GoodnightEntrepreneur

StrategyTuesday #26: Ins and outs

As an entrepreneur you need to have your finger on the pulse of your business. You have to know all the small details of you business so that you would be able to make cutting edge decisions on where to go with your business.

You need to know what your strengths and weaknesses are. You have to determine where you are so that you can determine what you need to focus on to get were you want to be. You need to ask yourself; “What am I doing right and what am I doing wrong?”

One of my mentors always demanded that I know every single detail of my business, that I eat, sleep and drink it constantly.

Abraham propose no less than 50 questions to help you understand the ins and the outs of your business.

Here are a few of those questions:

• What was the initial motivation (occurrence) for starting the business? Is it still the same today or have there been changes?
• Why did my clients originally (in the beginning of the business) buy from me?
• Would I rather attract new clients or acquire more money from my existing clients?
• How well connected or how involved am I with my clients?
• Who is my biggest competitor and what do they offer that I don’t?
• What is my competitors’ biggest failure and how can I fill the void their failure left?
• What do my clients really want? How do I know that?
• What does it cost me to get a new client?
• What is my greatest source of new business? And what do I do to secure this business?
• What was my biggest marketing success so far?
• After the initial sales do I have a systematic methodology to communicate and eventually resell to my clients?
• What are my average order or transaction’s size and amount?