1. Renew Your Values, fine-tune them, and improve them.
2. Build real-world, (not exploited customer clusters), Communities.
- The best reason to start a business if you hope to succeed should be that you truly believe in it, and you are both passionate and excited about the value you will be adding to people.
- The reason for starting any business must be deeper than whatever reasons you may have to quit
- Belief in what you do is not just a rule for business success. It is a rule for success in anything.
- If you don’t build a business you believe in, you will lack the passion to sustain it.
3. Explore Strategic Partnerships, which can transform your business, create new income streams, sustain growth, etc.
Strategic partnerships occur when two businesses combine forces to expand their brand reach. Strategic alliances carry different definitions for every company, and no two vetting processes are the same. Some companies enter into these agreements based purely on their customers, and which partners have similar existing customers. (Some even flat-out ask their customers what other applications are in their tech stack, and base their alliances on those answers.) Others lean on more criteria at the outset, like the prospective partner’s estimated number of new customers each quarter and their types of existing partnerships.
4. Do an assessment of what you have right now and there could be exciting nuggets and gems within your existing world.
There are ways to identify business strengths and weaknesses. Every business has different traits, so this list of business strengths and weaknesses is just the beginning. To really uncover your own, you’ll need a strong process.
· Become more self-aware
A business is only as strong as the psychology of its leader, which is why self-awareness in business is so important. Self-awareness means being in touch with your own thoughts and feelings and how they affect your behavior. When you are self-aware, you’re more able to control your emotions, make tough decisions and be a better leader. You’re also able to look at your business strengths and weaknesses more objectively and assess how your own actions and mindset affect your success – or failure.
· Know What to Look For
Sometimes the answer to “What are the strengths and weaknesses of a business?” is obvious. Revenue growth, diversification, physical assets, and intellectual property are common places to start. But there are many other areas to look at when performing your assessment. Do you have a particularly talented team? A strong company culture that encourages risk-taking and innovation? Efficient operations that save time while improving productivity? Don’t forget about these key areas.
· Put yourself in a Customer’s Shoes
Everything goes back to creating raving fan customers, including how you identify business strengths and weaknesses. You need to uncover your X factor: the way that you provide more value than anyone else. What’s your biggest business strength? Asking for customer feedback and taking it to the heart is also one of the best ways to uncover your weaknesses. Customers will almost always be honest – just ask them.
· Look at the competition
Your business strengths and weaknesses may be internal factors, but it is still essential to look at your competition. You may think you have a strong marketing strategy, customer service, or processes, but competitive analysis reveals otherwise. Or perhaps you’ll realize that you’re not as weak in some areas as you thought. Determining where you can win is a natural next step.
· Continually assess
Making a list of business strengths and weaknesses isn’t a one-time task. Any successful business owner needs to commit to constant and never-ending improvement – and that means continually reassessing every aspect of your business. Markets change. Businesses grow. Strengths can even become risks if they become too ingrained and limit your agility and ability to innovate. Review your business strengths and weaknesses at least once a year using the process outlined here.