Let’s face it—every business has a weakness.
There are ALWAYS areas that can be improved to make your operations more efficient. But where do you start? While your company can't be the best at everything, your shortcomings can be improved to make your weaknesses work for you.
Here are the top four business shortcomings and the solutions you need to turn them into strengths.
No one knows you (yet)
It’s all about that brand! When you’re running an SMB, developing name recognition is a constant challenge—especially if your biggest competitors are franchise names and national companies. But try not to panic. There are actual advantages to no one knowing you. For example, if no one knows you, they have no expectations—good or bad. You now have the power to construct your own narrative. Utilize the power of marketing and social media and frame your company as the best solution out there. Create a solid list of brand guidelines that set your company apart from the competition.
Higher-than-average pricing
Pricing is a huge business pain-point. Why should someone pay more for a similar product just because it’s your company? It’s a difficult question to answer, which is why you need to understand what sets your product apart. Why should someone invest in your services? What do you offer that differentiates you from the masses? Maybe it is your keen outstanding of customer service. Or your precise attention to detail. Maybe it’s your focus on simplicity and efficiency. Or maybe you’re solving a major issue in the industry that no one else is focused on. No matter your niche, you need to understand your company’s true value proposition.
Not utilizing technology
As an SMB, it’s more than likely that you’ll run into technology issues. Big brands have resources. They can hire to their heart’s content. It’s easy for them to spend excess money, but as a small business, you have to be cognizant of your cash flow. You need to make smart, educated decisions when it comes to hiring—and implementing automated processes is the solution. Believe in the cloud! Going digital will eliminate the need for certain roles and functions—allowing you and your pocket-book to hire talent that offers the most strategic value.
Lack of efficiency
It’s a business killer. You don’t want to lose valuable time processing payments, replying to customer issues, scheduling social posts, and handling payroll—especially when you can utilize technology and standardized processes to your advantage. By implementing digital solutions you’re not only saving money—you’re saving time.
Being a business owner can be a challenge, but not every weakness needs to be a threat. Turn those commonalities into strengths and run your business like a boss.
