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The Keys To Your Success – Core Competencies
July 22, 2019*This page may contain affiliate links. If you purchase from these links we may receive a commission at no extra cost to you.
It has been said that having and maintaining one or 2 core competencies can be the difference between business life or death. This concept was first developed in the 80’s by Hamel and Prahalad in their book “Competing for the Future”.
A Core Competency is defined as:
SOMETHING UNIQUE THAT A BUSINESS HAS, CAN, OR (for a new business) WILL DO STRATEGICALLY WELL.
Examples of core competencies are:
o Collective learning within the practice
o Ability to integrate skills and technologies
o Ability to deliver superior treatment, products and services
o Ways the practice is differentiated to be competitive
Some examples of businesses and their core competencies are:
➢ Apple: Integrated ecosystem of software and devices and DESIGN built around the user.
➢ IKEA: Integrated design capabilities and Unique organizational culture
➢ Starbucks: Localized customer experience and a Differentiated global brand.
➢ Whole Foods: Selling Organic, high-quality, natural foodstuff to satisfied customers with a happy, committed sales force and participation in the community.
To determine YOUR Core Competencies, you have to ask the following 3 questions:
1. Does it provide patient benefit?
2. Is it difficult for competitors to imitate?
3. Can it be leveraged across a wide array of treatments, products, services and markets?
If you truly have a CORE COMPETENCY, you should be able to answer YES to each and every one of these questions.
To discuss your Core Competencies and how to use them as the competitive advantage they should be; OR, if you would like to develop a Core Competency, contact us for a complimentary 20 minute strategy session.
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Dr. Michael Goldberg is one of the leading educators on dental practice management in the United States.
Michael ran and sold a prestigious group practice in Manhattan and has been on Faculty at Columbia University and New York-Presbyterian Medical Center for 30 years including Director of the GPR program and Director of the course on Practice Management.
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