Today, I want to share 10 questions every entrepreneur should ask themselves.
I’ve been fortunate to be in business just over 16-years now. Along the way, I’ve made lots of mistakes (more than most). I’ve done some things right and many things wrong. Looking back, I’ve learned some valuable lessons that would benefit any entrepreneur.
10 Questions Every Entrepreneur Should Ask Themselves
The questions you see below are questions you should ask yourself at least once every 90-days. It will allow you to evaluate your business objectively, and find simple things you can do to improve your bottom line. Good luck!
# 1 What is my real business?
You have to figure out what your real business is. As an entrepreneur, your real business is finding new customers, making more profit per customer, retaining customers and driving sales. These are the most important tasks.
Your product or service is not your business. Instead, marketing your product is your real business.
# 2 What is my game-plan?
You need to have a game-plan for your business. At a bare bones minimum, you need a written marketing plan and business plan. You need written goals and a daily action plan outlining exactly what you need to do each day. You need to manage your time wisely and spend your productive hours doing productive things (anything that generates income).
# 3 What am I doing right?
All entrepreneurs should step back and ask themselves this question. No one is perfect, but most entrepreneurs do lots of things well in their business. I encourage you to take out a piece of paper and answer this question.
# 4 What I am I doing wrong?
You probably know what you are doing wrong. But if you don’t know, ask your customers for input. Ask your spouse or employees. Find out what you are doing wrong and fix it immediately. Normally, most entrepreneurs do one thing wrong. They spend their $100 per hour time doing $10 per hour tasks. Don’t make the same mistake!
# 5 What am I doing that I shouldn’t be doing?
Make a list of everything you do each week. Once you do complete that list, circle everything on your list that you could pay someone minimum wage to do. Also, circle every task on your list that does not directly generate revenue for your business. Make it a point to delegate these tasks out as quickly as possible.
# 6 What am I NOT doing that I should be doing?
This is the million dollar question. What tasks in your business are you NOT doing that you should be doing? You want to make sure you have an active role in the sales and marketing in your business. You also want to keep a pulse on the financials, if you aren’t doing so already.
# 7 Who are my best customers?
Study your customers. Write down everything you know about your best customers. What do they have in common? Brainstorm their age, gender, income, where they live, what they do for work etc. Do the same thing with your worst customers. You could even do a survey with your best customers to get this information. Once you know your best customers, you can develop a plan to find more people in that target market to attract to your business.
# 8 How can I make more money per customer?
You need to come up with several different ways to make more money per customer. You should think of an up-sell or cross-sell you can use when customers make a purchase. Other ways to make more money per customer is sending a monthly newsletter to keep in touch.
# 9 How can I find more customers?
We all need more QUALITY customers. Once you know the demographics of your best customers, you need to find ways to market your product or service to people in the same demographic group. You could use pay per click, direct mail, voice broadcasting, email marketing and a variety of other marketing techniques to find more customers.
# 10 How can I increase the lifetime value of a customer?
There are many ways to increase the lifetime value of a customer. The best thing you can do is keep in touch often and provide outstanding customer service. Try to come up with five things you could do to improve the life time value of a customer.
My Test for You
My test for you is to write down these 10 questions on a sheet of paper and spend 1-2 hours answering the questions. Try to come up with at least 3-5 ideas for each question. It is quite perhaps the best way to turn around your business and start getting better results right away.
As an entrepreneur sometimes you need to step away from your business and look at it from the outside in. By answering these 10 questions every entrepreneur should ask themselves every 90-days, you will be well on your way.
Whenever you face a problem or challenge in your business, write the problem down on a piece of paper and try to answer it objectively. Good luck!
What are your thoughts about these questions? Leave a comment below to let me know what you think.