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14 Questions you need to answer about your business

by | Apr 6, 2020 | Business Basics, Coronavirus Lockdown, Development, Strategy | 0 comments

To be a company that’s holding on, building, or even growing. You need to know the answers to these 14 basic questions about your business. Most importantly, companies with true leaders will rise above the moment and face the present and future with optimism. They will take advantage of opportunities as they arise.

Namely, taking this opportunity to look deep into your business can set you up for success in the future. Interrogating all aspects of the strategy, structure, systems and the results achieved. There is no time like the present to complete an HONEST ASSESSMENT.

Assessing your business

The first step is to evaluate all aspects of your business, honestly and with clarity. This must be done, in writing, on all aspects. Look at certain aspects that determine outcomes.
Direction – the success of your marketing drives, to test the effectiveness of your marketing attempts.
The sales function and pipeline,
Administration processes,
True financial position
Operational systems, etc.

The 14 basic questions you need answers to about your business

  1. What is your vision, mission and objectives and are they SMART? (specific, measurable, achievable, realistic and time based)
  2. What is your value proposition (market offer) and are you communicating it clearly?
  3. What are your differentiator or competitive advantages?
  4. How are you marketing the business and how are you measuring those initiatives?
  5. What is the sales process and how full is the pipeline?
  6. Where is the congestion in your sales pipeline which is blocking new business?
  7. Are you using paper systems where computerisation would improve efficiency and control?
  8. What are you outsourcing and why not insource and vice versa (doing what you should outsource)?
  9. Are you reviewing reliable and accurate management accounts monthly and using the data to guide your path?
  10. Are you measuring and incentivising individual performance regularly?
  11. How long do you take to process and complete a customer order?
  12. Do you know how your customers and suppliers feel about dealing with your business?
  13. Are you ahead of the curve in applying technology in production processes?
  14. Is your business able to function without you?

Depending on the age of the business and its stage in the life cycle. Answering these 14 questions about your business may bring up issues like viability, profitability, scalability, product/service maturity and productivity. This must be investigated and understood.

A man writing his business plans

Ask these basic questions to understand your position:

  1. Is the business solvent where your assets exceed your liabilities?
  2. Are you sustainably profitable and able to pay monthly costs without increasing debt?
  3. Have you managed to grow the business in revenue or assets?
  4. Have you developed new products/services in the 12 months? And maintained consistent demand?
  5. Are you measuring your productivity is it increasing incrementally?

This list is by no means complete and based on the replies. Other questions and issues will arise from this interrogation.

We have a handy tool for you to use: Business Health Checker. This asks basic yet critical questions relating to what any successful business should be addressing. On completing the assessment, you should be aware of the good, the bad and the ugly. It is imperative to be open and honest in answering these questions. No matter how difficult or embarrassing the answers. The assessment should take you a few days to complete and validate your initial reactions.

It is important to test your answers by checking their correctness with verifiable data. Not simply by assuming based on perceptions. Ultimately, you can develop a plan for the future. What the business will look like after implementing the changes.

Got all the answers about your business?

Check out our next blog A Busines Plan That Beats The Competition. Where we will guide you through the process of turning around and/or growing your business. If you want to receive the new updates, fill in your email below.

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