5 Questions to Help Define Your Business Focus
Sometimes we can struggle to get clarity when there is so much to deal with. We can all fail to see the wood for the trees, and when we have an exhaustive workload, learning how to focus our business efforts can seem like one of the biggest challenges. But here are a few things to ask when you are struggling to find or clarify your business focus.
Do You Know What Actually Drives Your Business?
Do you have an actual strategy? Because if you are only planning over the next year, there’s so much that you are missing out on. You need to look at future changes for your business environment and this is why you always need to go back to your core values, your big goals, and your purpose. Many startups are trying to get over the short-term hurdles but the reality is that the long-term is just as important, especially when it comes to funding. While you might be looking for grants for startups from many resources, the fact is that it’s not just about short-term fixes, but about understanding those all-important long-term goals, which is why you need to figure out what actually drives your business.
Are You Ignoring the Company Culture?
Many organizations don’t give it as much credence as they think they should. As important as it is to have a strategy, you’ve got to show your culture aligns with your long-term goals. The right culture can foster an amazing structure. Because if you are running a number of teams and they don’t understand the bigger picture, it will not result in a favorable outcome. Culture starts with those individual teams that you can bring together to create a solid structure.
Are You Using Metrics in the Right Way?
You may know what your revenue numbers are, but if you don’t have an idea of what underpins that profit, metrics can be a major solution. When you start to dig deep into the metrics, you might understand the areas that are not serving you well. You might find that certain clients or customers are losing you money and digging into the metrics allows you to focus your efforts on the clients that really matter.
Do You Know What Makes You Money?
It may sound like a simple question, but you really need to understand the biggest driver of profit in your organization. Because if you look at the key drivers of your profit and you actually make a small increase in the price, literally 1%, you might be surprised as to how this can improve your bottom line and help you to deal with the challenges in running a business.
Can You Do Fewer Things Better?
So many people starting a business think they need to do more, but the reality is that so often if you want to make progress you need to dial things in. When you start to identify just a handful of priorities over the next few years, you will have at least 80% of your business in place. If you ever don’t know where to focus your business efforts ask yourself any of these questions.