10 hot questions to ask yourself as a business owner
Running a busy and successful business means you often don’t have the time to step back and work ON the business. This can be a challenge if your aim is to grow and scale the company.
As experienced professional business advisers, we know the value of taking the time to ask yourself some pertinent questions. Holding yourself and the business to account is something we can help with. And there's never a bad time to pose a few questions and gauge where you're at with your planning, strategy, financial management and personal goals as an entrepreneur.
We've pulled together 10 hot questions to ask yourself as a business owner.
1. Can you explain why a customer should choose your over your competitor?
Knowing your value to a customer is vital if you’re going to market your offering in the most effective way. Think about why your brand stands out in the marketplace, and what opportunities and threats exist. This is the fastest way to tailor your brand to meet customer expectations.
We can help you by running a SWOT-based analysis of your business.
2. How happy is your workforce?
Your people are such a vital asset, but they won’t work well if they’re dissatisfied and disengaged from your business values. Ask yourself, are your employees motivated and engaged by your mission? Is there anything you can do to boost this engagement?
We can review your people strategy and the staff benefits you offer to your employees.
3. Are you meeting your cashflow goals?
Are there specific costs or inefficiencies that are holding you back from achieving a positive cashflow position? Ask yourself if your financial management is up to scratch. Identify your failings and tighten up your cash process.
We can review your cash management and look for efficiencies and cost-saving opportunities.
4. What keeps you awake at night?
It’s a stressful role being the boss, and there’s likely to be a lot playing on your mind. Consider whether there are any recurring business issues that are holding you back, or unexpected pitfalls that have appeared along the course of the business journey.
We can offer you seasoned advice whatever the issue, with resolutions to ease your worries.
5. Are you embracing everything that tech and AI has to offer?
Technology is moving fast with AI solutions and digital systems now an integral part of many business models. But are you doing enough to bring your business into the digital age? Are there tasks could you automate, or processes you could streamline?
We can suggest a suite of apps, software tools and digital solutions to boost your business.
6. Is growth part of your business strategy?
Not all businesses are focused on growth, but outlining your key goals around growth is an essential part of your business strategy. Ask yourself whether you want to scale at speed, or grow organically. Or whether you’re happy to be a boutique business that keeps things small.
We’ll help you define your growth goals and build a strategy that aims for success.
7. Do you have the numbers you need at your fingertips?
So much of what you do as a business is driven by data. But are you getting the overview you need of your important business metrics and key financial numbers? Think about where you need detailed data and metrics, and how this could put you in better control of the company.
We can help you expand your reporting and management information, so you have a better eye on performance, spending, cashflow and sales targets etc.
8. Have you identified your ideal customer?
Identifying your ideal customer is something every startup and new business should do. But when was the last time you updated your ideal customer outline? Think about who you’re selling to, how this audience has evolved and whether they are still the right customer to target.
We can run detailed customer profiles to help you pinpoint the best customers to target.
9. Have you thought about where your business will be in five years?
When the business is busy, the temptation is to focus on the now and to put your energy into fighting the most pressing fires. But without a forward-looking focus, you can lack direction. Ask yourself where you want to be in five years and how you plan to achieve these goals.
We'll help you create a detailed five-year plan, to give your journey more impetus and direction.
10. Are you planning for your own financial future?
You obviously spend a lot of your time thinking about your business – but how much time have you spent considering your personal financial future? Think about your life goals and how you plan to fund them, and where this money is likely to come from.
We can advise you on wealth planning, tax planning and the advantages of good all-year-round financial management.
Talk to us about running a health check for your business
If these questions have got you thinking about your business efficiency and growth plans, that’s a good thing. If you’d like to take this process further, we’d advise running a detailed health check for your business and your personal finances.
Book a meeting with us to talk through your goals, aspirations, challenges and strategy, so we can help you take the next step in your journey to entrepreneurial success.
Contact us today to book a health check.
Binghay & Co are Accountants & Business Advisors located in Docklands, Melbourne.
