It is that time of the year again when everyone is busy in making their new year’s resolutions. No matter how good or bad the year 2016 had been, it is important to start afresh with a new zeal and make your business thrive in 2017. For that, it is necessary that you revisit some of your policies and plans to adapt to the market needs. To take fruitful decisions in 2017, it is important to address key issues that plague your organization. This would only be possible if you ask yourself vital business questions and answer them.
In this article, we will take a deeper look at some of the important business questions that you must honestly respond to in 2017 to take your business to the next level. The 7 key business questions and answers are as follows:
1. Where You Want To See Your Company in 2017?
With so much emphasis on long-term, planning and making the long-term strategy that we have almost forgotten about short term planning. Setting short-term goals and achieving them is crucial to achieving your long-term objectives. These short-term goals act as milestones for the achievement of your organizational goals. Once you start to achieve these milestones, you get one-step closer to achieving your long-term objective.
Setting a mission and vision for a year will help you to position your company in 2017. Prepare a strategy to achieve your yearly goals and make year-by-year progress towards your ultimate objective. Know what is required to achieve these goals that will make things easier for your company. Taking all these steps will make it easier for you to achieve your yearly goals. Without taking these measures, you will not be able to achieve organizational objectives.
2. What Will Be Your Funding Source?
Whether you are worried about financing your startup or looking for financial injection to expand your business in different domains, funding is a key element that will influence your business operations. You should select a reliable funding source or multiple funding sources so that cash flow never gets affected. As a result, your business will function smoothly.
Evaluate the advantages and disadvantages of each funding source and pick the one that fulfills your business requirements in an effective manner. Make sure you focus on the potential of your business to attract new customers when presenting your business proposal. Thanks to crowd-funding platforms such as Kickstarter, securing funds for your business is not that difficult than it used to be in the past.
3. What are the ways to generate recurring revenue?
The core purpose of a business is to make a profit. For that purpose, you need to identify a revenue stream that generates revenue for your business all year round. A continuous revenue stream can do wonders for your ailing business as it did in the case of T-Mobile. By identifying revenue stream that reaps rewards in all situations did wonder for T-Mobile. They were on the verge of business catastrophe but John Legere helped them to avert the disaster by removing all the contracts and listened to what customers want.
Next, he gave his customers choice to renew their contracts or leave, which did the trick for T-Mobile. This can also work for you as well. It is better that you find multiple revenue streams so that if one fails to deliver, the other one is always there to support your business.
4. Should You Upgrade or Switch Technology?
The speed at which technology is evolving is making it tough for businesses to keep pace with it. Unfortunately, they do not have any choice either. If you want your business to succeed in today’s technology-driven world, it will not be possible without switching to the latest technology and upgrade your systems to the latest versions. This will give you access to latest features which would only make you more productive and pave the way for delivering better results.
5. Do Your Processes Need Adjustment?
Probably, one of the key questions you need to ask yourself especially, if you are not achieving the results, you want. Should I make changes to the business process? Before you answer that question, you need to identify the loopholes in your current business process. If you find them, then you need to look for an alternative business process that fulfills your requirements. Make necessary changes so that you could deliver better products and services to clients in a timely manner.
6. How Will You Keep Your Finances Under Control?
The biggest challenge for businesses is to cut down on operating expenses and keep them in check. Make sure you are fully aware of where your money is being spent and what ROI (return on investment) you are getting. Not keeping track of your financial matters leads to the downfall of many businesses as they eventually run out of financial resources.
7. How Can I Gain A Competitive Advantage Over Competitors?
If you want your business to stand out from the crowd, then you have to come up with a unique idea or product that can give you a competitive advantage over your business rivals. Without a distinct position in the market, your business will get lost in a saturated marketplace and no one will notice it, even if you are doing a great work. Do not afraid to innovate and think out of the box because it is the only way that will distinguish you from other brands. Once you get ahead of the pack, it is all about maintaining your advantage by continuously introducing customer-focused products and services. One small mistake and one right decision can make a huge difference.
Like previous years, this year also poses some new questions for businesses to answer. Have a yearly goal that you want to achieve this year and keep a close eye on financial and funding matters. Keep pace with technology and tweak your business process to achieve much better results. Lastly, try to think differently so that you could come up with unique business ideas and mold them into products and services that deliver what customers are looking for.