Think you are an entrepreneur? Have those tendencies? Going to put your nest egg into a startup and wondering just what kind of questions should I be asking myself? Here is some food for thought….not only for a startup but the ongoing successful management of your business.
Strategy Development for Entrepreneurs
Do you have a vision for your business? Can you describe it for two, five ten and twenty years? What is the end goal? What are the roadblocks that may get in my way?
Have you broken it down into strategic initiatives? How will you get to where you want to be? What can hold you back from fully achieving success?
Have you developed a roadmap for the strategy? Have you broken it down into actionable initiatives? Who is holding you accountable for the delivery of these goals?
Do you have a business plan? Clearly articulate and measure your performance…
SWOT analysis of your business.
Financial Controls and Budgets
Understand your financials at a basic level, Income Statement, Balance Sheet and Cash Flow.
Calculate the cost of a customer, what effects labor has on your product and their effects on profitability.
Understand the principles of forecasting sales.
Develop budgets over the short term and long term and measure the variation even more often.
Be prepared to address and remedy those variances with a plan of action.
Blend customer need/demands with your ability to deliver and cost to deliver—Analyze continuously.
Knowing your market
Define your market—Redefine your markets—Continual state of development.
What is your customer’s expectation of you?
Continually assess your competitors-What do they deliver that you can’t.
Developing differentiators to have no or little competition in the marketplace will cause fewer headaches for you.
Look at all options to expand your market.
Who is your customer? Always focus on the most streamlined approach to your customer
Are you delivering to your customer’s expectations? Customers delighted…
Monitoring customer needs vs. service offerings. Be creative and again look for market niches and differentiators.
Would your customer buy from you because of value and not price? How do you make the intangibles part of the business valuation?