Vanda Tanner Top 5 Business Questions
Vanda Tanner, the co-founder of the OMG Hair & Beauty salons, gives 5 useful questions for businesses to ask themselves
It's tough out there for businesses, but in order to succeed, there are a number of key questions you should be asking yourself as a business owner.
Here are my top 5 questions to help you and your business:
Do you know your customers? Never think that you know what they want. ASK them! Costs can be kept down by making it a verbal survey, or a simple one page questionnaire. Survey monkeys also a good online tool that you can use.
What is your strategy? If you are unclear as to where you are heading, you will find it harder to make decisions and choices about your business. Set your vision up, think about where you want to be in 5 years time. What are your company values and goals? What does success look like for you?
What are your competitors doing? It's a tough market out there for everyone. You need to understand where your company/service/product is positioned out in the big world. What is your USP?(unique selling proposition) What can you do better, quicker or cheaper?
How good are you at delivering excellent customer service? Again, do not think you know the answer to this! Ask your clients. Mystery shopping is an excellent way for you to get honest, real-life, un-staged feedback about how your business operates and most importantly, how your team is performing.
Control your costs. Do you truly know which is your most expensive product or service? How much wastage occurs in your business? Do you regularly seek more cost efficient suppliers? Do you know what's in your stock cupboard!!
How much excess are you carrying?! Cost control is a biggie, but take one step at a time. Firstly understand your costs, then challenge and review them, then change them for the better!