7 Fundamental Business Questions - Management Questions

Why does your business exist? This question reveals your true purpose. It is the most powerful question, and all other questions revolve around this nucleus. Go beyond just products and profits in expressing your purpose. What is your company’s unique value contribution to the world?
Which business are you really in? This question implies a choice among alternatives. Choosing wisely depends on the linkage you make to your core ideology. In exploring alternative choices you have for your business, identify which central theme will remain a predominant driver of your decisions. This answer may lead to a fresh examination of opportunities to pursue.
Who are you? This question focuses on your people and brand. Building great brands begins with your own expression of what you stand for, reinforced by the perspective of your customers. How do you describe who you are? How does the marketplace describe who you are? Decide which aspects of your identity will remain constant and which aspects will evolve over time?
Where is your business headed? This question addresses your vision and future market position. Ten years from now, where could your business be positioned? Engage your executive team in “painting the canvass” of your future. With this end in mind, work backwards to determine what it takes to get there.
What are your company’s most important goals? This question demands measurable results over a set timeframe. What single goal, with a metric and timeframe, is moving your entire company to action?
How will you achieve your goals? This question deals with a process or methodology. How do your business processes directly support your goals? Which areas need to be strengthened or eliminated?
When will you take steps to address critical issues facing your business? This question addresses the timing of taking action. Create a storyboard so that you know how each action step will lead to your desired outcome. What is the sequence of steps your team must take in order to address the critical issues in your business?