Tips for Determining Your Business’s Strengths and Weaknesses

Every business has both strengths and weaknesses, even those that seem like they have it all together and are on top. Even though it is important for every business to identify its strengths and weaknesses, not every business takes the time to do it. Identifying the strengths is often easy for people, but it’s a bit more challenging to admit to weaknesses. Yet that’s exactly what every business should be doing!

There are many reasons why every business should want to hone in on what its strengths and weaknesses are. For starters, when you know your business’s strengths then you can use that information to focus more on them and build your business. When you know the weaknesses, you can use that as a springboard for making positive change. That change can help grow your company because you will be addressing it, and may possibly be fixing something that can be seen as a threat to your business.

Here are several tips for determining your business’s strengths and weaknesses:

  • Analyze. It is important to conduct an analysis in order to determine the strengths and weaknesses of your business. In doing this, you will want to be honest. Again, it can be difficult to admit to places that we have weakness, but in order to make improvements we must identify those areas. Sometimes these changes might have to be made to prices after you review your prices in comparison to the marketplace through a pricing analysis report. In other cases they may come from a lack of knowledge of your overall audience. Changes cannot happen without taking stock of everything and being honest with yourself.
  • Make a list. Pull out a sheet of paper and make a list of everywhere that you feel the business shows strengths and weaknesses. If you are being honest, there is a good chance you will be able to identify many of those areas yourself. Perhaps you hadn’t thought about it before, but once you do it won’t be difficult to pinpoint some areas of concern, as well as areas where your business excels.
  • Ask others. If you have difficulty identifying what the strengths and weaknesses of your business are, consider bringing others in on the conversation. Ask family, friends, employees, and possibly even customers what they think. If you are going to ask customers you may want to create a survey for them to fill out, where they can provide feedback on your service or products, along with areas they feel your company could make improvements. One example would be to go and get help through a competitive price analysis firm to see what is going on with your company’s price schedule and how relative it is to market values. The information you receive from something like this can be invaluable in helping you grow and make positive changes.
  • Notice complaints. Does your company track the customer complaints that it receives? If not, start making a process and policy do so. This is a great way to learn more about what the weaknesses of your company are. The information you receive will help you identify weaknesses, because you will see patterns of complaints. Use this information to make changes, especially when a complaint is consistently being made about a specific policy, product, or service.
  • Make improvements. As you gather all this information you will find out what your strengths and weaknesses are. The information about your weaknesses is perhaps the most important and should be addressed. Don’t overwhelm yourself by taking on all of them at once. Instead, focus on two or three weaknesses at one time. That way you can make a goal and plan to address those, before moving on to others. If improvements can be made immediately, great. But if they are ones that will take longer-term solutions don’t fret. Start implementing changes and work toward strengthening the areas of weakness, and in time things will improve.

Not only can you do this as a whole company, but you can also do it with your employees. Have them take an honest inventory of their strengths and weaknesses. Once they have, see what can be done to address the weaknesses. Perhaps making a couple of changes in your duties will help your company become more efficient. Being able to make such changes saves time and helps with the future growth of the company.

Identifying strengths can be fun and even exciting. But, it’s never exciting to have to look at the weaknesses within your company or employees. Yet it is something that is important to do. This is especially true if you want to address threats, help stay ahead of the competition, and meet your company goals. Make it a goal to do this exercise at least once a year, as new weaknesses may arise over time. This will help ensure that problems are addressed and your company will continue to flow like a river!

Be sure to get help through a competitive price analysis firm and to take a look at your customer base as well. You need to make sure you understand your plans for making your business more viable.

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