1. Mission and Vision:

  • What is your business’s mission statement?
  • What are your long-term goals and vision for the company?

2. Target Audience:

  • Who is your target audience or ideal customer?
  • What are their demographics, preferences, and pain points?

3. Unique Value Proposition:

  • What sets your products/services apart from competitors?
  • How do you solve customers’ problems or fulfill their needs uniquely?

4. Business Model:

  • What is your business model or revenue generation strategy?
  • How do you monetize your products/services?

5. Marketing Strategy:

  • What is your marketing strategy to reach and engage your target audience?
  • Which channels (online/offline) do you use for marketing, and why?

6. Financial Understanding:

  • What are your business’s current financial standings?
  • Do you have a clear understanding of your cash flow, revenue, and expenses?

7. Competition:

  • Who are your main competitors, and what are their strengths and weaknesses?
  • How do you differentiate your business from competitors?

8. Team and Resources:

  • Do you have the right team and resources to achieve your business goals?
  • What are the key strengths and skills of your team?

9. Operational Efficiency:

  • How efficient are your business operations and processes?
  • Are there areas where you can improve efficiency or reduce costs?

10. Risk Management:

  • What are the potential risks or challenges that your business might face?
  • Do you have contingency plans in place to mitigate these risks?

11. Customer Satisfaction and Feedback:

  • How do you collect and analyze customer feedback?
  • What measures are in place to ensure customer satisfaction and retention?

12. Growth Strategy:

  • What are your plans for business growth and expansion?
  • Do you have a growth strategy or plan for scaling your business?

Conclusion:

Being able to answer these fundamental questions demonstrates a deep understanding of your business, its market, and its potential for growth and success. Continuously revisiting these questions and adapting strategies based on the answers is essential for maintaining a competitive edge and driving sustainable growth in your business.