Friday's Think BIG! Business Success Tip

It's Not One and Done-Part 6

“Self-Analysis Matters” 

Regardless of the industry specialty, business is not an exact science.  It demands, among a long list of things, the “right” kinds of hard work; sometimes being in the right place at the right time; and, a never-ending determination to succeed.  One action that can go a long way to helping you succeed is to do a critical self-analysis of your business and your operations.  

Here are some key questions that you can consider as you analyze your business.  How often you conduct this action is up to your interpretation; but, it should be conducted no less than annually.  While these questions do not represent the entire business analysis process, the following should be a great start for you to utilize and take a deeper look at the business from an “eagle’s” point-of-view.  This “high level” approach will demand you be completely honest with yourself.  It may also demand that you gain the thoughts of your staff and or team to address aspects of the analysis.  Keep focused “in” the process that this analysis is for your benefit.  Also be aware that in the long term, it is also for the benefit of current clients and potential clients that you would hope to gain. 

1)  What makes your business unique? 

2)  What is currently not working and why?

3)  What must be done to eliminate what is not working?

4)  How are you determining the lifetime value of a client?

5)  How are you positioning your business to meet the needs of current or potential clients?

6)  How do you want to be perceived by clients?

7)  Who are your toughest competitors and why? 

8)  What current or new knowledge does your staff or team and you need to perform in today’s and tomorrow’s business marketplace?

9)  How are you maximizing technology to gain greater efficiency in your work flow?

10)  What are your current transition plans for your business and what steps are you taking to insure it will be viable?

11)  On a scale of 1-5 with 1 being low and 5 being superb, where does your current marketing activities fall?  What would it take to move your results higher?  How committed on a scale of 1 -5 with 1 being low and 5 being high to making this happen?

12)  On a scale of 1-5 with 1 being low and 5 being fully, how committed are you in making effective changes to improve results in your business? What changes must come now and why? 

13)  What evidence do you have that verifies you have the proper number and alignment of staffing for your business?

14)  As a percentage of gross revenue, what percentage does your overall expenses before taxes represent?  What would it take to reduce your expenses 1% without sacrificing sales or service?  What is holding you back from making the changes to realize the reduction?

15)  If nothing changed in your business operations, policies or sales in the next 3 years, what impact would that have on your longterm goals?  

Noted author and motivational speaker Jim Rohn said, “What you become is far more important that what you get.  What you get will be influenced by what you become.”  Conducting a critical self-analysis of your business and its operations will better enable you to become what you need in order to be able to get what you want.  In the end result, it very much centers on creating greater value; growing the business; and, being able to enjoy the fruits of your business labor. Now it is up to you.  When do you begin?

For more information about how Think BIG! Coaching and Training might be of assistance to you and or your business, contact us:  herman@thinkbigcoachingandtraining.com / 304-839-5101 or visit our website...

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