When Fluidity looks at the strengths of your business, it's important to consider what makes it stand out from the competition. How is your business different?
Evaluating strengths weighs such elements of your business landscape as location, product or service, reputation, management passion, market position, uniqueness, and consumer acceptance. Let's dig deeper.
Why does one franchise restaurant do better than two others in the same community? If it has gained the position as a neighborhood gathering place, that could be the deciding factor. Ease of access to your location can be critical to your customers, including ease of access to your website. A site that is optimized for search engines can also be a strength.
Obviously, the product or service you offer to consumers should be a strength. If there is a demand from consumers and your company supplies the product or service most apt to meet that demand, you should reap the benefits and remain strong.
In a similar vein, if you fall short of meeting the expectations of consumers, your reputation can be tarnished. You lose credibility and watch your profits slowly ebb. Reputation is key, for without customers, you will find it difficult to survive.
Addressing both the unique nature of your business and the position you have in the marketplace comes back to the number one immutable law of marketing. Own the niche! When you have to sneeze, do you ask for a facial tissue - or for a Kleenex? There are competitors, but it's clear who owns the niche for facial tissue.
Last point, among many, in evaluating the strength of your business is the passion of management, especially you - the owner and entrepreneur. Your desire to make the company succeed is paramount to achieving your dreams. That passion drives everything you do and is conveyed to employees, consumers, and the public at large. It must be a strength!
Next installment - Weaknesses.
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