At least once a year, conduct a business checkup to see how you are doing and what you need to improve. You can consider this spring cleaning or an annual upgrade. It may make sense to do this more frequently, like every quarter or month. Of course, you need to track data and analyze it effectively on a continuous basis if you want to catch problems before they get worse and improve things that are working to boost your revenue.
These 10 questions can help you get started with your regular business checkup.
Are your current year’s sales better or worse than last year’s?
Never get complacent when it comes to business growth. If your sales stayed the same, at least you know things are not getting worse than they were in the past. However, the only way to run a successful company is to push for growth continuously. After all, the cost of goods, services, and overhead keep going up. You need to make more profit to cover it and enjoy a higher quality of life.
How much business do you get from repeat customers?
It is easier to sell to your existing customer or client base than it is to attract new ones. Loyalty matters a lot and is a key indication of the health of your company. However, excessive reliance on long-time fans can indicate stagnation. Stay up to date and take calculated risks to try something new.
Are you investing enough in your marketing strategies?
Instead of thinking of ad costs and marketing campaigns as regular operational expenses, look at them as the investments they truly are. If you are not willing to put down some capital with the expectation of growth, you cannot expect to reap the benefits. You do have to spend money to make more money. After a year or more of running your business, you should have enough data to tell you what types of ads get results and which do not.
What type of reputation does your brand have?
People are much more likely to spend money at companies they feel a connection to. Emotional decisions play into consumer action in a big way. You should always track your reviews, ratings, and other reputation indicators throughout the year. Keep a log of when your brand is mentioned in the media, other people’s blog content, and social media posts. Pay attention to the major business directories, too. Reputation management and public relations are essential parts of ongoing business growth.
How do your customers and clients really feel about you?
While this sounds like another brand reputation question, your once or twice per year checkup is the perfect opportunity to dive deeper into consumer feedback. Ask them what they think and how you can improve your products or services? Set up polls or questionnaires to let them know you care about what they have to say. Most of all, listen and take their suggestions into account.
Are you still competitive in your industry or niche?
New competitors arise all the time, and if you do not keep your eye on them, you will find yourself left out of the success race. The smallest at-home business and the largest corporation both have to pay attention to their competition. How do your sales stack up? Who is getting the most attention on popular social media platforms? Who has better ratings?
These are just a few of the things you should focus on during a business checkup. For best results and the highest profits possible, you need to constantly look at data, solicit feedback, and watch competitors to keep your brand at the top of the list in your industry or niche.