The strengths of a business are those characteristics that give it an advantage over its competitors. Taking an assessment of the strengths of your business requires that you have a realistic view of your capabilities as well as those of your competition. Analyzing your strengths involves taking stock of the advantages you have over your competitors, areas in which you excel, unique or low cost resources available to you and defining your unique value proposition. Identifying strengths and the benefits they provide for customers will enable greater sales and profit capabilities leading to business success.
If you know the enemy and know yourself, you need not fear the results of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle … Sun Tzu
- Define Advantages your Business has over Competitors – There are many potential advantages a business can have such as location, longevity, business connections, community connections, etc. The key point in identifying advantages is that they’re relative to your competition. Characteristics that can be exploited to win sales should be defined as advantages.
- Identify Areas of Excellence – List things you do better than anyone else. There are many factors involved in delivering auto repair services and in many cases there won’t be much difference between you and the competition. However if there are one or more characteristics of your business that set you apart from the competition they can equate to great strengths.
- Specify Unique Resources Available – If there employee skills or specialized equipment that your business possesses then you have an advantage over your competitors. Unique resources can bring business and can also allow for better profit margins.
- Itemize Low Cost Resources Available – Personnel, parts or equipment that can be employed at a lower cost than the competition are extremely valuable. These factors can be used to increase sales and achieve greater profits.
- Define Your Unique Selling Proposition – The unique selling proposition is defined by the factors that will help you win sales. It is the method by which you promote the benefits offered by only your business in the products or services you provide.