The 10 Questions You Should Never Stop Asking
Marc Kramer, 20.11.2009 (abridged article: Forbes.com)
Companies run aground for the same basket of reasons, so don't forget the fundamentals.
Here are the 10 questions we should keep asking--the same questions that any business owner should continue to ask, year in and year out:
- What is our purpose for existing?
A lot of businesses had a purpose when they started, but over time their product, service and market changed.
- Who is our target customer?
It’s a lot easier to come up with great ideas and convince people to buy into them if it is clear who is purchasing your product, and why.
- Why does anyone need what we're selling?
All too often we fall into the trap that people want something because we like it. This is the road to perdition. In my 25 years of experience, I have rarely seen a company fail if management literally spoke to customers and gave them what they want.
- If there is a need, is it enough to support a profitable business?
- What were our competitors up to?
Make sure you analyze your competition. Whether you are selling a product or a service, you have to be constantly innovating.
- Can you reduce expenses - without harming the product.
Your vendors will have lots of ideas on how to reduce cost without sacrificing quality, so have you asked them?
- Do we have the right leadership?
As companies mature, they require managers with different skill sets.
- Do we have the right employees?
There are employees who know how to bring new products and services to life, while others know how to nurture an existing
- How will we continue to drive revenue?
Companies can't live in vacuums. Chances are what works today won't work tomorrow - just ask anyone in the media business.
- How are your employees holding up?
Observe their body language or solicit their input. It’s important to notice the anxiety they are dealing with. Check the temperature of your employees, let them vent and encourage their honest feedback. These stakeholders are the key to pleasing your customers... and your shareholders.
Marc Kramer is president of Kramer Communications, author of five books and instructor at the Wharton School at the University of Pennsylvania and the National University of Singapore.
