Wednesday, 1 June 2016

Identifying strategic strengths and weaknesses in business

Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Hello readers, so today I will be writing about identifying your strengths and weaknesses in business. For a business to thrive it must know its strengths and its weaknesses. When you identify your business strengths, it helps you to gain a competitive advantage. You use the strength to compete in the business market. Identifying your weaknesses will also help you stay competitive, as competitors will be looking for your weaknesses so they can use it to have an edge over you. But when you do identify them, then you are able to work on them and eventually eliminate them or turn them into strengths if it is convertible. Today, I will be mentioning some factors that you should consider to see if your business has such strengths or weaknesses.

Factors you should consider

Prices
When products are too expensive you capture just a little percentage of the population but when they are reasonably priced you attract more customers. As such businesses whose products are reasonably priced  can identify their prices as a strength.

Reputation
The reputation of your business and products also matters. If your business is known for high quality products and excellence then you have identified another strength.

Brands
A business with one brand will not be able to perform the way a business with two brands or more will. With more brands you attract more customers and your business will be diversified thus reducing your business risks.

Business Relationships
In order to stay competitive, a business must build a good working relationship with its customers, employees, suppliers and other stakeholders. If you do have good business relationships then you have identified another strength.

Flexibility
A business must be able to respond to the changes in a business market as fast as possible. The question you will be asking is, how fast is your business able to respond to the changes in the business market. If you are fast enough which reflects flexibility then you can say you have identified a strength but if you resist changes then it should be identified as a weakness.

That is all for today, keep checking out my blog regularly. Cheers!

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