As a business growth consultant, one of the things I enjoy most is being able to help businesses from all sorts of different industries grow and scale.
In this post, I’ll be sharing a 70 question assessment to help you identify low-hanging fruit in your business and maximize your profits.
This is the exact framework I use with new consulting clients to identify quick wins, multiply results from existing advertising campaigns, and find hidden profits in their businesses.
Each question is intentional and has the potential to help you increase profits as soon as this week. Just the process of answering the questions will help you dramatically improve your marketing efforts, which is similar to paying a highly skilled consultant thousands of dollars to help you 1:1.
My recommendation is to print this out and take your time filling it out. Pretend it’s something you paid for, as the time you devote here will have a big payoff for you and your business.
You’ll likely not be able to answer every question, and that’s perfectly fine. No matter how much experience or success you’re currently having, you’ll likely discover gaps in your current business strategy and marketing efforts. Keep in mind that the questions hardest for you to answer are the most critical and have the highest potential to boost your profits.
I’m confident that if you take it seriously, answering these questions will lead to exponential growth and transform your business. Regardless of your industry, I believe you’ll walk away with a lot of value and a business makeover.
Let’s get started.
Growth Consultant Assessment: Business Makeover
1. What is your #1 priority that you hired me to help you with?
2. What is your target market and how did you arrive at it?
3. Describe your perfect client. What do you know about them?
4. How many active customers do you have? Exactly what kind of data do you have on them?
5. How do you capture the names, addresses, and phone numbers of all your customers and prospects?
6. Which methods do you use to stay in touch with existing and past customers?
7. What products/services do you currently offer? Have you ever done analysis on which provide the highest contributions to your bottom line?
8. What has your business done in revenue & profit over the last 3 years (ballpark is fine)?
9. What need do you fill in the customer’s mind?
11. Who are your five strongest competitors and why?
12. Why have your current customers chosen to do business with you instead of the competition?
13. What unique benefit sets you apart from your competition (unique selling proposition)? What can your clients get from you that they can’t get from anyone else?
14. What are the biggest complaints people have about your industry?
15. What is the most common objection you hear from someone who doesn’t purchase from you?
16. What changes do you see taking place in your industry over the next five years?
17. What is your guarantee or way that you remove risk from your client’s purchase? How do you let them know about this?
18. Tell me in three sentences or less why I should do business with you instead of your competition.
19. Do you know the top 3 reasons why prospects don’t buy from you?
20. List what your product/service brings to a customer or client. Please provide a very specific, measurable, and detailed explanation of the following:
– Prestige factors:
21. What types of advertising/marketing are you currently using in your business? What percentage of business comes from each?
22. What is your advertising budget and how is that divided up into the methods you’re using?
23. Do you track all your results so you know exactly how many leads/sales are being produced by each method? If so, how much do your leads/sales cost you from each method. If not, why not?
24. What has been your best lead/sales generation method to date in your business?
25. Do you know where your biggest growth or profit opportunity lies?
26. What do you do with leads who don’t purchase from you?
27. How much income do you currently regain from using your unsold leads this way?
28. What has been your best offer which has generated the most new clients in your business? How often do you use this offer?
29. How could you make this offer even more irresistible?
30. If you had as much money as you wanted, what would you do to improve your marketing? (i.e. what is your biggest marketing problem or challenge today?)
31. What is the average purchase amount on the first sale to a new client?
32. How do you utilize an upsell of some type to bump up the average first purchase amount?
33. Do you have a systematic, ongoing follow-up system you follow and put into action for every prospect and first time buyer you acquire?
34. How do you segment and follow-up on your buyers for additional backend business?
35. If you do segment customers, what is your most profitable customer segment?
36. Do you currently offer any type of frequent buyer/membership/discount card type program for your VIP customers? If so, what is it? If you don’t, why not?
37. What types of information or content do you provide to prospects/clients which is not of a direct sales nature (for example: articles)?
39. How do you deal with customer complaints when they occur?
40. Do you have a reliable system of collecting and creating client testimonials / success stories?
41. Have you trained your staff to collect testimonials from clients when they say good things about your business? If so, how do you collect these? If not, why not?
42. What types of strategic alliances have you created to refer customers to other businesses…and for them to refer their clients to you? How many do you have in place?
43. What products/services do your clients purchase right before, during, or after they do business with you?
44. What suppliers or other businesses profit whenever you’re wildly successful (if any)?
45. What is the customer lifetime value of a new client to you? This is an estimated amount of how much they spend with you over the entire lifetime of doing business with you.
46. How do you contact and reactivate clients who haven’t purchased recently from you?
47. Do you currently have formalized systems where you ask clients to refer others to you? If so, what are they? How many different methods do you use?
48. How are clients rewarded for referring others to you?
49. As a percentage, how much of your business comes from referrals?
50. What tools or gifts do you provide your clients with to help them refer others (could be information, discount coupons, gift certificates etc.)?
51. How many referrals does the average client send to you currently?
52. What makes you passionate about your business? What part of the work do you do which really energizes you?
53. Describe what you would consider the perfect work day from your viewpoint.
54. How many hours a week do you currently work in your business?
55. How many of those hours are spent working ‘in’ the business doing the day to day chores, dealing with customers, and fulfilling your products/services?
56. How many of those hours are spent working ‘on’ the business by creating systems, marketing pieces, and training manuals?
57. Could you use technology to reduce your workload in any way (example: email filters and autoresponders to dramatically reduce email time)?
58. Of your weekly work, how much of it could you train someone else to do and handle for you? How many hours would you save?
59. How could you outsource some things you are your staff currently do to reduce workload at your office?
60. Do you have a manual for your employees to understand their responsibilities and exactly what they should be doing every day? Have you given them specific step-by-step directions through manuals, videos, or pictures?
61. What incentives do you give your employees for doing an excellent job?
62. If you had as much money as you wanted, what you do to improve your product/service and what impact would that have on your customers?
63. Where does most of your business come from?
64. Explain, realistically, how much more business can you add without having to add any more people, equipment, service, or space.
65. How readily available are the physical materials that you would need to grow this business?
66. What kind of talent do you need to grow this business, and how available is it?
67. How strong are the standard operating procedures, systems, and processes in your business?
68. Is your service much simpler, more useful, and elegant than all of your other competitors?
69. How does the pricing of your service compare to your competitors?
70. Have you ever tested raising your prices? If so, what was the result?
Internal Growth Strategy: Why This Works
The themes I’ve emphasized in this assessment are the most common issues that I see from the business owners I work with. While it’s not personalized and tailored to your specific situation, I’m confident that a great deal of these strategies will still apply to you.
Bringing in an outside consultant can often provide breakthroughs, because it’s easy for all of us to get very deep in the specifics of our day-to-day business. Someone with an objective perspective can often add a lot of value by simply thinking differently and challenging assumptions.
One truth I realized early on is that most businesses often have the exact same problems, regardless of their niche, industry, or target market.
While your business is unique, these marketing principles have been proven to work in each and every type of business. Keep an open mind and think about which strategies can make the biggest difference for you.
Profitable Growth Through Taking Action
There are an infinite number of ways to increase profits in your business. The key is to be strategic and to take action on the levers that will have the greatest positive impact.
I hope this assessment has served as a helpful tool in identifying areas of opportunity for you.
I’ve decided to share this assessment for one purpose only – to help you systematically increase your profits. If this can help one person transform their business, I’ll consider this a success.
If you’re interested in more posts like this in the future, let me know in the comments. I’m always looking for what you’ll find most helpful.
Thanks for reading!