Seven Questions Every Entrepreneur Should Ask When Business is Slow

Business not exactly hoppin’? These days you’re not alone. The economy has definitely made prospects think twice before spending every last dime. And that means times are tougher for many entrepreneurs.

While on the one hand no small business owner wants to be lacking in clients or sales. On the other hand, slow times are a gift because you finally have time to focus on all those tasks you’ve been putting off.

That also means it’s a perfect time to take a long, hard look at your business…To review what’s working and what’s not…And to determine if you’re happy with the business you’ve built, or if you’d prefer it to be something different.

Because when you’re busy, it’s easy to get so caught up in the day-to-day you never have a moment to breathe—let alone do any serious thinking, review and assessment. You’re just charging forward as fast as you can while juggling as any balls as is humanly possible.

Typically, the result is expense creep that results in lost revenues. Or task creep that results in loss of personal time or general unhappiness with running your business.

So today I thought I’d share a few key questions you can and should ask whenever business is slow AND when business is good…

1. What are my current expenses and how can I reduce them? I’ve found phone and Internet bills, Web hosting, and outsourcing are areas that can almost always be trimmed.
    
2. Which marketing strategies or tactics provide the best and worst Return on Investment (ROI)? Remember, just because a tactic brings in leads, sales or clients does not mean it’s making you money. You have to consider the costs as well.
    
3. Which products and/or services bring in the most and least net revenues (IE revenues remaining after expenses)? Sometimes a product or service is a big seller, but isn’t actually a money maker. So you end up spending too much time or money to generate that revenue.
    
4. What tasks take up the majority of my time each day, and is this the best use of my time? There is a big difference between having a busy business, and engaging in a whole lot of busyness. It’s important to track where you’re spending your time and make sure you’re focusing most of your time on the tasks that grow your business or bring in revenues.
    
5. Am I happy with the people I work with and the way my business is going? It’s always easier to stick with the status quo than make changes. But it’s your business and your life. If you’re not happy you need to recognize it then make a plan to improve the situation.
    
6. How can I streamline and simplify what I do, what I sell, or how I sell it? Less is more. For those of us who really want to deliver tons of value this one can be tough. But especially in these days of info overload and never-ending to-do lists, it’s worth focusing on.
    
7. What could I be doing better or differently?

While I know on the surface these might seem like obvious questions, few entrepreneurs ever stop and take the time to answer them. Yet if you do, you may discover that you could have a much more profitable business with much less effort. And we all love that!

These questions just scratch the surface. What other ones do you think are worth asking? Got thoughts on this subject? Please do share by leaving a comment below…