Knowing the right questions can help in growing your business more than knowing the answers. Recognizing loopholes and acknowledging weaknesses and strength of your company is the right path to making it better. Even if the question is something that is common knowledge, it often gets sided in everyday life.
- How can I have a complete overview?
The answer to this question includes many aspects and sectors of a single business. From bookkeeping, full list of material and intellectual property, all expenses and income, up to the purposeful distribution of each employee in your company. Redundant projects that extract too many funds, wrong or incomplete assignment of employees, can hinder any business, whether it’s at its very beginning or its peak. It is necessary to accurately and promptly address all professional changes that take place in the company itself. This brings us to another question:
- How to know right direction?
To know where you are in your business or where your company is going is to know where you were. A chronological record that is timely and accurate can provide insights – in which way and how fast is your business going. Information should serve not only for audit and control of the company but also as a database of employees. This approach provides the opportunity to make relevant decisions.
- How to recognize an opportunity to grow?
If your business is staying on the same level for a long time, you need to decide: is it better to engage existing customers with selling them your new products, or to find new customers to sell them the products you are already making? The easiest way to do this is to calculate how much time, money, new lines of products, and resources will you need for both options, and how much growth will it give you. If you are looking to expand beyond your country, you should look for similar business cultures, income, and lifestyle, because those customers will be similar to the ones that are already trusting you.