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6 Questions Entrepreneurs Need to Ask to Grow a Business

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Business Questions

If an entrepreneur is asked what they are looking for, they will inevitably say, “Ways to grow my business.”

Success does not mean standing still. Growth is the key to staying successful in the business world.

In order to make forward progress and grow as a company, there are several questions that a business owner must ask themselves.

1. How can we increase the number of sales leads?

One simple solution is to focus only on the lead generation tactics that are actually working. Look at what is bringing in the most leads.

Social media is becoming one of the most powerful lead generators. Business owners should look at which sites are returning the most sales leads for the company and start putting more effort on those sites rather than spread themselves out over several channels that don’t produce as well.

The same goes for other forms of advertising. If more customers are brought in because of print ads or radio air time than online activities, focus needs to be shifted to more of those activities because they are proven to be successful.

2. How can we see more conversion?

To see higher conversion rates, improvements need to be made in the sales process. Find out where there is a breakdown and fix it.

The company needs to look at each step in the process and identify the key conversion points. By identifying problem areas, it is easier for the owner to see where changes need to be made in order to find out what works best for conversion.

3. How can we sell more per customer?

Most of the time, people are looking to buy a single product. What really helps to grow a business is to get more products out to the people who are already taking the step to buy from the company.

Many companies offer bundles, both for products and services. Businesses should look to putting together packages of merchandise that offer a great value to the customer, be ready to up-sell or to offer add-on items that make sense for the product being sold.

4. How do we get more repeat business?

Business owners need to take a look at the way their customers are buying. Is there a recurring need for the product/service that is offered? If so, how are they letting the customer know how often they need to return?

5. How do we raise our gross profit margin?

Simply put, a business has to decide between lowering the cost of the goods being sold or increase the price to the customer in order to see an increase.

6. How do we reduce operating costs?

Here, a business owner needs to look at what the costs are to run his/her business today. Then, look at each area and see where cuts can be made.

Are there people working for the company who are redundant? Is every person performing an essential duty? Can those duties be assigned to other staff in order to cut away an extra position?

Can the business be moved to a building with lower rent? Has the owner looked at different service providers in order to find one offering a better rate for things like phones and internet, cleaning services, couriers?

Staying on top of the things that are costing the company money is a good way to see what things can be cut or reduced, which will lead to a higher profit in the end.

Looking for specifics for your business?

Wondering how you can capitalize on these tactics? FocalPoint Coaching teams up with the Ventura Chamber of Commerce to bring you the Success Series. Next up in the series on June 15: Achieving A More Profitable Business – the Way to Wealth.