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Know your game before production a bet if you intend to win. This basic mantra is applicable to all situations either it's the method of a new dish you intend to experiment with or it's about your business. It is only the definite knowledge about all the intricacies that can help you achieve the highest.

Knowing the strict strengths and weaknesses of your enterprise is highly crucial, especially in the present era, marked by cutthroat competition. All the key decisions including investments, folder management, financing, product diversions, promotions, etc., are largely dependent upon your business's capabilities and shortfalls. The way to success is by deploying your strengths to the best and at the same time working out on your weaknesses. However, this obviously implies, exact understanding of both the fundamentals.

However, the whole fact again boils down on the 'How to' question. I understand the importance but recommend a way to do it. Do I require a devotee to achieve the task for me or can I undertake the entire exercise all by myself?

Well, I would recommend a right mix of both the alternates. It is your business, so your involvement is necessary, but devotee idea always helps so seek expert guidance.

Prerequisite1: Have an open mind and accept your shortcomings.

Prerequisite 2: Involve all - opinions are foremost - there are many who know their definite line of operations better than you do. Your employees are experts in their field. Trust them.

If these two aspects are accounted for, the remaining task becomes much easier.

To start with the exercise, divide the entire enterprise into few broad categories and analyze them. The bifurcation could be among dissimilar departments or could be in dissimilar categories like manpower, material capacity to produce and grow product specifications and other supporting functions like marketing, research, etc.

Workforce, at a very fast rate is appearing among the statements as an asset, so you must ensure that it's an asset to you. Keep a check on the turnover, absenteeism and worker morale. Make sure that you are not always dealing with increasing politics or adverse unionism. They must be a company's strength.

Material capacity to produce and grow has foremost implications on your firm's capacity to preserve and compete in the end. Make sure that you create a preserve in the end. If it's not already created, it will serve as a huge weakness.

Product specifications refer to the features and services offered, especially in comparison to the competition. In the long run, the uniqueness and the ability to customize each requirement is all that matters. Make sure to add the innovative touch to your offerings for them to be strengthened.

Last, but highly important, are the supportive functions like study and marketing, which if ignored, weakens your base itself.

All these and many more aspects deserve a closer look for the promised success. So foster your enterprise in the right direction by understanding the systems well.