Business Planning Questions: What You Should Know Before Starting a Business
10 Common Business Planning Questions
Most business owners will start their company by sitting down and answering a few business planning questions. This is highly recommended as you need to know everything about your field before you even consider opening your doors. However, it’s also important to continue this practice even after you’ve open up shop. The following includes 10 common questions you should answer before and after you’ve opened your business.
10. Business Planning Questions Involving Your Industry
One of the most commonly unanswered questions by many business owners is forgetting to establish what exact industry they are in. For example, if you’re a landscaping company, then landscaping is your industry. Issues arise when this isn’t clear, and you begin to believe that you’re in the soil or seed industry.
9. What Are Your 5- and 10-Year Goals?
Much like any employee, you should also ask this of your own company. Knowing where you need to aim is critical to the continuing growth of your business. It allows you to plan for future challenges without overextending yourself. It is recommended to answer this question with the help of a business planning lawyer Las Vegas firm. Doing so may provide you with a better financial outlook.
8. Who and Where Are Your Customers?
As you can tell, knowing your target audience is incredibly important if you want to succeed. This means understanding who is likely to purchase from you and where they are located. It is a tedious process, but one that is definitely required to succeed.
7. What Exact Products/Services Do You Provide?
Very much like you should know your industry, you should also know exactly what you are selling. Do you know what your employees should be pushing, and are they even wanted by the customer?
6. What’s Your Marketing Strategy?
You can have the best product/service in the world, and it won’t matter if you don’t know how to market it. Knowing how to get people into your storefront or website is critical to the success of your company.
5. What’s Your Training Process?
As much attention as you should pay on your products and marketing, so should you also to your employees’ training. The fact is that people are going to see your employees as representatives of the company, and thus whatever they do will reflect on yourself and the business.
4. Do You Have Enough Capital?
As you may already know, a business’s goal is to make money, not lose it. Unfortunately, many company owners open up shop before they are financially ready for it. Seeking and obtaining capital for your business is critical to your company’s success. Those wanting to avoid a high-interest business loan may benefit from this as well. Asset protection is a crucial step for every business owner.
3. How Are You Going to Measure Your Progress?
Unfortunately, revenue isn’t the only metric of how successful you are. There have been many companies who will see instant success only to fail a year later. Therefore, understanding how you should measure your progress is so critical. Customer perception of your company and your product/service quality are just some of the other factors that should be included.
2. How Do You Attract the Right Talent?
Your business will only succeed if it has the right people on board. This includes everyone from shipping to high-level management. Failure to focus on bringing in the right talent can see your business close up shop sooner than you would like.
1. What Do Your Customers Value and Want?
Understanding your customer base values and wants can place you above the competition. No, you should not pretend to align with their values but rather see where your current values fit into their lives.