As a consultant, I have walked into many small companies on that first day and wondered what the next few weeks would be like. Every company is different and just about every job has had a different set of requirements and objectives. But, when I push aside the differences, I see some common threads. About small businesses, especially the 25 men and women or less type, I’ve found that we have to often get back to fundamentals to move forward.
So, I thought I’d share the top 10 things that I’d ask any small business to think about and answer.
- What do you make/do? OK, no snickering around – this can be serious stuff. It’s usually pretty difficult for small companies to particularly define and clearly state what they do/sell. You should be in a position to clearly define your solutions and/or services within a couple of sentences.
- What are your competitors? This is not just a list of each of the companies that sell precisely the same point(s) you sell. It truly is a list of the companies that sell their similar product to the people which you believe would obtain your product. There’s a distinction and it is vital to know it. For example, when you sell handmade soaps, your competitors are usually not Proctor and Gamble, Dove, Irish Spring, and so forth. Your competitors are extra likely to become other handmade soaps, boutique soaps, specialty companies selling organic soaps, and so on. Figure out who precisely is