Introduction

Starting or growing a business involves many tasks, but one of the most important is communication. You need to communicate with knowledgeable others in your industry to understand the market, products, supply chain, labor laws and practices, industry regulations, product demand, and customer needs and characteristics. This is on the listening side of communication. On the speaking side of communication, you must continually speak or write to others. They need to know who you are, what your business is, and what value it brings on its own and in relationship to other products and services.

A business informational interview is an opportunity for you to interview a knowledgable other. In the interview, you focus on your business plan while asking them how they think your plan will work in your local market or industry.

Start With Your Business Plan

Your business plan describes your business. This includes the business values, mission, strategy, priorities, and measurement. You may have already have an extensive business plan, or you may just have an idea for a plan. If you just have an idea, write something simple for now. Make sure your plan includes at least a little on the following sections.

Values (Why)
Values are your principles, standards of conduct, and morals that govern your behavior. The reason why your business exists should come from a set of values that create purpose, meaning, and a foundation for making decisions. What does your business value? Here is an example: "I believe children should be healthy so they can fulfill their mission in life."

Mission (What)
Your mission is derived from your values and defines what you do to add value—in other words, it’s your purpose. Mission statements declare how you add value. To have an effective mission statement, you need to focus your efforts around a specific result. It can’t be a checklist of all the things you want to accomplish. It needs to take your values and find a way to express them in a focused powerful way. Here is an example: "Heart Foods helps children thrive by eating healthy foods every day." What is the mission of your business?

Strategy (How)
Your strategy isn’t your mission or your vision; it’s your plan to achieve them. Creating a good strategy is perhaps one of the most difficult tasks organizations and individuals face because it forces them to confront their biggest challenges and opportunities head-on and create a plan for success. Strategies are focused so they clearly indicate what is done, and in so doing, what is not done. Here is an example: "Heart Foods provides affordable fresh green vegetables to familes living in cities." Note how specific this strategy is. This makes the strategy unique so your business offers value that competitors don't. What is your business strategy?

Priorities
As a business plan describes how it will operate within the strategy, it creates initiatives or tasks. However, not all tasks can or should be done at once. Prioritizing them is essential. Be sure that you accomplish the most important tasks first. Specifically, work on tasks that eliminate the biggest risks to your business. For example, Heart Foods is currently studying vegetable suppliers in the capital city to find out how much they spend to supply fresh green vegetables to neighborhood markets. Finding this information is critical to helping Heart Foods know how it can compete with the other vegetable suppliers. What are some of your initiatives and how are they prioritized?

Measurement
Measuring the impact of your business is important so you can know how it is performing and make adjustments. One of the best things that you can do when choosing metrics is to keep them simple. Your can choose any number of metrics to measure performance. You could track inventory levels, profit ratios, sales volume, etc. You can also choose one metric to determine if you are delivering on your mission. What will you measure and why? How will it help you know your business is being successful?

Ask Questions That Communicate Your Value-Add and Help You Learn

With at least a basic business plan in front of you, interview a person with knowledge and skills in your industry. Ask the person questions that are meaningful to your business and its current level of progress. Use elements from your business plan so the person understands your business and can respond in a way that gives you relevant and useful information. Below are some question categories. Use these, along with your business plan, to write questions.

• Need or Demand. Ask questions about the demand for your product or service. Ask if your business has the potential to fill the need.
• Strengths and Weaknesses. Ask what parts of your business are strong or weak. Ask for feedback on the values, mission, strategy, priorities, or measurement.
• Resilience: Ask about obstacles that you might have to overcome.
• Risks: Ask what risks they see in the business plan. Ask if the work you are doing to overcome risks are prioritized correctly.
• Brand: Ask what could make your business better or offer more distinct value than competitors.
• Marketing: Ask how you can market to and attract new customers. Ask for any specific tips for marketing your brand.
• Growth: Ask how your business could grow.
• Specific Situation: Ask what they would you do if...? (Outline a specific problem you are facing.)
• References: Ask about other people you could talk to about your business. This could be potential customers, clients, partners, or mentors. Remember, starting or growing a business involves many tasks, but one of the most important is communication!

Conclusion

Communication with knowledgable others is key to starting and growing a business. Interviewing these people can help you learn critical information and skills. Don't hesitate to respectfully ask for these interview opportunities, even if for a few minutes, continually. You will grow along the way!