Categories: Advice

Is Your Business on the Right Track? Take the Quiz and Find Out!

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How well do you know your company? You may think you know your company like the back of your hand, but every business owner needs a little reminder to take a look at the big picture. Take the following quiz and think where you’re headed and if that’s the direction you want.

Question: Who are my customers?

Yes, you know who your customers are as you have their order forms saved. But do you REALLY know them? Where do they live? What are their other interests? What websites do they go to every day? The more you know about your customers the better you can customize an experience for them which will make them ecstatic to do business with you. This can lead to more sales and lifelong fans recommending your business to everyone they know.

Question: Where does my money go?

Your business can only grow properly when you’re consistently making more money than you’re pumping out. This may seem obvious, but it’s easy to forget sometimes, especially when we get caught up in buying stuff we may not need. Start tracking every cent that goes out of your business and see how much you’re wasting. You may be surprised!

Question: Why am I in business for myself?

Every business owner has a unique story. Some get into business to get out of the rat race while others want to spend more time with their family. Yet others have a great business idea they know will succeed. Whatever the case may be, it’s important to always remember it. If you don’t, you may end up taking your company in a direction you didn’t expect…or want.

Question: How does the public find my business?

You’ve no doubt undertaken several marketing and public relations campaigns to spread the word about your business. Do you have any idea which ones worked? If not, it’s time to find out, as discovering the road your clients travel to get to you can change the way you do business. For instance, if clients mainly find you via social media, you would want to amp up those efforts rather than continuing to spend money on magazine advertising.

Question: How do people pay me?

This is another question that may seem silly and obvious. Why should you be worried how people give you money? The answer is it’s another way to nab even more sales. If your customers are clamoring for you to take credit card payments and you don’t listen, you’re missing out on money in your pocket.

Question: Where do I see my business in X years?

How far in the future have you thought about your business? Naturally nobody wants to imagine a time where they’re forced to hand over the reins when you have a company that’s your baby. However, it’s important to imagine what your “endpoint” is as it will arrive one day whether you like it or not. The more detailed your plans for retirement, the better off you’ll be when the time finally arrives.

How’d you do on the quiz? Is there one aspect of your business you really need to focus on?

Deborah Sweeney

Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With extensive experience in the field of corporate and intellectual property law, Deborah provides insightful commentary on the benefits of incorporation and trademark registration. Education: Deborah received her Juris Doctor and Master of Business Administration degrees from Pepperdine University, and has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in corporate and intellectual property law. Experience: After becoming a partner at LA-based law firm, Michel & Robinson, she became an in-house attorney for MyCorporation, formerly a division in Intuit. She took the company private in 2009 and after 10 years of entrepreneurship sold the company to Deluxe Corporation. Deborah is also well-recognized for her written work online as a contributing writer with some of the top business and entrepreneurial blogging sites including Forbes, Business Insider, SCORE, and Fox Business, among others. Fun facts/Other pursuits: Originally from Southern California, Deborah enjoys spending time with her husband and two sons, Benjamin and Christopher, and practicing Pilates. Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Deborah, and MyCorporation, have previously been honored by the San Fernando Valley Business Journal’s List of the Valley’s Largest Women-Owned Businesses in 2012. MyCorporation received the Stevie Award for Best Women-Owned Business in 2011.

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