Knowing Your Core Competencies
What are you really good at? And what are you not good at?
These are tough questions to ask, but they have to be asked nonetheless. After all, the more you are in touch with the truth about yourself and your company, then the greater the chances will be that you and your company will become truly successful.
At the heart of the matter is how you deal with your strengths and weaknesses. Learn to manage these properly and you will be on your way to creating effective business strategies.
Identifying your strengths
Your first task is to identify all the strong points of your company (or yourself, if you are assessing your personality). These include issues such as what people like about your company, what you are most proud of, as well as unique product offerings, distinct technologies, strategic sources of raw materials, effective distribution networks, and anything else that are worth noting. Make a list.
Go through your list of good points. Now comes the tough part.
For each of the items on your list, ask yourself, honestly, “Is this something that only my company has?” If the item is not distinct or unique to your company alone, then you will have to scratch it out.
If for instance you noted that you have a happy work force, but then you realize that everybody else in your industry also has a happy work force, then you will have to scratch that out.
If, on the other hand, you argue (and with all honesty) that you have the HAPPIEST work force in the industry, then that counts and you can rightfully retain this as a strong point.
Do this for every item on your list until you are left with items that are distinct and unique to your business. Congratulations! You have just extracted the list of your company’s true strengths!
But what if you did the above exercise and ended up erasing everything on your list? Perhaps there are other areas that you have not seen.