How to Develop Business Strengths & Weaknesses

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Developing business strengths is a common component of business operating. When developed properly, business strengths lead to a company's overall success. Business weaknesses, on the other hand, tend to develop themselves, with little nurturing. If company weaknesses are not identified and addressed quickly, they can upstage the strengths, thereby leading to a company's demise. Every company has business weaknesses. Those who know what they are, and learn to work around them, are the more successful owners.

  • Create two columns on a piece of paper under the headings "Strengths" and "Weaknesses." It is vital to be honest with the division of these items, so they can be addressed and developed individually. For example, if your company has a strong design department, list "design" under a strength. If you company lacks in information technology, list that as a weakness. Repeat this process for all items your company provides to generate revenue.

  • Identify and promote the company's strengths to fortify existing business relationships, and advertise them to prospective clients as ways your company can help theirs. Develop the company's strengths through repetitive workloads that require your expertise. For example, if design is a large strength, look for prospective clients who require a vendor with design capabilities to nourish their businesses. Examples include companies that advertise frequently, require several different types of ads per year to tout their company's capabilities. Consider construction companies that want to show off their newest building to the masses through advertising. Your design staff could run their entire campaign.

  • Establish the company's weaknesses, and don't be timid about its shortcomings. If information technology is a weakness, do not pitch clients who require IT capabilities such as website hosting, or interactive technology outside of design. Overcoming a weakness takes partnerships with companies who specialize in the area you are lacking. Also, consider creating a new position within your company for a person who has the education and expertise to develop your company's lack of IT strengths.

  • Partnering with an IT company for the sake of improving a weakness, in this example, offers the benefit of using another firm's highly specialized team as an extension of your company. And this is without taking on the liability of another salary, health care and overall office expenses. Partnering includes having your team design a website, while allowing the IT firm to host the service, and program any interactive amenities the site provides. Despite this division of work, your customers will see only your company controlling the entire project.

  • Hiring employees to develop business weaknesses can be determined by the workload, and if the expense of hiring someone can be outweighed by the revenue produced.

References

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