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:
Some examples of businesses and their core competencies are:
To determine YOUR Core Competencies, you have to ask the following 3 questions:
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.