What does your business need to succeed? Do you really know the answer, or just guessing based on your experience and “gut”?
Every business has a What, and some have several Whats. So – What are the Whats for your business, and how do you identify them??
It’s not easy, but identifying these Whats is critical to the success of your business. It takes an objective and critical review of the entire business, asking hard questions in each key area to find the answers.
I’ve listed some obvious questions to get you started in each key area.
- Do you have enough revenue? (Businesses always need more customer and sales, so this is always the first one).
- How is the health of your major customers?
- Are your prices competitive in your market and how do you know?
- Do you have a good mix of customers, or are you too dependent on just a few?
- Do you know your true costs and does your pricing system reflect those costs?
- How are you managing your suppliers? Are they the right ones to support your business?
- Are you as productive as you could be and managing your overtime expenses?
- How much waste are you generating?
- Do you know your cash position each day?
- Are you billing and receiving payment promptly?
- Are you getting the best payment terms from your suppliers?
- Do you have the right number of employees and in the right positions?
- How do your customers feel about your organization?
These are just some of the question that you will want to ask. As you think through your business and begin the process, others will become obvious. When you think you have asked enough questions, ask some more. It is critical that this process be thorough and objective to get the best results. You may even consider outside assistance to insure that these objectives are met.
The answers to these questions will give you a realistic picture of your business today, and help you identify What it needs to improve, grow, and succeed.
Now that you have the What – it’s time to take action to improve your business for the future.
If you have any question or comments, or would like more information about this process, call us directly at (727) 637-4666.