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  • 3 Questions Every New Business Owner Should Ask Themselves

    3 Questions Every New Business Owner Should Ask Themselves

    Posted on April 4,2018
    By admin

    Launching a new business?

    Whether you’re at the starting line, half way down the track, or you’re just warming up, it’s important to stop and reflect from time-to-time.

    You need to have a clear vision and direction about where your business is headed. Without pausing for thought, you can get lost in the day-to-day running of tasks, which can lead to confusion.

    So, in order to be sure you’re on the track you want to be on, these are three questions you should ask yourself as a new or existing business owner.

    1. 1. What do I want out of my business?

    Are you in it for the money, flexibility, passion or excitement? Success means different things to different people and is the driving force behind your motivation. Once you define what success means to you, you’ll be better positioned to put a plan into place and devise strategies on how to get there.

    1. 2. What is my plan?

    When you know what you want, it’s time to begin planning. Your plans should align with your vision and your goals, and you should set time frames within that. For example, where do you want to be in a year? In 3 years? In 5 years?

    Create a business plan with measurable projections based around your goals. E.g. How much money do you expect to turnover per annum?

    Use the S.M.A.R.T approach to measure your goals. They should be specific, measurable, achievable, realistic, timely.

    1. 3. What is my strategy?

    With your measurable plan in place that aligns with your vision, it’s time to put a detailed strategy in place. Create a step-by-step guide of what you need to do daily, weekly or monthly to achieve those goals.

    Goals can include the number of clients you need to call in a week, or how many new customers you want to take on each week.

    Hold yourself accountable for all actions and above all, remember why you’re putting in the hard work by referring back to question 1 whenever you need to.

    Having a dedicated business consultant on your side can help you maintain a good grasp on your goals and strategy. TR Consulting offers a range of business consultancy services to small and medium businesses.

    To find out how we can help you stay on track and get ahead of the race, have a chat with us. Call 1300 054 552.

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