Are you already in business? Is your growth stagnant? Or are you just about to start your business and don’t know how to build framework for sustainable success?
To be able to execute your growth plans or reach your companies full potential, you need to answer these fundamental questions.
Too many founders start a business without really defining a ‘why’ or ‘how’. Your right, it does sound like business school ‘bullshit’ but I can guarantee, if you answer these essential questions, you will 100% grow.
When I say answer, I don’t mean with the quickest, most convenient response. I mean doing solid research and giving concise, data driven points and actions.
- In no more than two lines, give an overview of your business
- In no more than two lines, give the reasons why you want to create/grow your business.
- What is your desired customer experience and desired market outcome?
- What value do people have after using/ buying from/ working with (your business) and what onset market events could occur because of it?
- What are the strategic and financial benefits of creating/growing your business
- What is the mission for your business?
- What are the short, mid and long-term goals that you know about today?
- What are the products and services?
- What are the cost and pricing structures?
- Who is the target audience?
- What are the target audience unmet consumer needs?
- Who is the competition?
- What is the budget, resource and timeline summary?
- Are we creating Proprietary technology and or services?
- Network Effects – How are the products and services more useful as more people use them?
- Economics of Scale – How will we get stronger as we scale and what is the plan to scale?
- Branding – What is our unique brand that our target audience will resonate and empathize with?
- Engineering – Can we create good or breakthrough technologies related to the product our service?
- Timing – Is now the right time to do this in the market?
- People – Do we have the right team?
- Distribution – Do we have a distribution plan?
- Durability – Will these products and services by defensible 10 and 20 years into the future?
- What capabilities do we have that we should leverage?
- What capabilities do we need to develop to reach our goals?
- What are the major risks from a…
- Developing the business and product standpoint (internal factors)
- Competitive landscape and customer expectations (external factors
- What external successes and failures can we learn from that build us advantage?
Thanks for reading all of the questions, and glad to see you are serious about growing your business. I appreciate this isn’t a small task, but spend the time, do the right research and get the results you desire.
What’s the next steps? How exactly do you implement and action this data? Register below to get the next part of our series to develop your business for sustainable, profitable growth.