The Chainlink Framework for Figuring Out Your Weakest Area
As entrepreneurs, we carry all the responsibility. We wear all the hats. Our to-do lists never end.
So how can we decide what we should focus on right now? How can we KNOW what will really strengthen, improve, and GROW our businesses?
The answer is the chainlink framework — here’s how it works:
Think of your business as a simple machine — a chain — that you use to accomplish a particular type of work.
(A real chain wouldn’t be defined as a machine, because it doesn’t have parts with separate functions, but your business does.)
Your business is the chain, and the work you accomplish is the “weight” your chain can pull.
The stronger your business, the more weight you can pull.
But — your business is only as strong as its weakest link.
It’s obvious, but also worth pointing out, because a lot of people try to overcompensate for an area of weakness with strength in a different area.
But it doesn’t matter how strong some of the links of your chain are… the amount of weight you can pull is limited by the strength of your weakest link.
Here are a few of the “links” that form your business and enable it to accomplish work:
> Your product
> Finance management
Your business could be a 9/10 for each of these components, but if one is seriously lacking, it will hold you back and make it impossible for you to grow beyond a certain size or reach its full potential.
For example, if your product is poor quality: you could get enormous amounts of visibility, have a highly-effective sales system, airtight contracts, an amazing team, and brilliant financial management.
BUT the bigger you grew, the more people would talk about how seriously sub-par your product truly is. Your customers would be unhappy. Returns and refunds would spike. It would become more and more difficult to persuade new people to purchase.
So what should you work on next? The best way to figure this out is to first score your business on it’s (relative) strength in each of these categories. The category that scores the lowest is your top priority to improve, because it is that aspect of your business that is most likely to be holding you back from growth.
From there, move on to assess what about this business area is weak and make an action plan to begin to strengthen it.
This won’t be a quick fix, but it’s the sure way to build a STRONG business with limitless potential.
Here’s to your success!