5 Questions Entrepreneurs Ask Themselves Every Day
It may seem a unique characteristic but entrepreneurs are always challenging themselves. Every day they will ask themselves questions. They may not always be the same questions but generally you will find an entrepreneur asking;
Is my firm servicing my customers at the correct levels or will the competition step in?
Clearly any business succeeds or fails with the level of service that it gives its customers. It has to be differential to the competition and at a level that the customers not only come back for more, but regularly recommend you.
Are my key managers doing the 'right thing right'?
This is down to clear strategy and vision being imparted to the next level down from the entrepreneur. He or she can question themselves and rectify it immediately but what if a key employee is not focused and does not produce the 'goods'. What if they are not focusing on the job in hand and then they will clearly miscommunication the wrong message to the team below. The managers must be kept on track.
How is my cash flow?
This is an area that even the most seasoned entrepreneurs will monitor. It is one thing making the sales but another collecting the cash. If 'debtor days' are increasing, ask why. If there are some old debts in one area or one line of service ask why? This can clearly lead to a path of discovering a problem intrinsic in that area where others may not be looking.
How can I improve my firm?
What areas are labour intensive or where we receive questions, comments and possibly even complaints. Entrepreneurs constantly review their firm even down to the minutiae. Benchmarking is not an easy practice for the entrepreneur because they will have to speak to the opposition or even be able to do this once they acquire a smaller firm and establish good practice from that firm to use in their own.
What can I or should I do differently?
This may even be sub contracting out areas of the firm or even taking on or reducing product lines. Constant review is in order.
Governments think running a firm is a linear experience. You start, it has a middle and an end once you sell. Running a business is far from this. There are ups and downs, cash surpluses and shortfalls. Constant re-evaluation and investment.
It keeps even the hardened entrepreneur awake at night...!!