Some Good Business Development Questions
A critical aspect of business growth – and review – is to constantly ask yourself critical questions that REALLY make you think about your business, where it is, who your stakeholders are and, very importantly, WHERE TO GO NEXT.
Consider the following Questions and think carefully, and honestly, what this is telling you.
Can you tell me who your customers are?
- What do they look like?
- What socio-economic groups do they come from?
- What are their lifestyle features?
- What disposable income do they have?
- What are their tastes and how would you describe them?
What is your Marketing Strategy?
- Just the 4 Ps?
- The 7 Ps?
- Where is your creativity and innovation coming from?
What does your Market Research look like?
- How has this been conducted?
- Sample size?
- What has this told you?
- Have your views changed as a result of completing the research?
How are your Finances looking?
- Initial funding?
- Profit/Loss Year 1
- Profit/Loss Year 2
- Breakeven point is when?
What is the Expertise in the Team?
- Who took on what roles and why?
- Who has specific responsibilities and for what?
- What use has the Team made of individual backgrounds and experiences?
What is your Expansion Strategy?
- How will you grow the business and what will this look like in 5 years/10 years from now?
- When will you scale up the business?
- Why are you sure that expansion is a possibility?
- What new products will you be developing?
Tell me about the Product or Service – will I be excited by it?
- What is it and what problem does it actually solve?
- Where is your customer’s pain?
- Who exactly are you?
- What is your Mission Statement?
- Who/what is the market that you are attempting to get into?
- Why will your product or service work?
- Why is your product or service needed?
- What are your competitors doing?
- How and why is your product or service different to their offer?
- When is it being launched?
- Where have you gone for your research?
- What has your research told you?
- How was your research (into all relevant aspects of your business!) organised and now that you have it and have examined it how have you modified your product or service?
- How will you organise yourself and your team to deliver on the Business Plan?
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