How to deal with and address weaknesses in your business

By | August 6, 2019

There is much talk about competitive advantages but little about destructive disadvantages. Let’s see how you can deal with them and treat them so that they are not lethal.

Not all the virtues of an entrepreneur always become strengths of business but almost always weaknesses are transferred immediately. Especially in the initial phase, a business represents the character of the person who starts it: his philosophy, his way of seeing the world, his discipline, etc.

Types of weaknesses that can be destructive

Among the destructive weaknesses, I would highlight above all two. If these two fail you, you do not realize and/or do not treat them urgently your business will not have a long-term future.

Lack of knowledge in key areas:

Especially in the online world we see it. Many people get involved because they have heard a story about some entrepreneur who has “kicked” it. There is immense ignorance about what is required to do something as “simple” as setting up an online store. My structure costs in some months reach 10,000 euros. Apart from the necessary knowledge in all fields of online marketing, it is also crucial to have at least basic notions of finance . Especially if you are not clear about the importance of cash flow, you have a serious problem.

Lack of resources to reach zero point

If you cannot estimate the time or the work, you will not be able to detect adequate financial terms or resources to carry out your project successfully. Your financial planning is practically the most important. It comes before everything else because no matter how well you do the rest if you run out of money, the party is over.

Better than facing is preventing:

Before launching, do your homework. There are free videos on YouTube or learning platforms such as Quondos that provide you with a solid foundation. That way you will know before you start what is important. It is clear that the experience is not the same as the theory but the impact of surprises will be milder.

Apart from preventing the best advice, I can give you is to stretch the money as much as possible. Reduce your expenses at the beginning so you have enough time to learn what is necessary. “What is necessary” is to develop the ability to devise an initial plan to reach the “zero point.” This is the moment where you have the same level of costs as income. It’s magic!

When you start it is key to be aware that these weaknesses exist. No one learns them in 3 days and neither do you. Avoid learning that lesson in a painful way. Someone who has already been there telling you …;)

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