Questions to ask yourself if you run are currently running a business

[Trexxxy]

Here are some important question you need to ask yourself if you currently have a business.

1) what problems does your business solve?
2) which parts of your business isn't profitable and frivolous?
3) How much time do you and your management team spend to generate revenue?
4) if you stepped away from the business would the business still run?
5) what is your client retention rate?

These are some of the questions you need to ask yourself to further get the best out of the business.

 

[Ojonuyo]

Indeed all you have said is true. Most especially what problem do your services solve. Many person are into one business or the other, spending money to acquire one material or the other to keep the business running, and in spite their advertisement and management their clients rate is very poor. This problem can be traced back to the value their products give to people. I would not spend my money on something that is of no value to me or of little value to me.

Second is the continuity of the business once is owner is absent. Most businesses lack that plan. They think things will keep on being Rosy, so they don't plan of what could go wrong or how will their business keep producing income in their absence. This alone is crucial to ensure a continuous flow of profit for you.

 

[Doradorwa]

I've always emphasize on the face that every business owner must know when to stop.... When you are planning on doing a business and you see people crashing in that same business...it's better to stop and watch from a far... If you are already into the business and you see despite you cutting budget, you short your staffs things are not working out you gat to stop.... A business is like a war... Retreat... Refresh yourself and start again.

 

[Kinglegend01]

Yeah all this questions are correct and on point. the future or the business plan of the business should alway be on the proprietor mind, expansion and ideas of generating more profits are also key thoughts that the entrepreneur mind.

 

[kayode10]

If I am running a small scale business, these are the vital questions I am going to ask myself from time to time

1 is the cash flow on the positive margin, that is our expenses not grater than income?

2 are we asquiring new customers on consistence basis?

3 is our customer care service responsive and efficient enough??

4 are serving our customers better than the competitor???

5 how to can we over deliver to our customers more???

 

[btaliat]

Yes. I really love all the points you raise. The number one is so important because it is the determinat of success of any business. A business will thrive based on the number of problem it is able to solve.

 

[Damismiling]

Yes it is important to ask your self some crucial questions before you start or plan to run a business, if not you will end up in loss, you must be sure you are on the thrend of success. Ask your self this question for optimum output

 

[Sotherefore]

The only question that attracted my answer from all those questions are the one that asked what problem does your business or organisation solve,although I have not started any business before but as an advice to others who are about to , you must understand that for your business or any company you are trying establish prosper you must solve a specific problem , that problem will bring people and customers to you

 

[Nurudeen]

This is a good too from you most especially for newbies who wants to delve into entrepreneurship. Business isn't all about making profit. At some point you need to give your customers what they want satisfactorily before you can be able to gain what you need from them. Business is a give and take method. You offer good service, they pay you in return.

 

[MizzLala]

Good list of questions to mull over, fo sure. My husband and I run a very small graphic design and trading company and it's just me and him. Occasionally, we engage one more person on an ad hoc basis when we're snowed under. We have a small number of loyal clients who we've had since we started, so we have a fantastic retention rate. There's no room for us to be frivolous because all the business we get is highly valuable. We operate 100% remotely and have done since we started operating seven years ago. I own the company 100% for legal reasons, so I can't 'step away'. Neither can my husband because he's 100% the creative brains behind the outfit.

 

[Ridorz]

Yes, before you start a business you must provide a answers to some questions. What is the product you what to be producing?, Who are your target customers?, Are you ready to take the risk?, What is your goals/objectives?,

 

[Alexandoy]

The point #4 is one way of knowing if you should let others manage your business. Sometimes a business runs without your attention so that you can do some other things or maybe even another side business that is profitable. When I was running my business for sure one of my staff can run it except for the finances. The operation of retail is simple because we just buy supplies when there is an order. It is just a matter of delivering to the customer which poses a snag sometimes when there is delay.

 

[Kinglegend01]

The only question that attracted my answer from all those questions are the one that asked what problem does your business or organisation solve,although I have not started any business before but as an advice to others who are about to , you must understand that for your business or any company you are trying establish prosper you must solve a specific problem , that problem will bring people and customers to you

I totally agree with you here on the main reason you should start a business is to explicitly try to solve or tackle a problem in a particular location effectively because if youare able to tackle a problem successfully then you will be rewarded massively.
[automerge]1609501272[/automerge]

The only question that attracted my answer from all those questions are the one that asked what problem does your business or organisation solve,although I have not started any business before but as an advice to others who are about to , you must understand that for your business or any company you are trying establish prosper you must solve a specific problem , that problem will bring people and customers to you

I totally agree with you here on the main reason you should start a business is to explicitly try to solve or tackle a problem in a particular location effectively because if youare able to tackle a problem successfully then you will be rewarded massively.

 

[Sotherefore]

I totally agree with you here on the main reason you should start a business is to explicitly try to solve or tackle a problem in a particular location effectively because if youare able to tackle a problem successfully then you will be rewarded massively.
[automerge]1609501272[/automerge]

I totally agree with you here on the main reason you should start a business is to explicitly try to solve or tackle a problem in a particular location effectively because if youare able to tackle a problem successfully then you will be rewarded massively.

yes sometimes you need to find a problem to solve if you can just see one single problems that the world need then you are already a billionaire take for example Facebook solve the problem of people being bored at home, WhatsApp solve the problem of people getting in touch with their brothers internationally at a cheaper rate compared to normal phone call,Amazon deliver goods and services faster to people who are in need of them and come and see the general directors of this organisation they are billionaires because they have solved the problem of the world.

 

[Ralphjoe]

Nice and insightful articles, with this I will evaluate how far my business has fares. Well my business actually solves big problem in the society and that is actually the comparative advantage my business has over other businesses around.

 

[Adebayonle7]

When performance is measured, performance increase. When performance is measure and reported, the rate of performance accelerates. As a business owner, there is need for regular check ups just like a normal functioning person needs regular check ups. This checks will be used to assess the situation of the business at given times and know if the business goal is in site or it's derailing.

 

[Lyrrex]

The only point for anyone who is going into business to know and to understand is passion, every business we want to start we must be passionate about it if not we may not be able to carry on the business, there was a time I chose the wrong subject when I was in the high school I regretted the whole thing because I didn't even have passion for it

 

[Patrik]

I personally would ask myself if i'm making a progress and improving myself, if i'm staying in the same point after a long time then my business isn't doing well, and i should change the strategy that i'm following

 

[Adexgrace]

Those questions are very true and important for business owners to ask themselves. But I love to talk more about the one which says; if you are absent will the business still run: It is very important for ones business to run even if the owner isn't available, these will show how standard and competent the business is.

 

[Erik4150]

I like all your points because they are true but that last point is more important than a lot of people think. The client retention rate...it is basically your ability to deliver a high quality product or service that will keep your customers coming back for more. They will keep buying from you because you have succeeded in earning their trust in your product and services. Client retention rate is very essential for every business.