Questions that should be asked
Every business owner should be able to answer the following questions:
- Why am I in business
- What am I selling?
- Who is my target market?
- How do I attract my target market?
What is my business model?
- Do I have the resources required for my business?
- How best can I ensure I build a profitable, and sustainable business?
- WHAT IS YOUR CORE BUSINESS STRATEGY?
- HOW HAVE YOU POSITIONED YOUR BUSINESS IN THE MARKET PLACE?
- WHY ARE YOUR CUSTOMERS/CLIENTS BUYING FROM YOU?
- WHAT WILL MAKE POTENTIAL CUSTOMERS/CLIENTS BUY FROM YOU?
- HOW ARE YOU DEALING WITH INCUMBENTS AND NEW ENTRANTS IN THE BUSINESS?
Be clear about your business strategy, your business model should support the business strategy. Think about it:
- Are you focused on a particular location?
- Are you focused on a particular demographic group?
- Are you focused on a particular psychographic group/
- Are you constantly trying to attract customers by reducing prices?
- Are you able to support low prices with low cost of operations?
- Are your products/services generic, or clearly differentiated from that of competition?