New BusinessTALENT

  • Back to quick summary
  • Startup Leadership Done Right
    Game Plan

    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. But you also need to be realistic, know your strengths and weaknesses, and 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 and exploit your company’s strengths and advantages. 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 PlanGame Plan

    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.
    • Articles here and here explain SWOT analysis and how to conduct it and apply it.