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4 Questions to Ask Yourself as a Business Owner
As a business owner, there are an endless number of questions you could be asking yourself to keep your business on the right path. Here are four questions that successful business owners consider when planning for the future:
- Am I setting SMART business goals?
- How can I invest in my staff?
- What are the strengths, weaknesses, opportunities, and threats of my business?
- What does growth look like for my business?
Download our printable questionnaire to help you brainstorm ideas for your business as you read this article.
1. Am I setting SMART business goals?
Every entrepreneur has aspirations for their business. That’s the easy part. Achieving those goals is where it gets tricky. Have you heard of the SMART acronym? Goals that are Specific, Measurable, Achievable, Relevant, and Timely ensure that you will be more successful in accomplishing them.
Think of your SMART goals as the road map to your success. Giving yourself a specific and measurable direction will help to hold yourself accountable. Outlining achievable goals that are relevant to your business will ensure you are moving your business in the right direction, and having a set timeline will encourage you to stop dragging your feet and get moving!
Set your own SMART goals
Here is an example to get you started:
Increase our total number of Instagram followers 15% by the end of the second quarter
Social media is a powerful tool for your business. A growing social media community can correlate to a growing bottom line for your business. More followers could mean more potential customers and deepening relationships with current customers. Additionally, your business gains credibility and a competitive edge against other businesses in your industry.
Specific
Increase how many followers you have on Instagram by 15%.
Clearly define the goal and what needs to be achieved clearly and concisely. Avoid broad statements.
Measurable
Increase in followers from 5,000 in the first quarter to 5,750 in the second quarter.
Determine how the goal will be measured so you can track the progress. Establish specific metrics, either something quantitative, a numeric value that can be assigned; or qualitative, based on its overall quality.
Achievable
You already have someone on staff managing your social media and keeping up a consistent posting schedule. They could easily increase the number/variety of posts they are publishing to attract more followers.
Ensure the goal is realistic and attainable given the current resources you have available. It is important to not stretch your team too thin and make it impossible for them to achieve objectives.
Relevant
More individuals are exposed to your brand because you gained more followers through social media.
You need to ensure your objectives will have a meaningful impact on your business. It should relate to your overall business strategy.
Timely
Complete this goal by the end of June 2023.
Establish a clear deadline to focus efforts and ensure progress is being made towards the goal.
2. How can I invest in my staff?
Your staff is your most valuable business asset. Taking the time and energy to invest in your staff will help increase their productivity and decrease your turnover rates. A happy productive staff will not be looking for a new job elsewhere and will be more dedicated to your business.
Think about how you could be investing in your staff from the perspective of your employees – what would make you work harder for an employer? Here are a few examples from your employees’ perspective:
Is my work environment comfortable and helps foster my productivity?
Positive answer
“My boss always makes sure snacks and drinks are available in the break room if I need them.”
Negative answer
“The supplies I need to perform my job often run out before the next delivery arrives.”
Am I regularly being recognized by my boss and seeing that my efforts are being appreciated?
Positive answer
“My boss gave me a gift certificate last year because I went above and beyond for a customer.”
Negative answer
“My boss regularly tells new hires they are doing a great job, but I have not been told that consistently since I first started.”
Do I have good benefits that help me remain happy and healthy so I can work harder?
Positive answer
“I get regular days off to make sure my mental health is nurtured and I can enjoy time with my family without having to worry about work.”
Negative answer
“My employer does not offer health insurance so it is difficult for me to get regular healthcare to keep my body healthy.”
How are you investing in your staff?
When thinking about ways you could be investing in your staff highlight what you’re doing well and what you could improve on. A work environment is ever-changing and requires constant adaptation to nurture employees and promote them to stay.
We can help provide a way to recognize your employees and show how much you appreciate all the hard work they do for business. First Bank partners with employers like you to offer our First@Work banking program which provides many benefits to help your employees take care of what they earn.
3. What are the strengths, weaknesses, opportunities, and threats of my business?
It is important to continually evaluate where your business stands. You need to have a comprehensive view of your business’s current situation to plan for the future, but how do you think strategically about where your business stands? Conducting a SWOT analysis will lead to improved performance, increased competitiveness, and sustained growth for your business. You will identify the Strengths, Weaknesses, Opportunities, and Threats you need to focus on.
By leveraging strengths, addressing weaknesses, capitalizing on opportunities, and mitigating threats you can maximize your business’s potential and achieve your SMART goals. Start by listing the various SWOTs that are present in your business.
For example:
Strength
We have a large online presence through our social media following.
Weakness
We have seen a decline in foot traffic to our store recently.
Opportunity
We could expand our business to an online store.
Threat
There are already several online retailers that offer similar products to ours.
How to analyze your SWOT matrix
Once you’ve listed all the strengths, weaknesses, opportunities, and threats for your business you can go further by thinking about how your SWOTs will work together to develop strategies:
Strengths + Opportunities = utilizing strengths to maximize potential opportunities.
The large social media presence you already have will allow you to take advantage of a new growth opportunity and expand as an online retailer. You can advertise your new online store through your social media, and the strong presence you have equals more people who will be exposed to your online store.
Weaknesses + Opportunities = seeking to minimize weaknesses by taking advantage of potential opportunities.
Yes, you have a decline in foot traffic which means a decrease in sales, but by building an online store you can replace in-person sales with online sales.
Threats + Strengths = utilizing strengths to minimize potential threats.
The large following you have on social media is already loyal to your brand so they will be eager to support you. Therefore, you have a competitive edge over other online retailers. Brand loyalty leads to repeat business and an increased customer lifetime value.
Threats + Weaknesses = seeking to minimize weakness and avoid potential threats.
You know you need to expand as an online retailer to make up for the loss of foot traffic to your store, but you need to be aware of what the competition is doing to remain competitive. Research your competitor and determine strategies that will make you stand out.
4. What does growth look like for my business?
Keeping up with the rapidly changing market will help you retain your competitive edge. It is hard work to grow your business, but just like tending a garden, you will have to put in some effort to see your business blossom. The SMART goals you defined earlier can help you determine growth areas for your business.
Growth is different for every business. While some businesses may be considering expanding to include additional retail stores, others might want to focus on improving the space they are currently in. What does growth look like for your business? Jot down some ideas you have for your business, but start small then expand to larger areas of growth.
Learn more about growing your business
In addition to our online Growing Your Small Business course, we have several business experts that can discuss what growth would look like for your business to help you be successful. First Bank can be a partner in your business – check out our Business Loan options to help with your growth opportunities.