Wednesday, 1 June 2011

The Weakest Link

Your business success will be defined not by how well you exploit what you are good at but how well you address what you are bad at.

Too many people make the mistake of thinking they can build a business based on what they are good at; success or failure is far more likely to be determined by what you are bad at.  The following are all summaries of specific examples I have witnessed;

  •  A creative genius produces a sumptuous looking catalogue -- but their fulfillment operations and economics kill the business
  • A smart techy builds a wonderful website and succeeds in driving traffic to it through great SEO (Search Engine Optimisation) -- but the business fails because the product range is poorly sourced and not commercially priced
  • A consulting business that delivers great projects -- but dies because it lacks the individuals who can sell them
  • A designer creates a great product range, markets it well, prices it sensibly, succeeds in building distribution -- but lacks the financial savvy to finance the business properly, fails to understand the seasonal demands on working capital and the necessary stock needed to maintain service levels so business collapses when breaches bank covenants on over-draft
So what?  Have you been honest with yourself about what you are bad at?  Identify those areas and focus your efforts there, whether improving your own knowledge and skills or hiring in the right expertise -- chances are the thing you enjoy doing least is the thing you should be spending most time on.

1 comment:

Kelvin said...

Now this is a topic we could chat for a while! Understanding what ur good at & playing to ur strengths, and knowing what ur not good at & building a team around u to support & compliment. What do u think about Myers Briggs profiling, and MORI research regarding 'playing to your strengths'? See Marcus Buckingham work/books. Kelvin