5 Questions Every Entrepreneur Needs to Answer Every Year
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It’s a different business landscape out there. Adapting to this constantly changing business environment is key to your success as a business owner.
In this featured Daily Business Coaching video, Charlie talks about the five questions you should ask yourself as an entrepreneur to stay competitive and relevant today.
(Below is a transcript of today’s featured video, “5 Questions Every Entrepreneur Needs to Answer Every Year”.)
So business is dynamic and always changing. To succeed means to adapt. To fail is doing more of the same. So today, I’d like to address the five questions you need to ask yourself every year to ensure you maintain your competitive advantage.
Dr. W. Edwards Deming, the forefather of the TQM Movement, once said, “It’s not necessary to change. Survival is not mandatory.”
Well, today, I want to talk about survival. And in particular, the questions you need to ask yourself each year to ensure you’re adapting and making the necessary changes to stay on top of your competition.
Your competitive advantage helps differentiate your brand from all the other competitors in your space. Check out our tips on leveraging this in “How to Make Your Business Stand Out in a Crowded World*.”*
Now, at the crux of it all, it’s your vision. So answer, why are you in business? In other words, what impact are you making in your business? Which needs and wants are you filling?
Second question– and this is one few people ask– but who are your clients? See, we’ll look at the top 20% of our clients who produce the greatest revenue each year. And then we’ll see how they’ve evolved:
- What issues are most important to them?
- What needs need to be addressed?
- What questions are they asking themselves, etc.?
Then we’ll evolve and adapt our client avatar based on our top 20%.
Third, what is our unique advantage in the market? Mind you: you’ll get more copycats copying your unique advantage as you capture more market share. So this must remain dynamic to ensure that you’re maintaining your competitive uniqueness in the market.
Fourth, what’s your key objective this year? Is it revenue? Is it a positioning statement on how you want to be known? Is it about the way you run your business? Or perhaps how much market share that you want to earn?
And finally, what are the most important activities (or) key results that you need to focus on this year to meet your objectives? Now this brings focus and intention to the conversation.
If you’ve yet to answer any of the questions we just discussed, rewatch this video, take notes, and be sure to answer the questions yourself.
(Answering these five critical questions) is an important part of strategy planning for going beyond seven figures.
Create waves in your space by leveraging your Unique Advantage Points*– the little things that define who you are AND highlight the most compelling reasons your existing customers rave about you. We discuss this concept at greater length here:*
- The Unique Advantage Point – EXPANDED (Part 1)
- The Unique Advantage Point – EXPANDED (Part 2)
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Schedule a complimentary coaching session with the Predictable Profits team today.
