These 9 Questions Can Double Your Business
As a business owner, you have a lot on your plate. It’s up to you to not only ensure your venture runs smoothly but also grows. By asking certain questions, you can uncover the steps you need to take to stay ahead of the competition and double your business.
Ideally, you’d sit down with your management team or key stakeholders and discuss the answers to them in detail. Without further ado, here are the nine questions you should ask if you hope to steer your business to unparalleled levels of success.
1. Can we generate further growth by catering to our existing customers better?
Your customers should be your top priority. After all, they’re the ones that will support your business. Therefore, you need to figure out whether to focus on selling new products and services to your existing customers or targeting a new group of customers.
Once you do, brainstorm new offerings and bring the most promising concepts to life. Or come up with new groups for potential customers and conduct focus groups to explore their needs and wants so you can serve them accordingly.
2. How can we apply our skills to solve different problems that our customers face?
If you use your unique skills to come up with products or services that solve customer issues, you’re bound to succeed. Think about which skills your business excels at and consider large markets where those skills can lead to higher quality products. Then, design prototypes of those products and gather feedback from prospective customers. Lastly, estimate the time and cost necessary to bring them to life and get to work.
3. Are there new markets we could capture if we developed new skills?
A lack of certain skills may be holding your business back. With proficiency in them, you may be able to develop new products or provide new services that can accommodate new markets. If you see opportunities that require new skills, consider how you’ll acquire them. Maybe you’ll invest in training for your current employees. Or perhaps you’ll hire new ones.
4. How can our website better engage new customers?
When prospective customers first learn about your business, there’s a good chance they’ll visit your website. The quality of your website can mean the difference between a user becoming a customer or turning to a competitor. With usability testing, you can identify flaws in your website and improve your user experience to ensure it attracts and retains prospective customers. In today’s increasingly competitive market, user testing is not an option. It’s a necessity.
5. What new products or services can we sell to existing customers?
It’s easier and more cost-effective to retain current customers than attract new ones. That’s why it’s in your best interest to come up with new offerings that will appeal to your existing customer base. To get an idea of what they might be looking for, consider sending out surveys or hosting focus groups. There’s no reason to guess when you can simply ask your customers about their wants, needs, and preferences.
6. Where do our current clients get their information?
Knowledge is power. For this reason, it’s essential to learn about your target audience and understand what types of outlets they use to get their news and answers to their questions. They may be active on social media platforms like Facebook, Instagram, Twitter, and LinkedIn. Or they may surf the internet and browse certain websites, listen to podcasts, or watch YouTube videos. Once you find out where they turn to for their info, make sure you insert your company into these outlets.
7. What’s my company’s value proposition?
Without a value proposition, it’ll be difficult to stand out from your competitors. At its core, a value proposition is a catchy statement that summarizes why customers should choose your products and services. Since it can make or break your marketing efforts, take the time to come up with a concise, convincing value proposition. Then, incorporate it into all of your messaging so current and prospective customers know why you’re worth their time and money.
8. What are our Strengths, Weaknesses, Opportunities, and Threats?
A SWOT analysis is a simple method you can use to identify the strengths, weaknesses, opportunities, and threats of your business. It’s an effective way to discover what you’re good at and improve your shortcomings. In most cases, a SWOT analysis is organized in a list and compiled with insight from your employees, management team, and customers.
9. Can my business’ day-to-day operation function without me?
There’s no denying you’re a crucial part of your business. However, it’s vital that your employees and manager are able to run efficiently with minimal to no oversight from you. You should train and trust your team to operate on their own. This holds true even if you have plans to sell it at some point.
It's Time to Exceed Your Goals
No matter your size or industry, a solid growth plan can take your business to new heights. As long as you ask the questions mentioned above and answer them honestly with insight from stakeholders at different levels, you’re sure to meet (or even exceed) your goals.