Assessing Your Business’ Strengths and Weaknesses

When starting a business you have to be very aware of the strengths and weaknesses your business. No business is perfect. Understanding what yours strengths and weaknesses are, will set you up for a much better chance for success.

“Knowing this will give you a good idea of how you should start to analyze your strategies.” 

Determine Where Your Company Sits in the Market

Before you attempt to change the world, you should take a hard look at your company to get a clear picture of its purpose and place. This can be done with a familiar planning tool called a SWOT Analysis. SWOT stands for:

  • Strengths: Characteristics of the business or project that give it an advantage over others.
  • Weaknesses: Characteristics that place the team at a disadvantage relative to others.
  • Opportunities: Elements that the project could exploit to its advantage.
  • Threats: Elements in the environment that could cause trouble for the business or project.

By doing a SWOT analysis, you should be able to identify where you have opportunities and risks. Once you have completed your SWOT analysis, you can then use that information to create an actionable plan. The actionable plan should be based upon the strengths and weaknesses you’ve identified from your current efforts, take advantage of opportunities in the market and also account for potential threats to your strategy.

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