A few years ago we came across Forbes' The 23 Most Important Questions in Business and it really resonated with us.  It is now a number of years old but it is still a handy gut-check. The first 12 questions go over the basics such as strategy and financing. The next 6 questions cover operations, management and personnel. The final 5 questions deal with growth and how to maintain growth. If you'd like to dive into the nuts and bolts of the original article, you can view it here. In the meantime, below is the quick & dirty synopsis:

  1. How committed am I? This question requires complete honesty. If you are not 100% committed then success will be illusive. The reason for that is because the measure of your commitment is directly related to your motivation and your motivation is related to success. Be honest. If you have questions about your commitment, it might be best to walk away.
  2. What's my value proposition? A value proposition is a clear and simple statement about why your clients and customers should spend their money on your products or services over those of your competition. 
  3. Am I clearly communicating my value proposition? Don't use jargon. You should be able to express your value proposition in 3 sentences that can be understood by a 5th grader, your grandmother, and your ideal customer. Your value proposition should make people care about your product.
  4. Is my product/service a real business? Can you make money? Can you define and dominate in a particular market? Most importantly is your biz scalable. Scalable products/services are the most successful.
  5. What differentiates my product from the competition? Does your biz have a competitive advantage. In other words, can your business deliver more value than your competitors in terms of lower prices, better design, instant gratification or other tangible metric.
  6. How much power do my customers have? Customers are important but you can't be too dependent upon too few. Do your customers have so much control that they can drive your prices? If so, that can be a problem.
  7. How much power do my suppliers have? Reliance upon one supplier can lead to troubles. A single source supplier can demand a higher price or in the alternative if your single source supplier runs into troubles so do you.
  8. Does my business have a moat around it? A moat is what protects you from competition. It could be patented technology or heightened brand awareness.
  9. What’s my appetite for risk? There are all types of businesses and each has a different level of risk. Be honest about how much risk you are able to assume and still sleep at night.
  10. What’s the smartest way to fund my operation? How are you going to get your money? Using your own money is the simplest way. Using other people's money is trickier but can be necessary.
  11. Am I outsourcing the right tasks? You can't do everything and you shouldn't do everything. Devote your time to what you can do best and generates the greatest ROI. Look at the cost/benefit of outsourcing other tasks.
  12. Who is my role model? Who in your industry is doing it right? Look to success stories when setting your goals and standards.
  13. Am I measuring the right things? This is the secret sauce. Look beyond the financials to gain true insights about what makes your biz successful. Look at things such as response times or meeting requests or the timing of sales to repeat customers.
  14. Do I have the right people? This is one of the top three concerns for every successful business. You might need to fire people you like and hire people you don't like as much. Find an outside advisor that you trust and listen to what they have to say.
  15. Are incentives aligned with business goals? You inevitably get what you incentivize. Create a compensation strategy that helps you meet your goals. Remember to ask your team how they are doing and remember to say "Thank you."
  16. Do I have the right customers? Initially most businesses take any customer that walks through the virtual front door. Eventually, you will know what customers are the best to work with and what customers should be waving a big red flag. Build relationships with your good customers and try not to devote too many resources to troublesome customers.
  17. Are my assumptions still reasonable? Assumptions aren't dreams and aren't goals. They are reasonable guesses about what will happen in the future. Constantly reassess your assumptions. Setting your assumptions in stone is a big mistake.
  18. Do I have a good lawyer? This is pretty self-explanatory and you can't be afraid of asking your lawyer questions. Understand up front about how your lawyer bills so there are no surprises.
  19. Am I truly harnessing technology? There tons of websites vying for the same business. You need to make your website stand out or at the very least make it easy to understand. Make the navigation clear and don't hide your contact information. Are you taking advantage of the huge potentials offered by social media platforms?
  20. Am I thinking big enough? Think big, think really big. Think about potential markets and applications. Spend some time thinking about the outer limits of your potential.
  21. Can the business function day-to-day without me? If you want to run a growing company the answer to this question needs to be - YES.  You need to have dependable people, systems and processes in place. You can't be the hero of the business.
  22. Am I avoiding the tough decisions? The more successful you are, the more you desperately don't want to appear foolish. The fear of looking foolish can lead to a paralyzing indecision. The fear of shame is useless so let it go. 
  23. Am I burned out? Make sure you are having fun. If you are no longer enjoying your biz, it is time to look for an exit. Burn out is a success and health crusher so look for signs. 

Keep these questions handy. Make note of your answers. We go back to them year after year and it is remarkable how our answers change.