20 Questions

Questions to Ask About a Business

Strategic questions to ask about a business to understand its operations, financial health, and growth potential for investment, partnership, or career decisions.

1

What is the business model and how does the company generate revenue?

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Why this works

Understanding the business model helps you assess the company's viability and how it creates value for customers and stakeholders.

2

What are the company's main products or services and who are the target customers?

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Why this works

Learning about products and customers helps you understand the company's market position and competitive advantages.

3

What is the company's financial performance and what are the key metrics?

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Why this works

Understanding financial performance helps you assess the company's profitability and financial stability.

4

What are the company's main competitors and how does it differentiate itself?

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Why this works

Learning about competition helps you understand the company's market position and competitive advantages.

5

What is the company's growth strategy and what are the expansion plans?

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Why this works

Understanding growth strategy helps you assess the company's potential for future success and expansion.

6

What are the company's main challenges and how is it addressing them?

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Why this works

Learning about challenges helps you understand the company's risk factors and how it handles difficulties.

7

What is the company's leadership team like and what is their experience?

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Why this works

Understanding leadership helps you assess the company's management capabilities and strategic direction.

8

What are the company's values and culture like?

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Why this works

Learning about culture helps you understand the company's work environment and whether it aligns with your values.

9

What are the company's main opportunities and how is it capitalizing on them?

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Why this works

Understanding opportunities helps you assess the company's potential for growth and success.

10

What is the company's approach to innovation and technology?

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Why this works

Learning about innovation helps you understand the company's commitment to staying competitive and adapting to change.

11

What are the company's main risks and how is it managing them?

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Why this works

Understanding risks helps you assess potential challenges and how the company handles uncertainty.

12

What is the company's approach to customer service and satisfaction?

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Why this works

Learning about customer focus helps you understand the company's commitment to customer value and retention.

13

What are the company's main partnerships and strategic alliances?

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Why this works

Understanding partnerships helps you assess the company's network and strategic relationships.

14

What is the company's approach to sustainability and social responsibility?

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Why this works

Learning about sustainability helps you understand the company's values and commitment to responsible business practices.

15

What are the company's main markets and how is it expanding?

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Why this works

Understanding markets helps you assess the company's geographic reach and expansion potential.

16

What is the company's approach to talent acquisition and retention?

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Why this works

Learning about talent management helps you understand the company's commitment to employee development and retention.

17

What are the company's main regulatory and compliance requirements?

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Why this works

Understanding regulations helps you assess the company's compliance with legal and regulatory requirements.

18

What is the company's approach to digital transformation and technology adoption?

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Why this works

Learning about technology helps you understand the company's commitment to innovation and digital capabilities.

19

What are the company's main financial goals and how is it measuring success?

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Why this works

Understanding financial goals helps you assess the company's performance metrics and success criteria.

20

What is the company's vision for the future and what are the long-term goals?

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Why this works

Learning about vision helps you understand the company's strategic direction and long-term aspirations.

Understanding Business Operations

Expert tips and techniques for getting the most out of these questions.

Effective Business Analysis

Ask About Multiple Aspects

Cover financial performance, operations, strategy, and culture to get a comprehensive understanding of the business.

Understand the Context

Ask about market conditions, industry trends, and competitive landscape to understand the business environment.

Look for Red Flags

Ask about challenges, risks, and difficulties to identify potential problems and how the company handles them.

Key Areas to Explore

Business model and revenue
Products and target market
Financial performance and metrics
Competition and differentiation
Growth strategy and expansion
Leadership and management
Company culture and values
Innovation and technology
Risk management and compliance
Future vision and goals

Common Mistakes to Avoid

Don't Focus Only on Financials

Ask about operations, culture, and strategy to get a complete picture of the business, not just financial performance.

Don't Ignore Risks

Ask about challenges and difficulties to understand potential problems and how the company handles them.

Don't Skip the Culture Questions

Ask about company culture and values to ensure the business environment aligns with your expectations and values.

Analysis Frameworks

The Financial Analyst

1
Step 1: Start with: 'What is the company's financial performance?'
2
Step 2: Follow with: 'What are the main revenue streams?'
3
Step 3: Deepen with: 'What are the financial goals and metrics?'

The Strategy Explorer

1
Step 1: Begin with: 'What is the company's growth strategy?'
2
Step 2: Continue with: 'What are the main opportunities?'
3
Step 3: Explore with: 'What is the vision for the future?'

Further Reading

"Business Analysis" by Barbara Carkenord
"The Lean Startup" by Eric Ries
"Good to Great" by Jim Collins

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