Very few people in business do strategic analysis. But if you want to get to a certain place, you need to know where you are starting from. Analysis will show your strengths and weaknesses so you can focus for quick results.
1 Why You Need To Know Where You Are?
Making decisions, pursuing a strategy or setting a goal isn’t possible without the right information available to you. To know what to do to make more profit you have to know how to act differently. But differently to what?
2 The Questions You Need To Ask
Questions and answers will give you insight. Here are 20 questions. It doesn’t matter if you can’t answer them all right now, or even understand why you should ask them. The key is to ask some of the questions and answer them. That will get the ball rolling for you…
- Where did my clients come from when I started out?
- Why did clients buy from me?
- Why do they buy from me now?
- Which sales and marketing pulls in most clients?
- Do I test my marketing and selling efforts?
- Should I get more money from existing or new clients?
- Which suppliers/partners will really help me grow?
- Describe what my business does.
- What is the lifetime value of my typical client?
- Who are my biggest competitors and what do they offer that I don’t?
- What do my clients want and how do I know?
- What proportion of business do I get from my existing clients?
- What does it cost me to get a new client?
- What is my biggest and best source of new business?
- What is my biggest marketing challenge?
- How many ways could I make it easier for my clients to do business with me?
- After the initial sale do I have a system to communicate with clients to sell more?
- Do I have enough testimonials of “good guy” and “proof of pudding” type?
- Do I have a referral system and actively pursue them?
- Have I tried to reactivate former clients that are no longer buying?
3 How the answers will help you grow.
Now look at your answers. You will have done something 97 percent of business people never do. You will be way ahead of your competitors in understanding where you are currently positioned.