Anyone who is running a business knows that it takes effort, dedication, talent and hard work. Most of the time we are running so hard day to day, it becomes hard to step back and assess what could make your business even better. Sometimes, just identifying your weaknesses and strengthening them can make all the difference to your bottom line.
Here are three ways to assess your weak spots to strengthen them and your business future:
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- Look at frequent occurrences. By this I mean, what is usually a source of conflict, effort or trouble in your business? Is it staff? Relationships with clients? Cash flow? Whatever the frequently occurring situations are, they’re no doubt a weakness that needs to be addressed. So be honest enough to assess the situation with analytical eyes. Is this a recurring problem because it needs to be addressed in a different way? Expecting things to change and doing them the same is never going to stop it happening.
- Look at yourself. The more experience you have in leading a business, the more you should be able to identify your weaknesses as a business leader. What are the things you don’t like doing in the business? Why? We all gravitate to our strengths, which is what gives us the ability to lead a business in the first place. But until you are able to really identify your own weaknesses, you will not be able to change your approach and become stronger.
- Do a survey. While this may seem a glib solution, it can tell you more about your weaknesses than you think. Whether it is a staff survey, or a client survey, asking key stakeholders questions about your business invites valuable feedback that you can act upon. If you guarantee anonymity you will find people have the courage to tell you exactly what they think. While you may not always like what they say, it is the only way you can truly identify weaknesses you cannot see and act upon them for the better.
I have always found focussing on my business strengths has grown my business. However, it was only when I started focussing on my weaknesses that the business really started to mature and prosper.
Have you ever transformed a business weakness into one of your greatest strengths? I’d like to know how. Join the conversation with me on Twitter @ceovanessa
Vanessa’s mission is to positively impact people by increasing their knowledge base and decision making ability around finance and business principles. She is the co-creator of The Bottom Line and founder of the parent company, evolution media group.
