Three Questions You Need to Answer In Business
The fundamental component of business is money. That is business in a nut-shell, income opposed to outcome. For people who say business is nothing to do with money, they’re more than likely talking about charity. Most businesses are based on money, this doesn’t mean they are hungry for money or deceitful to make money but service usually commands money. What we look at today are three questions you should be able to answer in your business.
1 How will I get paid?
If you are providing a service and you are open for business, you’re more likely than not expecting money for your service. This is probably the most important question in business because every business owner wants to now how they will get paid. If you don’t know how you will be paid or have not setup a means of payment you have a serious problem. You must rectify this issue immediately. I remember when I started a business, one of the first things God told me to do was setup a bank account. I wavered and didn’t do it early on. Months down the line I asked God why I hadn’t made any sales and just had interest. God replied to me “how can you be paid with nowhere to take payment?” I was shocked by the simplicity of his answer but it made sense. I then hastened to open a bank account and upon doing this, I saw the drastic change. People had now begun showing more interest, talking about how they could pay me etc. Learning how you will be paid is essential and also relaxes the mind.
2 How much will I get paid?
Knowing how much you will get paid is vital, it outlines how many products you need to sell to make money, how many times your service is required before you make money, it may also outline what direction you go in when working. It also allows you to see into the future and plan how you may reach certain financial targets. If you know how much you are going to be paid in advance, you will know if you need many sales or few. This could come down to a cheap product or a high-value product. I remember listening to an audio of Brian Tracy speaking and he something valuable to me about marketing. He was discussing the quickest way to get to a target. He merely said, if you want to sell a million copies of anything, the easiest way to do so is sell 1,000,000 to one person. It makes sense! Find someone or something who has one million people and sell to them.
3 Is there a way I can get paid more than once?
The only thing better than money being paid on a one-off basis is recurring payment, money being paid continuously. Is there a way in your business you can be paid more than once? Either you provide a service which keeps your customers coming back, or your service is more than a one time payment. Look at phone companies for example, they charge a monthly fee and this guarantees them money every month, that is a comfortable feeling and place to be in. TV subscription providers, Educational institutes, you name it. There are many companies out there benefiting from this setup. It is the most secure feeling for a business to know money is as close to guaranteed as it can be the next month.
These are three questions you can consider in business.