The Two Most Important Questions for Clearly Defining Your Business

Even though your business may already be well established, every business owner and CEO must take the opportunity to stop and consider how he or she defines her business. Not only does it ensure your current initiatives are on track, but it also sets the course for the upcoming years. In order to clearly define or redefine your business, there are two questions you must ask.

What Business Am I In?

It seems like this should be a simple question to answer, but the question isn’t asking what business you think you’re in. Instead, this question should be evaluated in terms of what you do for your customer.

Answer this question as an exploration. What services or products do you offer to them? What makes your business different from your competitors? What needs do you fulfill for your customers?

Start broad and narrow your answer down as you uncover the root of your business as it is today.

What Business Will I Be In If Everything Continues?

While it’s a part of it, this is more than identifying where you will be in two or five years. This question is asking you to consider the world around you and the changing needs or trends. If you don’t adapt your definition of your business, for how long will your business remain viable?

With advances in technology and general cultural changes, consumers’ needs are constantly evolving. Business owners who keep their minds open and their eyes focused on the future will have a better chance of not only surviving those changes, but actually thriving because of them.

By defining your current business and identifying its future path, you can position yourself as the leader in the industry. Forge the path forward through innovative thought and creative problem solving.

Unsure of where to start? Let’s have a conversation about what you can be doing to plan for the future of your business.

About the Author

Craig Korotko is a creative, results oriented C-Suite executive with extensive experience and achievement in creating technology solutions that deliver products and services to the financial industry. As a business coach, Craig Korotko combines his passion for leading small companies and growing them in competitive markets with his ability to lead large cross-functional teams.

In his over 30 years of corporate experience, Craig has worked with startups to Fortune 500 companies with a demonstrated track record of success. He wants to make sure you are not too busy working in your company instead of working on your company. Start the conversation with a simple, complimentary 30-minute advisory discussion. Contact Craig today.

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