Everyone has weaknesses. That is the truth. Now the question is, what can we do to leverage these to grow our brand? Weaknesses are a part of who we are. Customers are easier to relate to brands starting from something small, they like something authentic. Because to win does not mean we have to be the strongest of all time. That is how life taught us and so does business.
First underrated secret is that not many people realise deeply about your weakness and business — is truly a strength. This happens mainly because not everybody is capable of acknowledging their weakness and how to overcome it. Not to mention owing technology and the internet which ignites our new lifestyle to look outside more than to understand ourselves. Before we get into deeper about weakness in business, let’s define what stronger means here, is it more money? More employees? More quantity? More opportunities? Or More profit?
Even though weaknesses are normal, the only way to tackle them is to identify them first, and then address them. That way a weakness will not derail your or business. There are several strategies to overcome weakness and one of them is turn weakness into differentiation, and we call this ‘authentic strength’.
Let’s begin. OK so if you find your weaknesses perhaps something like:
- Small budget
- No branch store
- Individual business owner, no team
- Unable to stock products fast
Since no one is born with every of the strengths and characteristics in the world to run a successful business, “turning into Differentiation” strategy is the answer to overcoming weaknesses and also increasing business chances of success. Let’s say if your business does not have a branch shop and to use this method would be very beneficial for your business to say that products or services your store offered are the only ones in the area. Accepting weaknesses and turning them into winning advantages is valuable lessons for entrepreneurs. No more hesitation in running businesses whether it is small or larger companies.
4 Steps Turn Weakness into Differentiation
1. Acknowledge Them
Write it down as a list of weaknesses of your company, do not deny it. Since denial can keep us repeating the same self-destructive pattern and inadvertently push away opportunities that happen to blinkered our awareness to make this strategy work. But at the same time, being kind to yourself is important. Recognizing that there is always something for everyone is the core of acceptance to keep moving forward.
2. Own Them, Be Proud
Learn more about competitors, and seek gaps to help your business to find ownership. As long as there are problems in the world, there’s always unserved customers out there. This allows you to match your company’s value or competencies to opportunities in the market. Furthermore, to be close with current customers’ problems can assist you to find better methods to serve them better.
3. Personalise Them
By inserting non-financial drive or reasons behind a business being built can support entrepreneurs who have a story to tell for customer’s attention and sense of belonging. Also to not hide the unique side of the company, because this will be a special part of the identity of the business image which most likely does not relate with product or services company’s offer.
4. Combine It with Strengths
Take a look at what your company’s previous achievements are, What traits that customers or people like to see from your business. By measuring and analysing company strengths and weaknesses helps you to set and achieve business goals.
For best results, you will need to have constantly refreshed perspectives to run your business, and when in doubt, go back to your values and your vision of why your business should be even there in the first place. Being open in different aspects of your company’s improvement, from sales and customer service to marketing and product development is a way to embrace weaknesses. It will in the end become your new strength.
References:
https://www.instagram.com/p/CQuoBgQs25F/?utm_source=ig_web_button_share_sheet
https://www.instagram.com/p/CQxrJpasb5r/?utm_source=ig_web_copy_link
https://www.americanexpress.com/en-us/business/trends-and-insights/articles/the-7-business-weaknesses-that-may-be-your-biggest-advantages/