4 Questions Every Entrepreneur Should Ask

If you’re thinking about starting your own business, major kudos to you. You might just be creating the next billion-dollar company!

To make it in the business of business, there are a few questions every entrepreneur should ask themselves from the get-go. We teamed up with some experts to give you the down-low on what to know about being your own CEO.

These experts are the data detectives, the truth tellers, the visionaries and the gurus, all rolled into one. Sound exciting? It is! And guess what? They're accountants!

This knowledge isn't just for some exclusive club – it's totally within your reach! So, if you're looking to level up your business game (or maybe just brainstorm that killer side hustle), then keep reading!

1. Why do you want to start a business?

Starting or running a business isn’t easy. You gotta be ready to put your money where your mouth is and put in some pretty crazy hours to prove to customers, investors and your team that your idea has what it takes to go big. To stay driven, it’s important to work out ‘why’ you started in the first place. What is your purpose? What fuels your business and makes it more than a money-making machine?

Chances are if you’re diving into the business world, it’s because you think you've got something unique to offer, something nobody is doing right now. Accountants spend time working out their own ‘why’ and do the same for organisations to help plan for the future. For example, when Andrew Van De Beek FCA (Fellow Chartered Accountant) kicked off his business, his ‘why’ was all about helping other businesses save cash, so they could chase after their big goals and dreams.

If you’re still brainstorming your business idea, try asking questions like ‘what problems do I find most exciting to solve? ’or ‘what kind of impact do I want to make on the world?’.

2. What is your data telling you? And how can you use it to solve problems?

Top-notch business leaders are world-class data detectives, diving deep into stats like website traffic and shopping trends to understand their audience, figure out what products are killing it, and spot areas for improvement.

But here’s the kicker: just getting a bunch of numbers together doesn’t make a business strategy. What really matters is your ability to turn those digits into goals you can actually do something about. For example, an accountant might see that a particular brand of sneakers is blowing the competition out of the water. That insight might lead the business to load upon that brand or to haggle for a sweeter deal with the supplier.

3. Who are you in a (business) relationship with?

Great businesses nail communication – full stop. It isn’t just about selling stuff to customers (although that's big), but also about finding the perfect way to present your ideas so they click with the right folks.

Awesome accountants rock this kind of communication. They’re pros at taking super tricky info and spinning it into a story or a narrative they can tell to help set a business towards success. If you want to get used to pitching a business idea to a crowd of investors or chatting with a supplier about getting your materials smoother, diving into accounting skills could be a great shout.

4. Where are your strengths, weaknesses, opportunities, and threats?

Unless you’re lucky enough to be the only player in the game, then you’ll be dealing with competition (and if you don’t have competition yet, someone will see you’re killing it and try their luck at something similar). Competition isn’t always a bad thing though – by sizing up the scene, you can flex your accounting skills and whip up an unbeatable and out-of-the-box strategy.

One handy tool for sorting your thoughts on the competition is by doing something called a SWOT chart. This stands for:

• Strengths: What does your business do well? Is it your killer social media presence, your unique product design, or maybe your super-fast customer service?
• Weaknesses: These are the lagging areas – the parts that need an upgrade. Maybe your website is clunky, your marketing isn't reaching enough people, or your production process is slow.
• Opportunities: These are like those awesome in-game events or power-ups. Think of them as new trends you can capitalize on, potential partnerships, or a growing market for your product.
• Threats: These are the glitches in the game – the things that could mess you up. It could be new competition, a change in customer preferences, or even a global shipping issue.

As a bonus tip: use your SWOT analysis to flip weaknesses into strengths, and threats into opportunities. Let’s say you’re running a vintage store struggling to keep up with the convenience of an online shop, you could invest more in the customer experience and the in-store vibe to make it a must-visit spot!

This is a great way to practice innovation and adaptability. Accountants take advantage of opportunities such as new technologies like AI to analyse data quicker, which frees up time to do more in-depth thinking. Or they can deep-dive on data to spot sneaky challenges or threats, so that they can create solutions to help companies smash their goals.

So, the next time you brainstorm that brilliant business idea, remember the accounting crew behind the scenes. Their skills are the secret sauce that turns dreams into reality. Wanna learn more about how accountants make change and help companies achieve their goals? Then head on over to Business Class! It’s a free short tutorial on everything you need to know to run a business.