Strengths and Weaknesses:
Do you know YOURS?
Strengths and Weaknesses are two elements of the SWOT (Strengths, Weaknesses, Opportunity, Threats) Analysis, which assists you in understanding the effectiveness of YOUR Business. This assessment is officially titled The SWOT Situational Analysis. If you are a solo-entrepreneur or a large organizations this tool will serve you well. In fact, smaller businesses may experience a greater impact from doing this analysis!
Why is knowing your Strengths and Weakness important?
Do you ever feel like you need to be, or are, Superman? As a Business Owner you have endless tasks to perform. Do you ever feel like you have been “leaping tall buildings in a single bound”? Every day we are asked to bring our best superpowers to work and deliver miraculous results. Taking on the role of Superman is in the unspoken job description for each Business Owner and Business Leader.
We all know Superman had a weakness. Kryptonite transformed a super performance into average or mediocre performance. Again, each day we perform super feats of awesomeness in our own business. If we are leading our businesses, it is important for us to identify our organization’s internal strengths and weaknesses. Why? When you know the reality your performance you can work to adjust it to whatever serves YOUR Business best.
BRILLIANT BREAKTHROUGHS BIG QUESTION:
Can you create a list of YOUR Business’s Strengths and Weaknesses today?
BRILLIANT BREAKTHROUGHS BIG TIP:
When assessing YOUR Business’s Strengths and Weaknesses, remember to keep reflecting on the internal aspects of business, not the external factors which impact YOUR Business. (See last week’s post by clicking here to learn the difference.)
Strengths and Weakness Identified as Leaps and Limps
By learning to identify how you, and your team, function is a great beginning to understand where YOUR Business leaps and limps. We are practical enough to know that even though we feel like we are conducting super feats of strength, we don’t continuously perform at that level.
We have all heard “accentuate the positive”. Discovering your strengths will help YOUR Business perform better and become more profitable. Identifying your weaknesses will help YOUR Business performance more effectively and efficiently. Even an over-simplified SWOT Analysis serves all businesses well!
When a small Business Owner does a SWOT Analysis, it reveals the strengths and weaknesses of YOUR Business’s Foundation: Purpose and Vision of the Business, Core Values, Policies, Systems, Product and Marketing Strategy, Resource Management, Financials, and Leadership Capabilities. It always reveals insights regarding a business’s keys for success. Additionally, by addressing weaknesses it will identify your kryptonite, which are potential areas of failure.
BRILLIANT BREAKTHROUGHS SUPPORT:
Remember YOUR Business’s Strengths and Weakness addresses your internal environment or what you can control. In our next post we will discuss the “O” of SWOT Analysis. Additionally, I will share more about March 2015’s “SWOT Analysis for My Business” Virtual Workshop. I’m really looking forward to helping you further understand YOUR Business’s Performance!
Please feel free to comment what you already can identify as your strengths and weaknesses of YOUR Business’s performance.
THANKS FOR ALLOWING ME TO HELP YOU IMPROVE YOUR BUSINESS!
If you want to discuss this strategy or something you need assistance with,
please call Maggie (262) 716.7750 for YOUR No-cost Consultation.
p.s. If you are local to Southeast Wisconsin, check out Wisconsin Business Owners on Meetup. This group always has outstanding presenters who help us improve our business’s performance.