Business Development – Questions to ask 5
by Bruce Wade on 29/06/10 at 8:55 am
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The fifth question to ask about a business is: Is this business Sustainable?
The final stage of the first phase of any business comes within the first 3 years. That is a question often never asked and will lead to the slow death of the business taking the once enthusiastic business owner with it.
Sustainability comes in the form of the following areas:
- Can we maintain a positive cash flow?
- Can we maintain a positive growth in our customer base?
- Can we maintain and grow a positive brand reputation?
- Can we continue to provide good service to our customers?
- Is there area to expand our footprint?
- Can we source and keep good staff to maintain the internal standards?
- Have we got a plan to manage the know threats?
- Do we have a close eye on the known competition?
- Are you able to invest in research and development?
- Do you have a plan to increase your skill and knowledge?
All of these areas create a sense of positive business environment that will in effect make your business sustainable. A short fall in any of the above ten will ultimately lead to the downfall and failure of your business.
Bruce Wade is a survivor of the corporate and NGO world, author, speaker, business owner and entrepreneur, Bruce now runs the Entrepreneur Incubator; a member based organisation dedicated to serving those in the trenches of business through coaching, mentoring and leadership education. View more articles by Bruce Wade.
Tags: business, business development
