Business Info: Strengths and Weaknesses
Once collected the business information, we turn to evaluate or analyze it, to know the real status or capacity of the company and to identify the business strengths and weaknesses.
The strengths allow the company to have a high level of competitiveness, while the weaknesses undermine the achievement of objectives.
Examples of strengths could be: differentiation, competitive advantage, adequate financial, competitive skills, positive image to consumers, market leadership, good organization, economies of scale, high quality products, good customer service, efficient channels distribution, brand recognition, etc..
Examples of weaknesses could be: problems of liquidity, profitability below the industry average, lack of definition in the functions, inability to innovate, poor advertising channels, poor management, obsolete machines or equipment, poor image, difficulties in increasing production capacity , difficulties in improving the quality of products, unclear goals, poorly motivated workers, etc.
When determining the weaknesses, we have differences between the symptoms and problems, for example, poor sales are a symptom, while the problem could be, for example, bad publicity.
Once we have identified the strengths and weaknesses, we make a list in order of importance of the strengths and other weaknesses.
