Top Questions to Ask in Research “Discovery” Phase
- Are there many businesses in your industry?
- Can you tell us about local and nationwide competitors?
- Are companies within the industry showing positive growth patterns? What evidence do you have of this?
- How long do you think the positive growth will continue?
- Over the next five years, what sort of growth is expected? How do you plan to take advantage of this growth?
- What does a normal Profit and Loss Statement, or Income Statement, predict for a business such as yours? How can you improve on this?
- Why would you expect your business to be more profitable than this?
- What are your normal expenses? Will these increase or decrease over time? How much are you able to spend?
- What sort of investment have you made in your business?
- What would an average balance sheet look like within your own industry? Is this what you would would expect from your business? If different, explain why this is the case.
- How profitable are other business similar to yours? Can you show their profitability? Explain differences between your businesses and theirs, also why yours is an improvement? Why is it more relevant to the local area?
- Are profits increasing for businesses that are similar to yours? Why do you think this is? What are you imitating in order to make a profit with your business? How are you able to improve on their services?
- By increasing your awareness of local and national competition, growth trends, industry statistics and probability of profit you will benefit yourself and your company, by showing that you are a person with real business acumen.
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