? *
No, my team is only suited for the current business modelI will need to add some new skill sets to my teamYes, my team is great and adaptable
Do I have the right equipment and/or physical assets to execute the new strategy?
No, my existing assets are only suited to the current business modelI will need to add some assetsYes, my assets can be easily adapted
Do I have the right distribution channels to get my product to market? *
No, customers will no longer come to us to get the productOur distributions channels exist but are not strong enoughYes, I can deliver the product virtually or online

Overall Plan Assessment

When it comes to surviving the COVID economy, my short-term plan is *
An unclear or unlikely path to survivalNeeding work, with little or no documentationAdequate, but could be improvedJust in need of some fine-tuningIn excellent condition and being implemented
My plan for the "new normal," post-COVID economy is *
An unclear or unlikely path to survivalNeeding work, with little or no documentationAdequate, but could be improvedJust in need of some fine-tuningIn excellent condition and being implemented

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