identify five of weakness of a business and suggest one area of improvement for each weakness
Answers
Answer:
No strategy
No values
No mission
No product vision
No metrics of success
For each area define and implement
Explanation:
ANSWER:
A business’ weakness is any process or resource or which the business lacks, nevertheless needs such process or resource to thrive. Weaknesses limit a business’ ability to achieve its fullest potential.
EXPLANATION:
Financial Weakness: High cost of running the business, limited cash flows are some of the causes. The remedies for such problems are planning cash inflows in a way that contingencies are in place for more demanding payments, get short term loans to meet priority payments, differentiate between essential and less essential costs and cut down unnecessary expenses.
Product Quality Weakness: Outdated/obsolete technology inhibits innovation in products while manufacturing products that excels from competitors. Investing in new technology is a good solution; however this requires substantial capital. Although, funding capital investment in technology will be a challenge, it is vital keep the business afloat, relevant and eventually successful.
Production Inefficiencies: This is mostly attributed to low productivity of workers. This can be enhanced with more effectual production processes/equipment. Furthermore, motivating workers’ morale through ample rewards and support is very essential for improving production inefficiencies.
Poor Brand Image: This is a result of a bad customer service or poor product. One way is through promoting brand image through social media. A strong social media presence can considerably increase website traffic and improve brand image with both potential and prevailing customers.
Centralised Organisational Structure: This impedes the flexibility to adjust to changes in market circumstances. Following decentralised organisational structure enables business to quickly adapt to changes in market conditions and leverage on opportunities.