10 Questions Small Businesses Need to Answer
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. When it comes to small businesses, especially the 25 people or less kind, I have found that we have to sometimes get back to basics in order to move forward.
So, I thought I would share the top 10 things that I would ask any small business to think about and answer.
1. What do you make/do? OK, no snickering out there – this is serious stuff. It is often very hard for small companies to specifically define and clearly state what they do/sell. You should be able to clearly define your products and/or services in a couple of sentences.
2. Who are your competitors? This is not just a list of all the companies who sell the same thing(s) you sell. It is a list of the companies who sell their similar product to the people that you think would buy your product. There is a difference and it’s important to understand it. For instance, if you sell handmade soaps, your competitors are not Proctor and Gamble, Dove, Irish Spring, etc. Your competitors are more likely to be other handmade soaps, boutique soaps, specialty companies selling organic soaps and so on. Figure out who exactly … READ MORE ...