4 Questions for Business Owners to Ask Themselves

As a business owner, it’s a good idea to do an assessment every so often to check on how the company is running. This goes beyond just looking at financials or hiring needs and digging a little deeper to consider what’s going on behind the scenes or what trends may be just forming. There are many different types of questions you can ask during this exercise. In fact, you could even write down a few dozen and choose several at random each time. The four below can help you get started.

What are the Company’s Weaknesses?

This is important because even when utilizing the best tools for business success it helps you figure out what could go wrong and take steps to stop or prevent it or to make a contingency plan. Look at different aspects: financial, employee-related, customer-related, logistics, tech and any other areas where things can go wrong. At the same time, you don’t need to make an exhaustive list, and indeed, trying to name and prepare for everything is both anxiety-inducing and counterproductive. Choose two or three of the major weaknesses that need addressing, and beyond that, try to think in a more general sense about a crisis plan for the organization.

What are the Company’s Strengths?

Now that you know that mistakes can enhance your work journey, you can think about how your strengths can do the same. Knowing the strengths is as important as knowing the weaknesses, in part because identifying those strengths will help you with strategies for shoring up the weaknesses. But knowing your strengths has other benefits as well. It gives you insight into what you are offering your customers and what you can highlight that sets you apart from the competition. It is also something that you may be able to share with staff as a morale booster.

Do Your Employees Have the Necessary Tools?

This question actually touches on both effective processes and employee satisfaction and retention. When your employees don’t have the tools they need to perform effectively, they may become less motivated and more likely to move on. It’s important to understand what kind of challenges your managers and employees are facing. A fleet manager may need a way to track and analyze a significant amount of data, and one way to do this is with GPS fleet tracking software and solutions. These platforms can link real-time GPS data to help improve safety and efficiency. In accounting, human resources, IT or other departments, managers and employees may have other particular needs you should be aware of.

What Changes Do You Want to See in the Year Ahead?

If the wording of this one doesn’t quite suit you, you could think of it in terms of your goals for the coming year. You could also revise the time frame so that you are looking at shorter or longer-term goals. This question, however you frame it, can help you identify some concrete things that you want to do and start figuring out how to achieve them. Look at what resources you will need to draw on to get where you want to be in a year. Be as specific as possible about what you want so that you can measure your progress.