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How to Identify Your Business Weaknesses (And Why They May Not Be What You Expect)
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In this video, I discuss the importance of identifying your business weaknesses so that you can fix them before getting “shot down.” You see, often the areas of improvement that make businesses most vulnerable are, in fact, ones that we wouldn’t necessarily think of.
The reason I talk about getting “shot down” is because during WWII, when planes would come back from seeing action, they’d be all shot up. Chunks would be missing, and holes would be left in the wings from flak or other debris. There were naturally people who wanted to focus on fixing these damaged parts.
However, somebody else pointed out that these planes could still fly. Although they weren’t perfect, they still worked. This person reasoned that perhaps it was the untouched parts that should be examined. Clearly, the parts that were shot could withstand quite a bit of damage. But maybe it was the untouched sections that were the true areas of improvement, and the reason why other planes were being destroyed.
It’s important to think of your own business weaknesses in the same way. An example of this way of thinking is if a local competitor shows up near you. You’ll have to address this problem because it’s very apparent and directly impacts your business. However, what if Amazon begins selling your products online? That’s a problem that might not be as obvious, but could lead to your business being “shot down.”
When you only focus on the most obvious deficiencies in your business, it’s easy to overlook other areas that may not be prepared to withstand a challenge. These areas of improvement can ultimately make all the difference in terms of your business success. By identifying and shoring up these business weaknesses, your business can become more resilient and ultimately more profitable.
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