Think about it - what sets your company apart? Are you poised to quickly enter emerging markets and innovate new products and services that your customers will value? What are the skills, processes, systems, and activities that will propel your company into the future?
Focusing on your core competencies creates unique, integrated systems that reinforce your company’s systemic advantage - something your customers value and your competitors can’t copy quickly or easily. These core competencies are strongly ingrained in your company, focusing your strategic decisions and uniting your various business units and functional teams.
Here are the basics of what Core Competencies are, how to develop them, and ways to use them over time:
Determining your core competencies is only the beginning; you have to create a plan to cultivate this advantage over time. Think about your core competencies as you build your revenue growth plans in your next annual planning session.
Want to learn more about Core Competencies? Check out these additional resources: