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Businesses fail for a number of reasons. Sometimes bad luck plays a role while sometimes some hurdles come in your way because of a flaw in the idea, inappropriate strategy or failure to deal with the current situation. With the passage of time you will face new challenges but effectively dealing with them will help you survive in this huge world of competitors.

There are many pitfalls along the way to a successful business venture and today we will discuss top most business questions that will help you avoid at least some of them. If you are able to answer these questions then you will be able to stand up in front of the period of crises. These top most business question can help you deal effectively in almost all aspects of your business whether it is about strategy making or business development.

Are you committed to your business?

If you want to run your business successfully then you need to utilize all your time, energy and even money for it. Remember business requires focus and dedication and success comes to those who are eager to follow it with a passion.

How do you value your business?

A value proposition is a performance and price promise that you offer to your potential buyers. If you are unable answer it properly then you do not have a value proposition. If you have a strong value proposition then your customers will be more willing to pay.

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Do you value your Employees?

Remember if your employees are happy with you then they will be eager to work with same passion even in the period of crises. Attracting and retaining talent is critical to so many businesses. You should be able to offer the right benefits package to your employees. If you value your employees, they will value your business!

Do you have enough capital?

Having enough capital is negligible for the survival of your business. You will not be able to generate much revenue in the startup phase of your business and you need to have enough capital at the back end to meet with the current expanses of your business. Your business should not run out of cash before it is stable enough to generate enough profits for you. A number of options are available to finance your business such as credit cards, bank loans, angel investors, venture capital, friends and family etc and you should carefully plan so as to match the timings of your cash inflows and the outflows.

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What is the Right Price for your Product?

If you are unable to price your product/service appropriately then it can play havoc for your business. Never price too high that most customers can't afford them and never price too low that customers becomes doubtful about it. Analyze your competitors and see how they charge for their offerings. You can also hire a consultant to help you arrive at the right price.

Are you targeting a viable market?

All entrepreneurs are passionate about their idea but unfortunately most of them forget to do market analysis. If a viable market does not exist for your product and you think that you can create one then you are on the wrong way. Never implement your idea if you are not sure that there exists a viable market for it that is large enough to attract investment capital.

Is your Business Scalable?

Scalability is the ability of your product/service to accommodate growth. For a business to be scalable the incremental costs must be decreasing and it must be able to grow even if you throw average resources at it. Both scalable and non-scalable businesses can grow and succeed but only scalable businesses are able to achieve the high goals required to command the market. You can beat your competitors by creating an idea or a model that can scale without constraint, expanding easily and flexibly to handle ever more business.

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