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Strengths and Weaknesses, a ncessary evaluation in forming a small business plan

In the development of our Strategic Focus Plan an important exercise is assessing the strengths and weaknesses of the owner(s) or management team. (Both individual and business strengths and weaknesses are to be included in the formation of the list). I ask the participants to be honest with me and with themselves when creating this list. Once the list is complete, the next step is to prioritize both the strengths and weaknesses. The strengths are prioritized based upon their importance to the success of the company; the weaknesses are prioritized based on the “harm” they do to the company.

When we have more than one person in management or ownership we often find that a weakness in one person may be a strength in another. Sometimes, however, we find that the weaknesses are not strengths in another person on the team; the same holds true when we have one business owner, working alone.

When we cannot find a needed strength we have several options:

  • Perhaps the most difficult is to change the identified weakness into strength.
  • Find a strength that can be directed or modified to compensate for the weakness.
  • Find outside support to compensate for the identified weakness.

The ultimate goal is to lead with the identified strengths and to work on eliminating weaknesses.

This exercise is conducted in the early part of the plan formation. As objectives, goals, opportunities and strategies are examined and developed, they must be based on the existing strengths of the plan implementers.  Resources should then be allocated to enhance strengths and address and correct weaknesses.

I recommend that a Strategic Focus Plan , be reviewed ( updated) every six months. The strengths and weaknesses section should also be reviewed as change is the main ingredient in the business world and new weaknesses and strengths may  be identified.

Don’t go around saying the world owes you a living; the world owes you nothing; it was here first.

Mark Twain

Nick J Petra          Certified Financial Planner specializing in Business planning and coaching.

When growing a successful business is your goal, let Strategic Duck help you “get your ducks in a        row”.    25 plus years of experience!    www.strategicduck.com

 

 

 

 

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