7 Crucial Business Questions To Ask Yourself And Make The Business Strategy Even Better
Published on 2020-12-31 by Ching Chieh Li.
2020 is about to end. We work very hard toward our goals and reach the final day of the year. Give yourself a big hand for standing through endless work from home time and never-ending online meeting time. 2021 is going to be a better year for your companies. Let’s have some self-reflection time to look back on this year. Here are the chosen questions for your business strategy. Questions have the power to stimulate and you may have more innovative thoughts. Take your favorite drink, several pieces of paper, and take as much time as you need for each question.
What is your unique value proposition?
Every product has its unique characters.Unique value proposition (UVP) is the tool to differentiate your products from competitors. UVP is not a simple slogan. UVP is the reason why customers should purchase your products. You can also pay close attention to your competitors to form your UVP. For example, what kinds of words they use for describing their products and what elements make their products different from yours? After conduct the competitor research, you can find the best-suited words for describing your UVP. The following questions may inspire you to have a more specific unique value proposition.
- How would you describe your product?
- What are the main reasons for your customers to use your products?
- Do they need to solve any specific problem? For example, people drink coffee because they need to stay awake in the morning.
Who are your customers?
The target audience is the people who have the biggest possibility to purchase your products. You want to reach those people and encourage them to use your products. Take a look at your target audience information and compare them with your customers’ information. Do you see any difference? For example, if your target a certain group of audience but the real customer are at another group. Then it is better to modify your business strategies accordingly.
Does your customer know your UVP?
We have UVP and target audience information. We can check if you convey your UVP clearly to your customers. In fact, customers shall know those features clearly when they think about your products. Your customer may use different words to describe your product. Your UVP should adapt to their language and the usage of words. There are various ways to check it such as surveys, talk with the customer online, and follow your social media. If you want to conduct a survey, SurveyMonkey is a useful tool to do it.
What are your company’s milestones in 2020?
There are different types of milestones. The milestone can be higher sales figures, provide a better experience for your customers. Look back this year, what are your company's milestones? We feel joy after identifying the milestone and surpassing the challenge. Those joys make you feel happy and have the power to continue working.Give yourself and your colleagues a nice break to celebrate those moments at the end of the year.
Can you have a better way to achieve those milestones?
After celebrating the achievements, you can also think if you can achieve the milestones in another way. You might encounter certain limitations at that moment and had to perform it in another way. For example, you can outsource some works and focus on developing more functions for your products. If you would like to know more about outsourcing, please click here.
If you have endless resources, how would you use them?
Sometimes we have to accept the reality and make adjustments accordingly. Let’s assume if you have endless resources, how would you use them in your business? Would you purchase more types of equipment or send more advertisements? Take a piece of paper and write how would you use it. After checking the list, what are the reasons that stop you from doing it?
Setting goals for 2021
Now we have a list with milestones, how you would like to use the resource, and the limitations. We can use the list to set goals for the next year. List down what your business wants to achieve in 2021. We will review this list with you again at the end of 2021. List down 10 things that your business must achieve in 2021. And in order to reach them at the end of 2021, what you must do in the next three months? To achieve those goals in three months, what you must do next month? If those goals sound too hard to achieve, you can try the 10 minutes method. We all feel scared to step toward the goals right away. Instead of spending all day, you only spend 10 minutes doing it. You can finish it after 10 minutes. Our minds feel less scared to act on new goals with 10 minutes method.
2020 is about to finish. We catch the last moment of 2020 and ready for a better year. You can build an even better business strategy with clear customer information and UVP. Milestones help you understand your achievement and set goals for the next year. 2021 is going to be a better year. Happy New Year. We wish you all the best. See you in 2021!