5 Business Needs Analysis Questions That Don’t Always Get Asked
Being a CEO brings with it the responsibility to ask business needs analysis questions and identify what changes need to be made for continued growth.
You’re a CEO who’s been with your organization for a long time, and now you think it’s time to audit your business and determine some real business needs analysis questions. It’s important to remember that, to a certain extent, your eyes have become a little bit blind. You may no longer know exactly what your organization needs for it to move forward in innovative ways.
If you’re working in an industry or a certain area of expertise that is shifting because of what’s happening with the digital business ecosystem, internet interruptions or new business models, then making sure you keep on top of your organization is vital. You should constantly be assessing where it sits in relation to your competition, to other industry indicators, to revenue growth, as well as customer satisfaction.
So when you’re asking needs analysis questions about your business, always push yourself to look beyond the obvious and think about things in a much larger context.
The five most important business needs analysis questions you don’t always ask
Taking the time to sit down with your colleagues and partners to analyze your current business and honestly assess its future is a big task. Many CEOs fail to find a viable solution because they tend to ask the wrong questions, or, at least, not the hard ones. In this list, I’ve compiled ten questions that will break through the fascia that’s increasingly stiffened your company’s growth and revenue.
1. Ask yourself, am I holding back the company from moving ahead?
This is the hardest question of all, so I decided to put it first. If you’ve been with your organization for a long time, say twelve to twenty years, there’s always an inkling that maybe your ticket is due to be punched. Of course, you have the choice, so long as there are no majority shareholders, executive committees, or owners above you. And let’s say you decided that, yes, it’s time to vacate. It doesn’t mean right away; it never does. But it could get the wheels turning again and prepare your employees for the next big thing.
2. Have we fully integrated ourselves into the digital business model? If not, then when are we going to and how?
The business needs analysis questions have a way of bringing to the surface the very things you’ve tried to ignore. But that’s good – if that takes place, you know it’s going well. Making a full change into adapting digital business strategies is a fear that many business CEOs have, especially those in older, more traditional industries.
3. What are my competitors doing better than me, that I should be adopting as well?
Nobody likes to believe that the competition is doing better. But if you’re in the same business, chances are you are dealing with the same problems, too. You should really be taking stock of how your competitors are adapting to a changing business climate and try to emulate them in your way.
4. What are the hard numbers and data telling us, even if we don’t want to hear it?
You should think about hiring a specialized accounting firm to fully analyze and assess your financials. To make informed decisions, you have to strip away everything and just sit down with the facts. Listen to what the actual, quantifiable problems are and establish what needs to be done. When it comes to business needs analysis questions, this one will produce the clearest paths to a next step.
5. What are our customers telling us, directly or indirectly?
Have you been tracking your customer interactions over the internet, phone, in person or through direct mail? Your brand may become stale over time. Consumers don’t have much memory or attention span, so constant engagement over multiple platforms is necessary to sustain customer loyalty. Hire a survey company to ask specific questions about your business and what could be done better in terms of customer satisfaction.
Business needs analysis questions needn’t be so obvious
Remember that, as a CEO, you don’t have all the answers. Seek the counsel of those around you, partners and friends. Businesses is a both a science and an art, so you sometimes have to ask more non-conventional business needs analysis questions in order to get to the bottom of what’s going on.
At SophiaThink, we specialize in a whole circle approach to business consulting. This includes strategic planning, organizational development, revenue optimization, change management, and the measurement required to measure every single one of your goals to receive maximum ROI. Schedule a free 30-minute call so we can audit your current situation and get you started on the right path today