Part of the secret to growing a successful business is an awareness of the strengths and weaknesses that the owner has as an individual and those of the company.
All good business plans, when they are developed should include a section that addresses these two topics. There are several ways to complete such an analysis, in my opinion; the least effective way is to create this list alone.
In a small business the owner is the business, and his personal strengths and weaknesses will translate into those of the company. The strengths will show if they are capable of fulfilling the company vision. The weaknesses will show what has to be overcome and a determination can be made to see if the resources are available to change them into strengths.
I have a list which includes many of the topics essential to business success and growth. Among those are finance, marketing, operations, learning, organization, technology, etc. The list consists of approximately 25 areas that need to be addressed.
This exercise is not one that can be accomplished in a 15 minute time frame. Thought and honesty are critical to a worthwhile analysis. At times it is necessary to dig deep into a topic to find out the what all the aspects may include; for example, finance can be broken down into simple book keeping, budgets, profit and loss statements, etc.
In developing this list I have also spoken to clients served by the business, employees (if they exist) business support groups and in a few cases, a spouse. I put a lot of emphasize on this section of a business plan because it is part of the foundation upon which the objectives and strategies are developed and implemented.
My challenge for you is to take time with your coach and visit your own strengths and weaknesses. Taking an inward look is a learning and growing experience.
A man who wants to lead the orchestra must turn his back on the crowd. James Crook
Nick J. Petra CFP www.strategicduck.com subscribe to this blog so you can be among the first to hear about a new business tool arriving the 2nd quarter of 2013.