An internal assessment of your company’s strengths and weaknesses is a must. Doing so provides you with insights and allows you to determine how competitive you are in your niche. A business weaknesses list enables you to identify the aspects of your company that need improvement.
Here are ways to identify the weaknesses of your small business.
Use a SWOT Analysis
The Strengths, Weaknesses, Opportunities and Threats or SWOT analysis, is a go-to method of many businesses regardless of size. This provides you with insights about your small business and the possible directions it can take to grow and become profitable. Start your assessment with what your company does best, then make a list of weaknesses and aspects of your company that need improvement, then identify opportunities such as new markets, products and customers, and then determine threats to your company.
Monitor Customer Feedback
You can identify the internal weaknesses of a company by monitoring customer feedback. Go through forums or the comments and messages in your social media accounts. This provides you with insights about how well you’re delivering your promises to your customers. This enables you to pinpoint possible improvements for your products and services. Identify complaints that are similar to each other. This allows you to create a solution that serves a large base of your customers.
You also have to make it easy for customers to provide feedback. Allow them to post and reply through your social media accounts. You can also open your blog and website to comments and testimonials.
Study Your Competitors
Learn more about the weaknesses and possible improvement opportunities of your small business by studying your competitors. For example, compare your website with theirs. Is their site easier to navigate? Does it have all the information a visitor needs? Is the load speed fast enough? The answer to these questions can help you add to your small business weaknesses list. You can then find ways to improve the user-friendliness and content of your website. Other than comparing websites, you can also study the competition’s products and services. This enables you to identify gaps you can fill and ways you can do better.
Consult with Third-Parties
When you apply for a long-term business loan, a bank or any kind of lender will assess your company first. This is one way to assess your small business and identify its weaknesses. You have the option to seek the services of an auditor. A third-party can provide you with an objective take on your business.
Identifying the weaknesses of your company allows you to make improvements for its sustained success. If you need help with updating your accounting books, feel free to review Robookkeeper’s affordable bookkeeping services.