Perhaps you’ve heard the term “Socratic Questioning” before, or even the “Socratic Method.” We’re revisiting the term today as a business value driver where the right questions can lead to critical thinking that helps a company spot its opportunities for growth.
The concept itself is therefore about digging deeper into your company and brand’s strengths and weaknesses, asking the open-ended questions that can identify helpful gaps and find solutions for each. In that same breath, these solutions will strengthen the financial health of your business— the ultimate bottom line.
What does Socratic Questioning look like?
The questions this method asks were, as meant per the philosopher Socrates, to discover underlying ideas and truths that only come out when probed or provoked.
In business, we can ask these questions to our management teams, our finance team, our stakeholders and our customers to understand just how well the business is performing and what could be done better. Below are some thought-starters to get the ball rolling. Feel free to interchange certain terms for your use:
For stakeholders:
- What are your thoughts on our current business plans?
- Would love to hear more of what you have to say about this matter?
- What are some solutions you’d like to employ to combat this issue?
- In your opinion, what are some potential disadvantages to our new idea?
- Are we prepared with crisis plans?
- How do you feel our latest developments align with your strategic goals for the company?
- From your past experience, what does “success” look like for this project and what are some key performance indicators we can follow?
- What would need to happen from our end in order for you to feel comfortable with this project?
- What is your feedback on our latest development? What ways can we be better next time?
For internal teams:
- In what areas do you feel the team is succeeding?
- Where do you see room for improvement?
- What factors are best contributing to your performance level?
- What responsibilities do you find most challenging, and why?
- In what ways do you feel the team can be more productive? What steps can get us there?
- If there was one thing you could ask the company, what would it be and why?
- What has been the most rewarding part of your work?
- Where do you see yourself in 5 years?
- Are there any barriers you can think of that are impeding us from meeting our brand vision?
- What are some ways we can help keep the team engaged and motivated?
- How would you describe our corporate culture?
For customers:
- What do you look for in a company and what values do you have as a customer?
- What brought you to us and what would help keep your business?
- What are some positives you can share about your experience with us and where can we improve?
- What other features, products, or services would you be interested in as a consumer?
- What did you think of the price tag for our product or service? What would you need to see improved if we were to increase it?
- What, in your opinion, is “too expensive” for this type of service?
- Would you recommend us to others? Why or why not?
- How do you feel about the marketing or advertising for our company? Anything you would change?
Focusing on Growth and Financial Health
In the world of business, asking the right questions can stimulate critical thinking and problem-solving and can be a powerful tool for businesses looking to improve their strategies. By asking questions that challenge assumptions and encourage deeper analysis, businesses can gain new insights and identify opportunities for growth.
In general, Socratic questions can be broken down into clarification questions (“could you explain further? why or why not…?”), assumption questions (“what is an example of… ? What are some ways…?”) and probing questions (“in your opinion, how would you…? What did you think of..?”).
No matter the question, the goal for a business using the Socratic method is to establish a footing in understanding the financial gaps and opportunities the brand is facing.
With stakeholders, it’s important to understand just how to keep them happy and in line with the business perspective. With internal teams, the questions are meant to keep employees inspired and feel part of the future of the brand. With customers, it’s best to see just what can be done to retain them and what can be done to attract the new. When all three groups are kept appraised of, the brand can continuously grow and develop.
This is where a financial analyst, consultant or CFO comes in.
The answers to these questions will help reveal exactly what your business is doing well and what can be done better. A financial and business expert will consider the stakeholder opinion, identify what areas of your business are missing an opportunity, what does the competition charge and offer in comparison and where can we cut costs and listen to employee ideas for improved productivity.
Your fractional CFO can also help you decide which ideas, pitches or strategic direction is able to be expanded upon. For example, if an employee is suggesting to hire more talent to benefit the team, your CFO can help you see if the action is indeed feasible and within your budget. If customers unanimously agree services can charge more if a certain feature is added, you can work together on a business plan to enact those decisions and initiate a price increase.
AE Tucker is Here to Help
AETucker Consulting can help you ask the right questions to achieve the best results. We help your company address the correct audiences, analyze their answers for the most fruitful solutions and see what gaps we can close to help your business thrive. If you’re ready to ask some questions, please reach out at: Andrew@AETuckerconsulting.com or call 704-651-2216.