Understand Your Strengths and Weaknesses

01st Apr , 2020

We all think we know where our own talents lie, and what we are not so good at, but what if our perception is not realistic? In a business environment, any perception gap of our strengths and weaknesses can negatively impact business performance. Recognising real strengths in the business and maximising contribution, plus developing strategies to acquire or develop missing critical talents, is a recipe for continuous improvement and competitive advantage.

At International Business Mentors, our business mentoring professionals are well experienced in identifying, assessing and developing competencies needed by business leaders to succeed. A confidential business mentor or coach will give you confidential and direct feedback to help you develop or fill gaps.

“Everyone, regardless of ability or disability, has strengths and weaknesses. Know what yours are. Build on your strengths and find a way around your weaknesses.”

• Brad Cohen

Why is it Important?

Competence development requires competencies, technical knowledge and skill, which have been identified as essential to perform a particular task or function through analysis of a particular position.

There are generic and specific skills essential for business leaders that depend on the type of business, industry, business culture, technical skills, knowledge and behaviours needed to perform and potentially succeed in your business. If business owners, CEOs, Directors or senior executives are missing some of these skills or experience, then they may need to be either mentored or coached by others who do.

The independence and experience of a carefully matched business mentor or business coach can be extremely beneficial in this space. Having wide business experience, they know the importance of identifying the right people with the desired skills, culture and behaviours from all levels in the organisation.

What About Tools and Tests?

There are many available tests and tools to help you identify desired behaviours, talents, personal traits, intelligence and EQ, but these should be only a guide and must be considered in relation to the business’ specific requirements. This overall experience-based approach is an area where business mentors and coaches can help by providing confidential support and impartial and independent support.

There are many aspects of business where a business mentor or coach can help by supporting you to improve business performance across different areas. Some of these common areas include: Strategy development and implementation, contingency planning, risk identification and prioritisation, corporate governance, performance culture development, decision-making, adaptability, financial analysis, building rapport and relationships, commercial awareness, communication – online, written and oral, public relations, concluding deals, customer focus, delegation, influencing, initiative, innovation, judgement, leadership – both personal and strategic, planning, tenacity and resilience.

Each of these core competencies or skills must be tapped into to help achieve maximum business performance, driving us to be successful. Sometimes we all need guidance, prompting, support and encouragement to reach this end. The right business mentor or business coach can provide valuable insight and input in this space.

SWOT Analysis

One tool to consider using is SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats). This is a well-used, simple yet powerful tool to help you develop your business strategy.

Strengths and weaknesses are largely internal to your company – things that you have some control over and can change. Examples include who is on your team, your patents and intellectual property, and your location.

Opportunities and threats are largely external things that are going on outside your company, in the larger market. You can take advantage of opportunities and protect against threats. Examples include competitors, prices of raw materials, and customer shopping trends.

A SWOT analysis organises your top strengths, weaknesses, opportunities and threats into an organised list, which is usually presented in a simple two-by-two grid.

Some business leaders think they already know what they need to do to succeed, but a SWOT analysis forces them to look at their business in new ways and from new directions. Our business mentors and business coaches are experienced and routinely oversee SWOT analysis as part of their business mentoring approaches, helping to develop strategic plans.

Call International Business Mentors today to better use your strengths and understand your weaknesses with a well-matched business mentor or business coach.