Know Your Strengths and Weaknesses and Those of Your Team

When starting a business, you have to overcome challenges. So, it’s important to have an optimistic spirit. However, you also need to be realistic, and know your strengths and weaknesses. You should play up your strengths while addressing any weaknesses. The same applies to the strengths and weaknesses of your team and your business.
 

Assess your strengths and weaknesses

By establishing an effective continuous 360-degree feedback program and a culture of constructive communication, you should be able to have a good grasp of your company’s strengths and weaknesses as well as your own. Next, thoughtfully and thoroughly assess them. One way is to conduct a SWOT analysis, listing your business’s Strengths, Weaknesses, Opportunities and Threats.
 

Create strategies to capitalize on your strengths and those of your business

Next, think about and address how you can build on your company’s strengths and advantages. You may even exploit them. What could you do to make the company even more profitable and effective by playing them up?
 

Address your weaknesses and those of your company

Also examine the company’s weaknesses. How can you improve them? What actions could you take to reduce any associated risks? For example, you could provide training and coaching to staff to improve certain skills. You could accept that your internal resources fall short in a particular area, and then consider hiring outside experts to fill those gaps.
 

Game Plan

Maintaining good communication flow will help you stay well informed about your company’s strengths and weaknesses and how best to address them.
 
Next steps:
 
  • Work to keep the lines of communication open, with feedback flowing.
  • Learn about SWOT analysis and practice it.
  • Read the following articles that explain SWOT analysis in further detail:
  • SWOT Analysis
  • The Right Way to Do a SWOT Analysis
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