Questions to ask yourself about your business
The problem may not all be with the economy 'out there.' Here are some steps to self-diagnosis.
BY JACKIE HARDER
Keys Sunday
So how's business? Could be better, you say? Sorry to hear that.
What seems to be the problem?
Oh. The economy stinks. Everyone's hunkering down. People are afraid to spend money, preferring to wait until everything gets better or at least more stable.
Feel better? Are you finished pointing the finger?
Good. Now let's turn that finger 180 degrees and look at some other reasons for your less-than-stellar business.
Think long and hard. Write down your answers.
BUSINESSLIKE ATTITUDE
Why are you in business?
What expertise do you bring to the table? Where do you lack? What are you doing to fill in those blanks?
Do you keep to your posted hours? Or is the door still locked an hour after the sign says you'll be open?
How many people do you need to get the work done? Does that number match your current workforce?
What tools -- including training, technology, information, support and equipment -- do your people need to get the job done?
What is your staff is telling your customers and vendors about you and your business? What's your rule for returning calls and e-mails?
How do your customers feel when they come into your shop?
Are you selling the right thing? Is your price right? How can you figure out the right product, the right price?
PERSONAL ATTITUDE
What's your personality? Surly, short-tempered, fault-finding? Happy, cheerful, upbeat, positive?
Are you too friendly? Are you making friends at the cost of making money?
How do you treat people? (I walked into a business recently where the owner was actually yelling at his customers.)
Do you answer the phone with a smile in your voice?
Are you as good as your word?
Do you over-promise and under-deliver?
Are you clean, well-groomed and dressed appropriately for your business?
MARKETING
Who are your customers?
Why should these people do business with you instead of your competitors? What do you offer that no one else offers?
Who are your competitors? (Think globally in this Internet age.)
What is your marketing plan? What is the budget for your marketing plan? How do you determine how much you should spend?
Does anyone know you exist? How do you tell them? How often?
PHYSICAL PLANT
Where should your business to be located?
What does your shop look like?
Is your product displayed well? Do you have enough on hand? Do you have inventory you've already paid for that's getting climate stains in the back room?
INCOME AND OUTGO
How much money you need to make, including enough to sock away for retirement?
What's your business budget? What's your plan if you're spending too much money or not making enough or both? What's Plan B?
Where are your numbers out of whack? What can you do about them?
How often do you look at your profit-and-loss statement?
How do you decide what to buy for your business?
How will you deal with the unforeseen?
After reviewing your answers, ask yourself this: What is the most important thing I should be doing now to improve my business?
A coach can help you get there.
Do you have a thorny workplace or personal issue you'd like to resolve? Send your questions to jackie@key-dynamics.com.
Jackie Harder owns Key Dynamics, a coaching, training and consulting company in Key Largo, and is president of the Key Largo Chamber of Commerce.
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