Within 1 year, almost 20% of businesses will fail. That number climbs to nearly 31% and 38% in years two and three.
What’s the solution to success? Focus on your company’s strengths.
If you’re not focusing on your organizational strengths and developing them, another year will pass by without you getting the results you want, and your company will inch closer to failure.
But how can you find and develop company strengths? Here’s everything you need to know.
Identify Your Company Strengths
First, you need to conduct a strengths assessment to identify your strengths. What are your core competencies? These are your company’s areas of expertise.
You should also examine your intellectual capital. This is the combination of your employees’ collective knowledge and experience.
Your goal is to figure out what your organization does better than anyone else. Be sure to include both managers and employees at all levels in this discussion so you can gather as much intel as you can.
Identifying your business strengths will also allow you to identify your weaknesses. No organization is perfect; however, your strengths will allow you to eliminate or compensate for your weaknesses.
Part of identifying your company’s strengths extends to its employees. Identifying your employees’ strengths is great, but your work shouldn’t stop there. Once you know what your company’s strengths are, you need to apply them.
Find Ways to Apply Your Strengths
Find ways to apply these strengths in a team setting. Assigning employees of similar skills and strengths may make sense, but you may also want to place employees of different strengths together for more well-rounded teams.
Technology solutions can also enhance your company’s strengths. Look for tools and software that can help you better communicate, plan, and share information throughout the organization. You should also consider software to track inventory or budgets.
Don’t forget to include your human resources team. HR can help develop company strengths by focusing on hiring specific individuals.
These new hires could be someone who can further develop the strengths of your organization, or they could simply be another strong employee. Either way, HR can help you find the right fit.
As for your products and services, which ones are the strongest, and why do they appeal to your customers? Identify these strengths and see if you can find new opportunities to market your products to new clients.
Finally, create plans to address your weaknesses so that one day they can become your strengths.
Check Out the Rest of Our Site for More Business Tips
Your company strengths should be what you do best. It could be a specific product, your customer service, or another competitive advantage that you have. Once these strengths are assessed, you can further develop them with the right hires, technology, or team assignments.
For more tips on how to effectively run your business, check out the Business section of our website.