Business Strategy with Hirav Shah Every business has barriers—whether it’s outdated processes, a lack of innovation, or market constraints. Identifying these roadblocks is the first step to overcoming them
The Power of Asking the Right Questions
As a business owner, have you ever felt stuck—like your business is doing “okay,” but it’s not thriving the way you envisioned? Growth doesn’t come from working harder; it comes from asking smarter questions. By asking the right questions, you unlock new possibilities, identify hidden gaps, and set a clear path to transformation.
Let’s dive into five powerful questions that every business owner must ask to take their business to the next level.
1. Are We Solving the Right Problem?
Why It Matters:
Every successful business solves a problem. But are you solving the problem that truly matters to your customers? Many businesses fail not because their solution is inadequate, but because they misunderstood their market’s needs.
How to Evaluate:
- Talk to your customers. Ask what challenges they face and why your solution works—or doesn’t.
- Study competitors to understand how they’re addressing the same issues differently.
Example: Netflix revolutionized home entertainment by identifying the pain point of inconvenient DVD rentals and creating an on-demand streaming platform.
Action Step: Conduct regular feedback surveys to ensure you’re aligned with your customers’ evolving needs.
2. What Does Success Look Like for Us?
Why It Matters:
Success means different things to different businesses. For some, it’s about revenue growth; for others, it’s customer loyalty or market share. Without a clear vision of success, you’ll struggle to prioritize and measure progress.
How to Define Success:
- Break success into tangible metrics (e.g., 20% revenue growth, 50% customer retention).
- Align your team with this vision so everyone works toward the same goal.
Example: Amazon’s vision of “being Earth’s most customer-centric company” drives every decision they make, from logistics to customer service.
Action Step: Write down your top three business goals for the year and define specific metrics for each.
3. What’s Holding Us Back?
Why It Matters:
Every business has barriers—whether it’s outdated processes, a lack of innovation, or market constraints. Identifying these roadblocks is the first step to overcoming them.
How to Identify Barriers:
- Analyze performance data to spot inefficiencies.
- Ask employees and customers what frustrates them about your business.
Example: When Starbucks realized long lines were discouraging customers, they introduced mobile ordering, streamlining the purchase process and boosting customer satisfaction.
Action Step: List the top three challenges in your business and brainstorm potential solutions with your team.
4. Are We Adapting to Market Changes?
Why It Matters:
Markets evolve rapidly. Businesses that don’t adapt to new trends, technologies, or customer preferences risk being left behind.
How to Stay Ahead:
- Monitor industry trends and innovations regularly.
- Be willing to pivot when a new opportunity or challenge arises.
Example: Blockbuster failed to adapt to the digital shift, while Netflix embraced streaming early, solidifying its market dominance.
Action Step: Allocate time every quarter to review emerging trends and assess their potential impact on your business.
5. How Are We Preparing for the Future?
Why It Matters:
Sustainable growth isn’t just about today—it’s about building a future-ready business. This means anticipating challenges, embracing innovation, and creating a long-term plan.
How to Future-Proof:
- Invest in technology and skills that align with future demands.
- Regularly revisit your business model to ensure it remains relevant.
Example: Tesla’s focus on electric vehicles and renewable energy positioned it as a leader in a future-oriented market.
Action Step: Identify one area where you can innovate or differentiate your business in the next year.
Conclusion: Ask, Answer, Act
Asking the right questions isn’t just a one-time exercise—it’s an ongoing process that fuels growth and transformation. When you focus on solving the right problems, defining success, removing barriers, adapting to change, and planning for the future, your business is primed for transformation.
Start today by choosing one question to answer and act on. Transformation begins with a single step—and the willingness to ask, “What’s next?”
The writer is a well-known Business Turnaround Specialist, Astro-Strategist, and Best-Selling Author
Email: [email protected]
