While this seems like a easy question at first glance, many business owners struggle to define exactly what the answer is simply because it's not uncommon for businesses to be launched based on what the founder wants, not the consumer. Think about the 'why' involved - why do your clients and customers choose to purchase goods and services from you?
While you likely know exactly what your bottom line is each month, quarter, or year, do you really know the ins and outs of where that revenue is coming from?
Knowing where your customers come from is a critical part of your overall success, since it's far more costly to recruit new clients than it is to keep existing ones.
Establishing, and maintaining a competitive advantage is crucial to the success of small businesses - what's yours?
While nobody likes to think about the possibility that they may not be able to manage their business due to injury, illness, or worse, the reality is that there may come a time when your role within your business needs to shift unexpectedly. If that happens, can your business survive?