Archives

Turn Weaknesses Into Major Strengths

By Eugene Peterson

Benjamin Franklin is one of my favorite personal heroes. His name and reputation are well recognized as the first self-made millionaire in all the American Colonies.  However, few of us understand the strength of character he had in taking weaknesses and turning them into strengths.  To help you ferret out a meaningful list, here are company weaknesses I observe on a daily basis:
1. Understanding that the reason for business is to make a profit.
2. Strategic Planning – clear vision of management of where company is going.
3. Job costing – simply knowing what each job costs.
4. Cash forecasting and liquidity.  Cash is the lubricant for the business machine.
5. Job scheduling – making something happen on each job, each day. Pressing to increase productivity, and return on assets.
6. Identify and avoid – Red flag problematic customers/clients. Or, for the minimum, charge a premium when working for them.
7. Laugh – find time to laugh during the day
8. Ask for help before desperate and really in need of it.
9. Eager and receptive to learn better ways. Different results require different choices in behavior.”
10. Document, record and keep accurate records.
11. Charge what is needed to stay in business. Know how to price your product or service to get the margins you need to be profitable. Manage for profitability.
12. Quick to accept responsibility for mistakes – equally quick to learn from them.
13. Have good financials.  Understand how to read and use them. Manage from them.
14. Set goals that stretch your abilities, measure them, keep them in the forefront.
15. Expectations – exceed them.
The rewards of this exercise, like those of Ben Franklin, are long-term success and profitability.