5 Questions Every Business Should Be Able To Answer (And What To Do If You Can't)

 
Team ThunderAct

Everyone should know all the ins and outs of your business. We are not just talking about strengths and weaknesses here. Rather, we are also diving deeper into how well we understand ourselves and the people we are working with.

Are you confident about knowing your business like the back of your hand? Here are five questions you should be able to answer as a responsible business sales representative or B2B marketer and what you can do if the answers elude you.

  1. What Are Your Business’ Strengths And Weaknesses? Let us start with the basic question of identifying the strengths and weaknesses of your business. Knowing the answer to these shows that you are aware of what makes your company thrive and what still needs to be improved and addressed.

    It is never too late to look into the weak spots and strengths of your business. You can review your records and even ask your trusted employees for their observations and opinions. By having different minds pay attention to the problem at hand, you will be able to come up with a solution. Understanding the risks, opportunities, and trends in the market and industry can also help determine how companies can use their strengths to their advantage and prevent weaknesses from hindering their success. In such cases, B2B companies may need help in getting relevant and valuable information. For instance, ThunderAct can help figure out why certain products are struggling to gain traction, how to properly approach a market, and what conferences can help enhance your company’s strengths. Insightful data such as these empower B2B companies so that they can make well-informed business decisions. 

  2. What Values Do You Follow? – Companies need to cultivate clear values to ensure that all employees and teams work towards the same goals. Core values support the vision of the company. It also helps shape the organization’s culture. So, it is important to always align business decisions with these principles and philosophies. These include product development, marketing strategies, and even customer service.

    Defining the company’s values can be a bit challenging. Some companies also do not see their importance. However, there are many benefits to setting company values. Here are some of them:

    - Help employees make the right decisions
    - Improve employee communication, engagement, and motivation
    - Help clients better understand what the company stands for
    - Attract customers sharing similar values
    - Promote customer loyalty
    - Ensure consistency in marketing efforts

  3. What are your business priorities? – Knowing your priorities gives you a clear perspective of your business goals. Priorities can be your customers, your income, or your employees. Of course, prioritizing one over the other does not mean you are disregarding your other goals. Setting priorities only means that you know where your focus should be and how prioritizing a certain matter can help in business growth.

    Having vague priorities is also admitting that you do not know the purpose of your business. If you are unsure about what to prioritize, identifying your company’s strengths and weaknesses will also be a lot of help. This way, you know where to turn your attention to.

  4. What Makes Your Business Unique From Others? – It is important that you have the answer to this question as this is what usually goes in the mind of your customers and potential consumers. Why should they choose you over the other company that is offering the same services as you are? What makes you unique?

    It is time to think about implementing some changes in the way you are handling your business if you cannot come up with an answer for this one. Do your research and observe what makes your competitors stand out and try to work from there.

  5. What Are Your Key Performance Indicators? – One way of monitoring the success of your business is by having Key Performance Indicators or KPIs. By having this checklist, you can keep track of your company’s progress and make sure that you are on the right path. Some of these KPIs can be your number of sales, customer data management, client satisfaction, and even average attendance.

    One way for B2B companies to ensure that the marketing team is performing well and driving valuable results is through the Objectives and Key Results (OKRs) framework. With this, businesses can align their goals with the corporate strategy. It also helps keep the team focused on what really matters. This system promotes not only collaboration but transparency and accountability as well. It involves three steps.

    - Determine the main objectives the company has to focus on during a period, which is typically on a quarterly basis.
    - Figure out what key results the company wants to have for each objective. These should be specific, achievable during the period, and measurable.
    - The last step is to create a plan of action on how the company will achieve the key results.

    If you do not have any KPIs at the ready, it is not too late to make one. Align them with your goals and priorities as it is a way of tracking your business’ success in accomplishing these achievements.

More than being knowledgeable, having an in-depth understanding of what is going on in the minds and hearts of everyone involved in your business operations will allow you to also make better decisions moving forward. It also affects the way you provide your business services to your customers as it reflects in the way you treat them.

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