Managing and operating a business is like competing in a modern pentathlon at the Olympics. In each setting, the participant must be as good as possible in a number of different disciplines.

The pentathlon competitor has to develop their abilities to compete in fencing, shooting, swimming, riding, and cross-country running. Each competitor will likely excel at one or two disciplines and have less ability with the others. Notwithstanding their different levels of prowess in the various disciplines, the athlete continually practices to increase their performance in all disciplines to achieve in an effort to win.

The business owner and manager is in a similar situation and needs to be proficient in a number of business skills. Like the athlete, business owners and managers will be stronger at some business disciplines than others.

The business owner and manager however, have a distinct advantage over the pentathlon athlete. The athlete must participate in each event personally. On the other hand, the business person can employ another person to assist where their skills are not adequate. The business owner or manager is not excused however, from learning about other business disciplines required in operating their business.

Trying to be the best possible business owner or manager, means understanding which are your own strengths and weaknesses. Once you understand your strengths and weaknesses, you can decide on one of two options.

The first is to work on your weaknesses and see if they improve to a satisfactory level for the benefit of the business.

Alternatively, you decide your skills or interest in those skills cannot be improved sufficiently, and you employ other people with the required skills.

You may be a business owner or manager with one or two strong areas of expertise. You may also have doubts on your abilities to operate your business to achieve maximum performance. In that case, employing a professional from another business discipline which you are not good at, makes sense.

If you would like to discuss how to better understand the importance of understanding your strengths and weaknesses in relation to business risks, contact Kim via kim@creditmatters.com.au for additional ideas and support.