Whether you’re just starting out with a new business or have been at it a while, it’s important to always know where your business is and where it’s going. To keep your business moving forward, ask yourself some of these important business questions.
Important Questions for Business Owners
- What Problem Are You Solving? It’s the most basic of questions that you, as a business owner, should be able to answer. If you don’t know what you are offering your clients or customers, then your business can never truly thrive. Ask your customers why they come to you.
- What Is Your Overhead vs. Revenue? Businesses that start feeling a dip usually have a common problem; their overhead is too high. Review all of your expenses and cut out what you can. For example, if you have too many employees, or your rent is too high, you may have to make some serious changes to turn things around.
- How Are You Making Money? It’s important that you know what your largest source of income is, as well as what’s bringing in the least amount of income. That way, you know what needs to be ramped up and what needs to be cut back or done away with.
- What Is Your Return Customer Rate? The key to successful business is repeat business. Are you seeing a lot of the same faces along with some new? Then you should be doing well. Ask your customers what you could do differently if you notice that you’re not getting any return customers.
- Are You Employees Happy? Your employees are the backbone of your company. If they are unhappy, your business will suffer. Use team building exercises and offer benefits that will help you maintain a happy workforce.
- Do You Have Any Marketing? Social media is good for a lot more than reconnecting with old high school flames. Use social media to spread the word about your business. Do a little reading on SEO, make a Facebook page, start blogging, and hunt for followers.
For a free consultation, call or fill out an online form today to find out how a business attorney with Garland & Mason, L.L.C. can help your business thrive.