Have a big idea for your business or even a small one? Then you probably need a plan to get you there. And for me, the easiest way to build the plan is with a series of questions.
Who should you ask these questions? Anyone who is involved in your business will probably have valuable input. Ask them in a working session with your employees, advisory board, or on paper by yourself. The key is to answer them honestly. It is ok to admit you or your business isn’t perfect. Understanding your weaknesses is sometimes more important then knowing your strengths when you start to build your strategy.
What type of questions do you need to ask?? Here are just a few to get you started:
Ask about your customer
- Who is your target? Remember it is not just who do you want to sell to, but who you want to avoid. Some prospects are too small and others are too large. Both will force you to adjust your business process, and the change for one client may not be worth the effort in the long run.
- How big is your market? How many potential customers are out there?
Ask about the value of a customer
- What will the average customer spend with you?
- How long will they stay with you? Is it a one-and-done transaction, or do customers come back time and time again? If you are in a business with a high repeat percentage, you can afford to spend more to acquire a customer.
Ask about your goals
- How many new customers do you want? “More than I have now” is not a valid answer. There is no way to build a realistic plan without a specific goal.
- How many customers do you need to be profitable?
Ask about hour your sales process works?
- How many interactions does it take to close a sale?
- What percentage of good leads become customers?
- How many new customers can you handle before you have to add another person or piece of equipment? Sometimes the answer to a business goal is not more customers, but simply more profitable ones.
How often should you go through this process? At a minimum, you should take time once a year to evaluate where you are and where you want to be. Need some help with questions? Download some of our checklists and forms or give us a call. We would love to ask you a few questions.