10 Important Questions to Ask Yourself as a Business Owner

Vania Wang • September 16, 2024

10 Important Questions to Ask Yourself as a Business Owner

Running a busy and successful business means you often don’t have the time to step back and work ON the business. This can be a challenge if your aim is to grow and scale the company. 


As experienced professional business advisers, we know the value of taking the time to ask yourself some pertinent questions. Holding yourself and the business to account is something we can help with. And there's never a bad time to pose a few questions and gauge where you're at with your planning, strategy, financial management and personal goals as an entrepreneur. 

We've pulled together 10 questions to ask yourself as a business owner.


1. Can you explain why a customer should choose your brand over another? 


Knowing your value to a customer is vital if you’re going to market your offering in the most effective way. Think about why your brand stands out in the marketplace, and what opportunities and threats exist. This is the fastest way to tailor your brand to meet customer expectations. 


2. How happy is your workforce? 


Your people are such a vital asset, but they won’t work well if they’re dissatisfied and disengaged from your business values. Ask yourself, are your employees motivated and engaged by your mission? Is there anything you can do to boost this engagement?


We can review your people strategy and the staff benefits you offer to your employees.


3. Are you meeting your cashflow goals? 


Are there specific costs or inefficiencies that are holding you back from achieving a positive cashflow position? Ask yourself if your financial management is up to scratch. Identify your failings and tighten up your cash process.


We can review your cash management and look for efficiencies and cost-saving opportunities.


4. What keeps you awake at night? 


It’s a stressful role being the boss, and there’s likely to be a lot playing on your mind. Consider whether there are any recurring business issues that are holding you back, or unexpected pitfalls that have appeared along the course of the business journey.


We can offer you seasoned advice whatever the issue, with resolutions to ease your worries. 


5. Are you embracing everything that tech and AI has to offer? 


Technology is moving fast with AI solutions and digital systems now an integral part of many business models. But are you doing enough to bring your business into the digital age? Are there tasks you could automate, or processes you could streamline?


We can suggest a suite of apps, software tools and digital solutions to boost your business. 


6. Is growth part of your business strategy? 


Not all businesses are focused on growth, but outlining your key goals around growth is an essential part of your business strategy. Ask yourself whether you want to scale at speed, or grow organically. Or whether you’re happy to be a boutique business that keeps things small. 


We’ll help you define your growth goals and build a strategy that aims for success.


7. Do you have the numbers you need at your fingertips? 


So much of what you do as a business is driven by data. But are you getting the overview you need of your important business metrics and key financial numbers? Think about where you need detailed data and metrics, and how this could put you in better control of the company. 


We can help you expand your reporting and management information, so you have a better eye on performance, spending, cashflow and sales targets etc. 


8. Have you identified your ideal customer?


Identifying your ideal customer is something every startup and new business should do. But when was the last time you updated your ideal customer outline? Think about who you’re selling to, how this audience has evolved and whether they are still the right customer to target.


We can run detailed customer profiles to help you pinpoint the best customers to target. 


9. Have you thought about where your business will be in five years? 


When the business is busy, the temptation is to focus on the now and to put your energy into fighting the most pressing fires. But without a forward-looking focus, you can lack direction. Ask yourself where you want to be in five years and how you plan to achieve these goals.


We'll help you create a detailed five-year plan, to give your journey more impetus and direction.


10. Are you planning for your own financial future? 


You obviously spend a lot of your time thinking about your business – but how much time have you spent considering your personal financial future? Think about your life goals and how you plan to fund them, and where this money is likely to come from. 


We can advise you on wealth planning, tax planning and the advantages of good all-year-round financial management.


Talk to us about running a health check for your business


If these questions have got you thinking about your business efficiency and growth plans, that’s a good thing. If you’d like to take this process further, we’d advise running a detailed health check for your business and your personal finances. 


Book a meeting with us to talk through your goals, aspirations, challenges and strategy, so we can help you take the next step in your journey to entrepreneurial success. 


Get in touch to book a health check today.


A man wearing glasses is leaning against a wall.
By Vania Wang April 2, 2025
Financial stress affects nearly half of Australians. Learn practical, supportive strategies to take back control and reduce overwhelm—especially for business owners.
A man and a woman are sitting at a table with papers and a calculator.
By Vania Wang March 20, 2025
Earning over $200K? You could be paying more tax than necessary. Discover smart, legal strategies to reduce your tax bill, from superannuation and investment structuring to salary packaging and deductions. Learn how to keep more of your income while staying 100% compliant.
A stethoscope and a calculator are on a graph.
By Vania Wang March 4, 2025
Thinking of investing in a medical practice? From business structure and tax planning to financial due diligence and compliance, this guide covers the key factors to ensure long-term profitability and success. Learn how to optimise your investment and manage risks effectively
A person is drawing a graph of income with a marker.
By Vania Wang February 25, 2025
High-income professionals can save thousands with proactive tax planning. Learn strategies for minimising tax, protecting wealth, and optimising superannuation.
An accountant mentoring a business owner
By Vania Wang February 11, 2025
Your accountant can do more than just tax returns—they can be your most valuable business mentor. Learn how an accountant can help you grow, strategise, and make confident financial decisions
By Vania Wang January 27, 2025
As a medical professional, your practice isn’t just a business, it’s a platform to provide care, build relationships, and make a difference. Scaling your practice to meet growing demand is exciting, but it also comes with financial challenges. Whether you’re expanding your team, upgrading equipment, or opening a second location, a solid financial strategy is key to sustainable growth.
By Vania Wang January 14, 2025
One of our clients, a cardiologist, came to us feeling frustrated. They were earning a strong income and investing regularly, but their wealth wasn’t growing as fast as they’d hoped. After reviewing their situation, we found several areas for improvement. Their investments were held in their own name, which meant they were paying taxes at the top marginal rate. They were also missing out on key deductions and weren’t using their superannuation accounts to their full potential. We worked together to restructure their finances. By moving their investments into a family trust, they could distribute income to family members on lower tax rates. We also restructured their loans to reduce interest payments, freeing up cash flow for other investments. One of their properties was operating at a loss, but we used negative gearing to offset their taxable income, saving them thousands. Finally, we optimised both their and their spouse’s super accounts, taking advantage of lower tax rates to build long-term wealth. The results were immediate. They now save $10K annually in taxes and have better cash flow, allowing them to invest more effectively. Their assets are also insulated from potential litigation, giving them peace of mind about the future. This is a perfect example of how the right advice can make a world of difference. If you’re feeling stuck or unsure about your financial progress, a specialist accountant can help you unlock new opportunities and achieve your goals faster. You’ve worked hard for your success, it’s time your finances reflected that.
nurse working at a desk
By Vania Wang December 3, 2024
Discover how medical and healthcare professionals can build wealth without adding stress. Reduce taxes, optimise investments, and automate your finances with specialist accounting strategies.
doctor holding a clipboard
By Vania Wang December 3, 2024
Are you overpaying on taxes or leaving your assets unprotected? Discover how specialist accountants help doctors save money, safeguard wealth, and plan for a secure financial future.
By Vania Wang November 11, 2024
When you’re running a business, having insurance in place often feels like a safety net. You’ve checked the box, paid the premiums, and you can breathe a sigh of relief. But are you truly covered? Many business owners believe they’re protected, only to find gaps in their coverage when it’s too late.  It’s not uncommon to assume you’re safeguarded, but the reality is that insurance and asset protection strategies need regular review, especially as your business and personal circumstances change.
More Posts
Share by: