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.