April 10, 2008
Questions That You Must Ask About Your Business
It is a good habit and protocol to analyse, introspect and raise questions about your business on a periodic basis.This analysis is a very powerful tool that is available to you and has the power to transform your business when done rightly. You must be honest in making the analysis and answering the questions.
Apart from the technical analysis, following strategic questions must find place in your analysis.
How Big Would Your Business Be?
This might seem absurd in the beginning but answering this question is very important measure. You answer would depend on the size of your market,potential of your product and your expansion strategies.
This is a tough question and could be difficult to answer. If you are not sure of your ultimate level then you must try to answer your level for next two years or ten years.
How is Your Market Behaving
Is your market responsive as ever or is there any change that would affect your business in postive or negative way. You mus be aware of the latest happenings in the market and way they would affect your business.
Failure to recognise the changes may affect your business badly.
How Is Your Competition Doing
How are you performing when you are compred with nearest competitor. Are you unique enough and relevant?Do you have competitive advantage over others.
If you have lost competitive advantage because your competitor moved, then you must find a new element to possess competitive advantage.
You must always be watchful of your competition.
Is Your Business Scalable.
Do you have a scalable business.
Answer the following questins and you would find out.
Could you grow your business by 50%, without your expenses growing by the same proportion.
You must make your business scalable in order to make your business big and successful
How Is Your Budget
This is no brainer and has straight forward connotation. You must be able to create and follow a budget plan to succeed.
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