It’s important to know what your company is good at and what it’s not so good at so that you can make the right improvements. Many of us think that we know our company strengths and weaknesses, but in some cases our assumptions may be wrong. There could be hidden flaws and hidden strengths that can only be identified through research.
Below are just a few tips for identifying and making good use of your company strengths and weaknesses.
Listen to Customer Feedback
What are your customers saying in reviews? What private feedback are they offering? This can often be a great way to work out the things that you are doing well and the things that you are doing not so well. Make a record of common praises and common complaints.
Observe Your Competitors
Take a look at what your competitors are doing. Are their prices cheaper? Is their service slower? By comparing your service to your competitors, you can work out your strengths and weaknesses. It may benefit you to pay someone to go undercover – or you may simply be able to observe their behavior online.
Consult With Your Employees
Your employees may have a better understanding of the inner workings of your business than you. Take the time to ask individual employees for feedback and listen to their praises and complaints. You may uncover new strengths and new weaknesses by talking to your staff.
Take a Look at the Hard Stats
You can also tell a lot from looking at hard stats such as sales figures and web traffic analytics. Take a look at trends over time to consider if things are getting better or worse. Make sure that there’s a positive correlation between greater sales and greater profits as well as greater traffic and greater conversions.
Patch up Your Weaknesses
Once you’ve identified your weaknesses, you should find the best way of dealing with them. A few ways to patch up your weaknesses are included below:
- Educate yourself: By learning new skills, you may be able to overcome your company’s weaknesses. This could include learning tricks to serve customers more quickly or improving your social media marketing content.
- Delegate to experts: You may be able to hire or outsource experts to help iron out your weaknesses. This could include outsourcing an IT service provider if you’re encountering lots of tech issues or hiring a financial advisor to help you fix dwindling profits.
- Don’t advertise them as strengths: Once you’ve identified something as a weakness, don’t try to advertise it as a strength. In fact, don’t mention it at all in your advertising if possible until it’s improved upon.
Hone Your Strengths
You shouldn’t ignore your strengths. In fact, you should keep focusing on them and improving them to make your company even better. Below are a few rules for honing your strengths.
- Keep learning and optimising: There’s always room to learn more information and get better at something. This will prevent your competitors from ever catching up.
- Don’t delegate your strengths: If you’re good at something, there’s no point in outsourcing it. For instance, if your social media marketing is a success, it’s better to keep doing it yourself than to outsource a company to take over.
- Advertise your strengths: This will help you to attract new customers – and you can be certain that you will be able to deliver on your promises.