Page 36 - The Indian EYE 042525

Business Strategy with Hirav Shah APRIL 25, 2025 | The Indian Eye 36

5 Questions Every Business Owner Should

Ask to Transform Their Business

Every business has barriers—whether it’s outdated processes, a lack of innovation,

or market constraints. Identifying these roadblocks is the first step to overcoming them

vations regularly.
• Be willing to pivot when a new op-
portunity or challenge arises.
• Example: Blockbuster failed to
adapt to the digital shift, while
Netflix embraced streaming early,
solidifying its market dominance.
• Action Step: Allocate time every
quarter to review emerging trends
and assess their potential impact
on your business.
5. How Are We Preparing for the Future?
Why It Matters:
HIRAV SHAH • Sustainable growth isn’t just about
today—it’s about building a fu-
THE POWER OF ASKING ture-ready business. This means
anticipating challenges, embracing
THE RIGHT QUESTIONS Markets evolve rapidly. Businesses that don’t adapt to new trends, technologies, or customer innovation, and creating a long-

s a business owner, have you preferences risk being left behind (File photo) term plan.
ever felt stuck—like your busi- How to Future-Proof:
Aness is doing “okay,” but it’s home entertainment by identi- • Invest in technology and skills that
not thriving the way you envisioned? fying the pain point of inconve- 3. What’s Holding Us Back? align with future demands.
Why It Matters:
Growth doesn’t come from working nient DVD rentals and creating an • Every business has barriers— • Regularly revisit your business
harder; it comes from asking smarter on-demand streaming platform. whether it’s outdated processes, model to ensure it remains rele-
questions. By asking the right ques- • Action Step: Conduct regular a lack of innovation, or market vant.
tions, you unlock new possibilities, feedback surveys to ensure you’re constraints. Identifying these road- • Example: Tesla’s focus on electric
identify hidden gaps, and set a clear aligned with your customers’ evolv- blocks is the first step to overcom- vehicles and renewable energy
path to transformation. ing needs. positioned it as a leader in a fu-
ing them.
2. What Does Success Look Like for Us? ture-oriented market.
Let’s dive into five powerful How to Identify Barriers: • Action Step: Identify one area
Why It Matters: • Analyze performance data to spot where you can innovate or differ-
questions that every business • Success means different things to inefficiencies. entiate your business in the next
owner must ask to take their different businesses. For some, it’s • Ask employees and customers year.
about revenue growth; for others,
what frustrates them about your
business to the next level. it’s customer loyalty or market business. Conclusion: Ask, Answer, Act
share. Without a clear vision of • Example: When Starbucks real- • Asking the right questions isn’t just
a one-time exercise—it’s an ongo-
success, you’ll struggle to prioritize ized long lines were discouraging
1. Are We Solving the Right Problem? ing process that fuels growth and
and measure progress. customers, they introduced mobile
Why It Matters: How to Define Success: ordering, streamlining the pur- transformation. When you focus
on solving the right problems, de-
• Every successful business solves a • Break success into tangible metrics chase process and boosting cus- fining success, removing barriers,
problem. But are you solving the (e.g., 20% revenue growth, 50% tomer satisfaction. adapting to change, and planning
problem that truly matters to your customer retention). • Action Step: List the top three for the future, your business is
customers? Many businesses fail • Align your team with this vision so challenges in your business and primed for transformation.
not because their solution is inade- everyone works toward the same brainstorm potential solutions with Start today by choosing one
quate, but because they misunder- goal. your team. question to answer and act on. Trans-
stood their market’s needs.
• Example: Amazon’s vision of “be- 4. Are We Adapting to Market Changes? formation begins with a single step—
How to Evaluate: ing Earth’s most customer-centric Why It Matters: and the willingness to ask, “What’s
• Talk to your customers. Ask what company” drives every decision • Markets evolve rapidly. Business- next?”
challenges they face and why your they make, from logistics to cus- es that don’t adapt to new trends,
solution works—or doesn’t. tomer service.
• Study competitors to understand • Action Step: Write down your top technologies, or customer prefer- The writer is a well known Business
ences risk being left behind.
how they’re addressing the same three business goals for the year Turnaround Specialist, Astro Strategist,
issues differently. and define specific metrics for How to Stay Ahead: and BestSelling Author.
• Example: Netflix revolutionized each. • Monitor industry trends and inno- [email protected]

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