How to Change your Business Weaknesses into Opportunities and Strengths?
- July 19, 2021
- Posted by: axiom_admin
Businesses are driven by sheer will and conscientious hard work. In everyday lives, we hear multiple stories of both failure and success of businesses, be it small or medium or large enterprises. There are cases of successful businesses shattering to pieces due to negligence, startups shooting up to success within a year of inception due to diligence, strategic sustainability of corporate giants expanding across the world. Invariably, the history of all successful businesses leads to the sheer will and determination of the Entrepreneur or the Business Owner and the Organization to break any obstacle and turn it into success.
Globally, all businesses face this kind of roadblocks not only from external resources but also internally due to various primary weaknesses associated with the business, which could be inadequate resources, insufficient capital, lack of skill, high competition or poor management. However, we have to understand that the unique trait of a successful Entrepreneur itself is to see the Opportunity where others see Obstacles. Axiom Mark’s Business Consultants with an extensive knowledge of businesses in UAE come up with an elaborate list of “how to change your weaknesses into Opportunities and Strengths”.
1. Identify your Weaknesses: The first and foremost step to overcome your weaknesses is to first identify what your weaknesses are. You could start this by analyzing your problem well, get the help of subject matter experts and accept it. A SWOT analysis is an ideal way of identifying the grey areas. Denial is hazardous for growth and development and its imperative for businesses to understand what went wrong.
2. Accept your Weakness: Once you identify where you go wrong or what is the problem zone, take a reality check and accept it. Accepting where you fail, be it your lack of skills, lack of resources or organizing efficiency…. accepting it without denying it, requires a phenomenal emotional strength. However, the insights obtained are vast and helps to get a deep understanding of the current scenario.
3. Think of Solutions based on your Strengths: Quite often, we come across businesses with a myopic vision of their business, its potential and pitfalls. Business Coaches often cite that the formula for success is “Don’t Look at the Problem! Look at the Solution”. Business Leaders, be it Entrepreneurs or Senior Managers of Organization fail to understand this concept. It is smart to discuss, brainstorm and identify solutions for problems instead of dwelling on the problems.
4. Ask for Help: Yet another misconception of Business Owners, small or large is the reluctance todiscuss their difficulties or failures with peers or experts or other businesses due to the fear of losing clients, or investors. Well, it is never too late to ask for help when you need it and accept the advice or help of experienced people of your field. Talk to peers who have been there and see how they have handled the issues. If you want to be successful, read and understand about other successful businesses, how they converted their struggles to success.
5. Stay Focused &Set Clear Goals: Businesses have to set clear goals based on their vision, plan strategically, create time bound action plans and implement it with the optimal resources.
6. Review you actions periodically: It is vital for businesses to review their goals and their action plans periodically, analyze the outputs, focus on your strengths and make changes on the go based on customer needs.