Business Reflection Questions: Where are you at?
What are some business reflection questions a business owner can use to check in with themselves?
If you’ve been in business for a while - doing all the things, enjoying the journey, and finding your flow - having a business check-in can help you reevaluate what your priorities could be, for the next stage of business ownership.
Before moving on to the next thing, and the next, and the next…
Let’s pause for a moment to reflect and check in!
A capitalist system can sometimes put pressure on us to continuously grow, expand, work, and invest in someone else’s definition of success. Instead of hustling all the time, taking an intentional pause helps business owners to:
Check-in with what’s working (and what’s not)
Allow space for creative ideas and innovation to come about naturally
Give you time to regenerate your energy, to create sustainable business practices
And probably the most important - gives you a moment to look back at how far you’ve come in your business journey (gratitude is the attitude, friends!)
When was the last time you reflected on intentional business questions?
In this blog post, we’re sharing a few reflection questions for your business. Grab a pen, and a journal, and work through this post at your own pace to honestly answer and check in with yourself.
Which stage of business are you in?
Before diving into the business reflection questions - first, let’s figure out what stage of business you’re in.
In an article by the Corporate Finance Institute, they listed 5 different stages of business. At You Belong Here, however, we’ve added a few of our own to share a more nuanced and layered look at the stages of business development, especially for Black, Indigenous, and People of Color small businesses.
Ideation Phase - In this stage, you’re in deep brainstorming mode! You’re generating ideas and solutions, thinking about your business in all areas - what you’ll sell, how much, what kind of marketing you’ll do, how to get the word out, and talking to people.
Launch (Startup) Phase - During the launch phase, YOU DID IT! You’ve made the announcement about your business and you’re out there getting the word out and making sales. Usually, in this phase, sales are the “lowest” and business risk can be at the highest.
Growth Phase - The growth phase is one of the most exciting phases because this is when you start seeing regular sales (or rapid sales growth) in your business. You’re in flow, you start seeing a profit, and your audience is learning to trust you more and turn to you as a “go-to”.
Shake-out Phase - If you have a start-up, or even a creative business, in the shake-out phase, this is when investors exit their positions in a stock or market segment. And in more creative, way less business jargon, this is when collaborators, partners, or supporters might step out. This phase is usually caused by uncertainty or losing interest in the project.
Maturity Phase - Your business is no longer a baby business or newbie! You’ve now been in business for several years and your business is more stable and profitable (more than the growth stage). Most folx consider this the third phase in the life cycle of a business.
Decline Phase - This is considered the “final” stage of a business life cycle. In this phase, sales can be dropping because the original need, want, or novelty of what was being offered has gone down because of various reasons (product innovation, social climate, economic situation, etc.)
Related article: “Develop a Community Conscious and Equitable Pricing Model as a Creative Small Business”
Take a moment to evaluate, which stage of business are you in? You may find that you could be moving through various parts of one phase (ie: multiple parts of the launch phase).
Once you’ve done that, let’s check in with the questions.
Business Reflection Questions for Small Business Owners
What’s the phrase about “always staying ready”?
Well, whatever it is, we want to reiterate the importance of business readiness.
Business readiness is used to describe the process of controlling any business change, by ensuring employees, management, teams, etc. are able to efficiently and safely move from one mindset or environment to another. (Michelle Spaul, 2020)
And in less business jargon terms, business readiness is:
When you are attuned to and understand the needs of your business to make it thrive (not just survive), you take action when there may be changes needed to build a profitable and sustainable business.
Truly knowing the ins and outs of your business helps create more space for sustainable growth - which is something we are here for at You Belong Here. We want to see your business thrive, not solely survive.
What business reflection questions can you ask yourself if you’re noticing that it’s time to make an audit, revisit something, or there’s this nagging intuitive feeling that change needs to happen?
Here are the questions we use to reflect on where we’re currently at in business:
What is your profit margin? Do you understand the profitability of your business? (Not sure? Check your Profit & Loss and Balance Sheets)
Do you have a steady stream of leads and marketing in place? What is your growth strategy or maintenance strategy (to stay sustainable)?
What milestones, SMART goals, and OKRs (objectives and key results), do you have in place? Are you accomplishing them?
Do you know your Target Audience (Ideal Customer)?
Is your audience aligned with your values?
Is your business acting in alignment with your mission and vision?
How can your business give back? Is there a social impact component you can add to your business?
Or, can you afford to give back to your business at this time? If you aren’t fully profitable, it may not be the right time to give back monetarily - giving back can be assets, offerings, time, or investments you provide, as well.
These questions are intentional questions that will take time to pull together all the information and answer. Take these at your own pace. We love setting aside time at the end of each quarter to review these and reflect on what the answers mean for our own business readiness.
Related article: “Cultivating Self-Worth in a Capitalist System”
Moving from Launch to Business Growth
Now if you’ve answered some of the questions above, taken stock of where you’re currently at in business, and realized…
“Yeah, I’m not in the launch or start-up phase - I’m in growth mode!”
Awesome! We’re excited for you!
Starting a business is different than growing and scaling one.
The main differences we see are - Starting looks like
Jumping into things
Testing and tweaking a lot of ideas
Taking feedback to improve your services, offers, products, or programs
Growth, however, requires a more sustainable and holistic business structure.
Growth involves:
Truly understanding the needs of your Target Audience and providing them with the necessary solutions
Really understand your numbers
Knowing your profits
Diversifying your offerings (products and services)
Being in alignment with the needs of your ideal customer
Healthy & communicative work environment and team
And creating something sustainable and equitable for yourself and your community
Growth takes time! So if you’re in a growth stage or in a start-up stage and wondering when your growth will happen - #StartHere with the foundations and build upon that.
Related article: “4 Make-or-Break Financial Skills for Creatives”
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TL;DR: Wrapping Things Up
Too long, didn’t read the whole thing - but still want the golden nuggets?
Having business reflection questions can help you keep a fresh perspective on your business, no matter what stage you’re in. Creating this time and space, as a business owner, helps us slow down, take a breath, and make sure we are intentional with our business decisions.
If you’re unsure what stage of business you’re in - here are the six stages of business we mentioned above:
Ideation
Launch (Startup)
Growth
Shake-out
Maturity
Decline
And no matter where you are in business, the reflection questions you can use as a quarterly check-up are:
What is your profit margin?
What is your growth strategy or maintenance strategy (to stay sustainable)?
What milestones, SMART goals, and OKRs (objectives and key results), do you have in place?
Do you know your Target Audience (Ideal Customer)?
Is your audience aligned with your values?
Is your business acting in alignment with your mission and vision?
How can your business give back?
Or, can you afford to give back in your business at this time?
In a world (read: capitalist system) that wants us to continue grinding and hustling, we say stop. Taking a moment to breathe, rest, and reevaluate where your business is so just as important as working towards the next milestone or goal that you have.
If you’re interested in learning more about business development and connecting with a dope community of creatives, artists, and small business owners, subscribe to our newsletter below or come in and check out our San Diego, CA coworking space!
Related article: “How to Monetize You Belong Here for your Creative Business”