Knowing Your Company’s Strengths and Weaknesses

Many companies don’t know the strengths and weaknesses of their own company.

It’s very important to know both.  Let’s start with the strengths.

The strengths of your company can distinguish your company from your competitors and they can also form the foundation for an effective strategic plan.  If you know your company’s strengths then you can promote them to your prospective customers and make a very good first impression.

Ideally, your company strengths should include some or all of the following:

  • Employees;
  • Reputation;
  • Business model;
  • Quality products and services;
  • Suppliers;
  • Website;
  • Etc.

Do you know the strengths of your company?

What’s the best way of finding out?  Share your thoughts with me.

To repeat for emphasis, many companies don’t know the strengths and weaknesses of their own company.  It’s very important to know both and it’s especially important to know your company’s weaknesses.  Every company has weaknesses, no matter how good they think are in conducting business.

After a candid and in-depth assessment many companies find they have serious weaknesses and, in some cases, have more weaknesses than strengths.

When a company has more weaknesses than strengths it’s very concerning, especially if there are serious weaknesses on the list.

With that said, identifying weaknesses is a big plus.  A company cannot address weaknesses unless they are identified.

I often find with our clients that their weaknesses are nothing unusual, nothing surprising; I’ve seen them all before and the solutions are clear.  Even companies with a long list of weaknesses can overcome them and often in a relatively short period of time.  I’ve seen it happen and our involvement can make sure it happens.

Do you know the weaknesses of your company?

What’s the best way of finding out?

Please share your thoughts with me.

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