Reported by Ryan Brennan
People who create and run their own business will often run the risk of being under much heavier pressure than they can handle. From the moment a business is started, time flies by because you become so busy. Before you know it, months and years have gone by, and you have failed to ask yourself one simple question: How am I doing?
The moment you become the owner of a business, you are given quite a load of responsibility. It then becomes important to constantly assess your business. You need to know where your company stands, what your goals are, how you’re going to reach those goals, and choose the least expensive route. Many people fall under the impression that business planning ends after you make your initial business plan. However, in order to run a successful and organized business, you need to continuously update that business plan according to the needs of your business.
Listed and explained below are three questions that entrepreneurs should ask themselves at least four times a year. In a perfect world, asking these questions on a monthly basis will bring the best results.
Does my business make a profit?
It’s important that your business makes a profit. After all, that is one of the main reasons you create a business. In addition to this, you need to also make sure that YOU are receiving a good enough return for the time, money and effort you put into your business. Even further, you need to make sure your employees, staff and other stakeholders are happy with the money they are making.
What is said about me?
Another important question to ask yourself is how your employees feel about the organization you’ve built. Even more important, you need to make sure that your employees feel good about YOU. As their boss, it’s nice to relate to them and connect with them. Your entire team, from top to bottom, must be on the same page at all times.
Am I satisfied?
Passion is one thing that could drive you and your business to success. That’s why it’s necessary to constantly assess your dedication to your company. Are you continuing to grow as a person? Can you accept the necessary changes you need to make to continue to grow? You must always be satisfied with your current standing, but always remember that you have more work ahead of you.