Doing an honest appraisal of your own list of strengths and weaknesses in terms of running the business puts you in a better position to manage your business. Self awareness allows you to:
Business Coaching Insight:
Smart businesspeople recruit people around them who complement their own skills and make up their shortfalls.
Your business will be much more successful if you are doing what you enjoy and what you’re most skilled at.
You will find that your motivation levels and productivity will be much higher, and the same goes for your team.
If you take a personality test (eg. DISC personality test), this will provide you with even more self knowledge. Many business coaches are qualified to facilitate personality tests – this may be one of the questions you ask when deciding who to hire.
When you’re considering your list of strengths and weaknesses, be honest about your personality traits. There’s no right or wrong. It doesn’t necessarily make you a better businessperson if you try and do everything.
Thankfully there are many different types of personality and we don’t all like doing the same thing.
While you may hate the idea of bookkeeping, other people really love it so let them do it because their enjoyment of these tasks means they’ll do a much better job at it than you would.
Here’s an example of some of the things you might include on your list of strengths and weaknesses:
Doing this kind of honest assessment can be especially helpful for couples in business.
Each of you will inevitably have different personal strengths and weaknesses and if you complement each other it can provide a solid foundation for the business.
However one trap to avoid for couples (or even normal business partners) is when you spend so many years just getting on with doing whatever the business requires, that you lose sight of your own personal preferences.
Over time, if you become stuck doing tasks you don’t enjoy, it can lead to resentment and eventually you may lose your passion for the business.
As your business matures, make sure everyone is responsible for tasks that align with what they enjoy and what their strengths are.
Sometimes it could mean that one partner realizes they’d rather step out of the business to pursue more fulfilling personal goals.
This might seem a dangerous prospect for the business but if you plan carefully for an exit strategy it will eventually benefit the business too.
Business Coaching Insight:
Your business forms one part of your life, it is not your WHOLE life. If you put your business centre stage to the detriment of your personal life and relationships, your life will soon be out of balance
If a role cannot be found in the business that works to your list of strengths and weaknesses and preferences, it is better to plan an exit strategy than to ‘grin and bear it’.
This may seem strange coming from business coaches but a happy purpose-filled life is more important than the business.
In an ideal world, your business will be a vehicle for achieving a purpose-filled life. Some entrepreneurs may be on the planet precisely for the purpose of starting lots of business.