Finding your Weaknesses

As a part of the strategic planning process, it is important for Entrepreneurs  to do a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis on their business and develop strategies for each area.

How do you find out your weaknesses?

The Entrepreneur can do an honest assessment and perform an in-depth, critical review. He/She could involve the management team in this process and have them openly, without fear of recrimination, list each area of weakness in the business. Have each manager of a functional area review not only his/her own area, but also other functions in the company.

The Entrepreneur can also solicit frank feedback from the Board of Directors and mentors regarding the areas that need improvement. Such feedback is more likely to be objective depending upon the relationship with the Entrepreneur.

The truest assessment of your weaknesses will come from competitors if you can obtain such information. Competitors analyze the business of their rivals very carefully to develop strategies to compete not only against their strengths but also to exploit their weaknesses. If you can find a way to gain analysis of your weaknesses performed by your competitors, it would be very useful in your strategic planning process.

Something to ponder ….

Ravi Patel

www.patelCFOservices.com

 

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Published in: on January 29, 2013 at 4:58 am  Leave a Comment  
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