10 Important Questions for Entreprenuers
By Michael Walsh
How would a consultant view your business? When people get me to help them with their businesses there are a number of things I need to know, in order to help them get more of what they want.
Here are some of the questions you may want to ask yourself. Take a moment to jot out the answers to these questions. It will serve you well as you seek to turn your business back into that goose that lays the golden eggs, rather than just one that bites.
1. What, specifically, do I want from my business? You want to identify both what you want professionally from the business and what you want personally. As part of this, you may wish to list what you DON’T want. By being clear on what you want from the business, and what you don’t want from it, you get how to set up your business to deliver what you do want while avoiding those things you would rather not experience.
2. What is my business really good at providing, that customers appreciate? People talk about your unique value proposition or your unique selling factor. The clearer you are on what you do well that your customers also value, you have the basis for growth. The more of this that you can provide, the better for your customers, and the better for you. . . . that is if you can provide it at a profit.
3. How much profit do I need to get what I want from my business? This is where the calculator comes in handy. Sit down and quantify the financial costs of the things you want. That is what your business is going to need to deliver in order to achieve your goals. If what you want is to take more time off, then what will it cost to have a senior level person in there to take your place? If you want to build your asset base, then by how much? By the way, there is no such thing as an unrealistic goal, only unrealistic timelines. Any goal may be achieved with time and resources. The fewer the other resources, sometimes the more time it takes. Don’t worry about all that yet. Just figure out how much it will cost to get what you want.
4. Where does my business make a profit? Hopefully, it is providing the products or services you listed in #2, above. If not, then where does it produce the money? The more you are clear about how your current business operates, the better off you will be when it comes time to plan the specifics of your growth strategy. If your business does not currently make a profit, then what needs to change to make it profitable? If you don’t know the answer to this question, you may need to either get the help of an outside expert to assist you to clarify this, or choose another business. Sometimes using the wrong tool for a situation can do more harm than good.
5. How big will my business need to grow to give me what I want? This is an exercise in math, matching the size of the needs you have quantified with the size your business will need to grow to in order to meet your goals.
6. What strategy do I need to employ to grow my business big enough? This may be clear to you, once you figure out the scale of growth needed to get what you want. Or, it may be fuzzy. If it isn’t clear, get the help of a business coach or advisor – someone who can guide you along the way. However, if it is clear, then you are ready to take the next steps.
7. What are all the things that would stop me if I tried to grow? List all the obstacles that could potentially stop you from reaching your goals. Don’t stop until you get all the obstacles out of your head and on to paper. Yes, this even includes the silly or far-fetched ones. This is an important step in getting what you want.
8. For each obstacle in #7 (above), what are some strategies to overcome this? The obstacles that you listed, if used correctly, can form the basis of your growth plan. If you have really listed all the obstacles, then if you overcome all of them, you will likely achieve your goals. By addressing each one separately, you will find it much easier to identify the steps you will need to take to get what you want. Broken down into their component steps, big things can be achieved, one step at a time.
9. What do I need to do, when? Once all the obstacles are identified and your strategies are clarified, then next step is to prioritize things so that you can get started.
10. Where do I start? The next step is to start with the first priority and take things one step at a time. Only by working through things in a systematic way will you discover whether you got all the obstacles or not. If more show up, then add them to the list, then strategize solutions, re-prioritize and keep moving forward.
Don’t be surprised if you find yourself learning along the way. Not everything you try will work. However, you will either have success, or a new learning experience. All of it is needed to achieve what you want.
By taking the view of an outside consultant, you can more easily determine how to use this tool called your business and build it to gain and keep more customers, as you grow your business consistent with your goals and commitments in life.
Source: Business Development
