Questions for Businesses in a Changing Economy

QuestionsI was reading an interesting post by Deborah Chaddock Brown on the OPEN Forum by American Express called Economic Recovery Lies in the Hands of Entrepreneurs. Essentially, she’s pointing out the advantages small business owners have of being able to be more nimble and responsive to changing conditions than large, bureaucratic corporations are. Yet what I really liked is her list of questions that entrepreneurs might ask:

[Excerpted from Economic Recovery Lies in the Hands of Entrepreneurs]

Surviving the next 18 months will require an honest review of how we do business, with whom we do business and even what our business looks like. I would suggest that we all take a good long look in the mirror and ask:

  • What am I known for in the industry?
  • Does that still have value in light of the current economic climate?
  • Has my ideal customer changed?
  • Has what my customer requires changed?
  • Does my customer seek information in different venues than they did 12 months ago?
  • Does my pricing structure meet the needs of my customer or do I need to offer ala cart options and alternative payment plans?
  • How have I marketed my business?
  • Is that still an effective vehicle?
  • Have I embraced social media?
  • How can social media help my business?
  • Are there products and services that I offer that no longer make sense?
  • Is there a different line of products or services that will more effectively meet my customer’s needs?
  • What training do I need?
  • Who can I partner with to provide more value to my customers?
  • Is bartering an alternative solution that makes sense for my business?
  • In what circumstance?
  • If my goal is to not only be in business 12 months from now, but to be a thriving, growing business; what one thing do I need to change today to make that happen?

These are very empowering questions to ask yourself. If ever there was a time to ask, “What might I do differently?” THIS is that time. As stressful as it is, there’s also a feedom that can be found by embracing new ways of doing things. These questions are a great way to fire up a brainstorm!

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About the Author

Jaya Savannah - Chief Inspiration Officer. Strategy Coach for Holistic Businesses. Trainer, speaker, and writer. Spiritually aware, yet street smart. Elephant lover.