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Monday, March 15, 2010

Nobody is Great at Everything

I spent some time this weekend working on a SWOT Analysis for my consulting business.  I've done them before, both as an undergrad and as a grad student, and I've always found them easy.  But this one has been particularly difficult.

It's tough to analyze ourselves because it forces us to admit there are things we aren't so good at.  That's never fun on a personal level, and it isn't fun for a business owner either, particularly when it's a one-person business.  But it's necessary to recognize the things we don't do well so that we can structure our businesses accordingly.

If you're bad with finances hire a bookkeeper.  If you don't understand technology hire an IT professional.  If you need help with marketing hire a consultant (like me!).  If you are really good at performing a specific function (like a doctor, lawyer, plumber, etc) but have no business skills maybe you should consider taking on a partner.

It's best to determine your strengths and weaknesses up front so you can plan your business accordingly.  As for my SWOT Analysis, I still have plenty of work to do.  I think I'll need to outsource a few things (like web development) so that I can focus on playing to my strengths.
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