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3 Questions Entrepreneurs Should Ask Themselves Every Day

Whether you’re a sole-trader, a company director or heading up your startup and leading a team, your ability to analyse and critique your working day and approach is critical to your success. Keeping tabs on your own development will allow you to identify areas that require improvement, deepen your understanding of the industry you work in and set a good example to your team.

Asking yourself these following questions every day will help you grow your business and become an inspiring leader:

#1. Are my customers happy?

If your customers or clients are happy then that means that you and your business are servicing them well and the query calls will be less and less. However, you do need to keep customer contact by ensuring that your clients always know that you are there to help them at the appropriate time. This does not mean that you stop contacting them and it does mean that you advise and engage with them when they are least expecting it. Give them and provide them with as much knowledge as you can.

A happy customer will; • recommend you, • pay your fee or bill, • use you for other services, • and trust you.

#2. How can I find a new customer?

Your business grows and develops with new clients and customers. The experience of winning a customer is the adrenalin rush on which entrepreneurs survive and rely.

You must always ask yourselves where are the next customers from my business? When are they going to use my firm? If you can answer these then you know where your best efforts are spent in terms of time and money for the purposes of marketing.

Your new customers come from the most unlikely of sources. Always spend time networking and meeting new people. Then you will be sure to find new customers. If current customers are happy and you and your team provide them with legendary service they will undoubtedly sell your firm even before you have uttered a word or letter. You can then ensure that your team, who provide the excellent service, are commended for their efforts.

#3. Is my cash flow positive?

Once you have sent an invoice to a client make sure that they pay. Businesses fail if clients do not pay their fees or customers do not pay their invoices. Have a strict rule with those clients to make sure that they understand you need paying.

You have bills and staff to pay yourself, so make sure your daily or weekly receipts are in line. Track your receipts, establish the weekly average. If you fall behind see why and chase, if you are ahead make sure that the processes of monthly statements still happens. Make sure that one simple call or credit note is not holding up a large amount that is due or overdue. Cash flow is king to any business.

Next week I shall be discussing 'Bitcoin: The Future of a Phase'.

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Bitcoin; The Future or a Phase?

Four Habits of a ‘Super Entrepreneur’