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The Loose Threads: Immediately Discover the Weaknesses in Your Business

Posted by StellaPop on Oct 16, 2019, 9:25:16 AM
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Loose-Thread

When interviewing potential employees, we don’t merely ask them to list their strengths for us. Often, we’ll ask them to tell us what their weaknesses are as well. This helps us get to know them better. And it reveals where we might be able to assist them if we bring them onto our team. Our businesses could use this same type of insight.

Knowing your company’s weaknesses will only make your organization stronger. It’ll reveal two things:

  1. Where your organization still needs to improve
  2. How to reposition your company’s weaknesses as strengths

Whenever you find yourself asking "What's Next?" for your business– start by looking for the loose threads. The items that start out as small threads, but can lead to greater difficulties if they unravel.

The only problem is—like individuals looking at their own personal weaknesses—many CEOs and company leaders are blind to their organization’s shortcomings. Let's remove those blindfolds and look at what your company for what it is, warts and all. Then, you can use those weaknesses to improve your business.

Where Are Your Weaknesses?

Remember, even top Fortune 500 companies have weaknesses. There’s nothing wrong with an internal admission of where your organization is lacking. It’s through the admission of these faults that your company will overcome them.

Here are a few questions you can ask to discover the weaknesses in your business:

  • Financial—Are your resources holding you back? And are you prepared for the future?
  • Physical—What is the condition of your offices and equipment?
  • Intellectual Property—Are your trademarks, patents, etc. jeopardized?
  • Human Resources—Do you have any departments that are lacking or inefficient?
  • Company Workflow—What slows your company down?
  • Company Culture—Are you and your employees comfortable with the culture you’ve created?
  • Company Reputation—How does the public view your company?
  • Market Position—What kind of position does your business hold in the current marketplace?
  • Growth Potential—What are your plans for growth? Is anything holding you back?

Looking at these questions honestly will lead you to the answers you need. And it’ll reveal any loose threads your company has. You want to discover and snip off any loose threads before they become bigger problems.

Once, you ask these questions, look for solutions. One way to start finding solutions is by asking what’s next for your business? Asking this question, you’ll discover where you can improve, how you can improve and what you need to do to improve.

So… What’s Next?

There’s always room for improvement in your business. And once you discover your organization’s weaknesses, there’s a lot you can do.

Solving your company’s problems requires an open mind. It requires you to be critical of your business. And it requires you to honestly address the situation. It also requires knowing your company's strengths and capitalizing on them as well.

These things are often easier said than done. They're always worth keeping in mind, though. Doing this kind of assessment, your organization will prosper as a result.

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See Also:

Fractional COO's and Why You Need One

Business Minded: Organizational Strategic Planning in 8 Key Steps

Culture Club: Avoid Groupthink with Diverse Business Teams

Topics: Business Consulting, CEO Series

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