The 8 All-Important Questions EVERY Business MUST Answer: The Simple Formula for Funding, Growth, Sales and More…
Originally published in mattward.io
If you’re reading this, chances are you’re either: a) a founder/CEO or b) someone considering starting a company. Either way, if you want to build something big and lasting, this is for you.
There are many formulas for business success, but many more pitfalls. There’s a reason 70–90% of businesses fail (depending on your source).
To avoid the obstacles, and make scaling/fundraising/growth etc… easier, here are eight all-important questions you MUST answer.
NOTE: This isn’t some stupid top ten list. This is a quiz, and your company’s future depends on your ability to answer.
So, take five or ten minutes from putting out fires to ask yourself. WRITE DOWN YOUR ANSWERS. I dare you. If you don’t think it’s the best ten minutes you spent today and understand your business better because of it, I’d be shocked.
If you can answer these, you’re well on your way to success.
8 All-Important Questions for any Business
- What problem do you solve?
- Who has that problem? Be specific.
- How much does it hurt? Why?
- What are you selling, and at what price?
- How will you sell it?
- Who are your competitors? What makes you different?
- Where is the market underserved?
- What’s your unique selling proposition (USP)?
You’re done. Was that easy? If it was, your business and positioning are well-defined. You’re setup for success, know what you’re doing and at least on the right track.
Was it was at all tough or uncomfortable? That should tell you something. It means either:
a) You haven’t clearly defined what your business is and what makes it special, or
b) Your business is just another me too brand
So, take some time, refine your thinking and approach. It will pay massive dividends in the long-run, everything from pitching investors to hiring, new product development, branding, marketing… Everything revolves around understanding your startup and what makes it tick.
If you need help with any of this, there are FREE guides on my site: mattward.io. Alternatively, I coach elites founders and CEOs looking to uplevel themselves and their businesses and would love to chat.
Looking to perfect your deck? Here’s your step-by-step guide. And to nail down your elevator pitch, here’s what you need to know!
Senior Process Engineer at Storvik / Founder of Benedics
5 年Good post. Briefly and concisely presented facts. These were the first questions on the basis of which I built a business plan. Now it's our progress and traction on the radar.