July 16, 2020 By 0 Comments

The core competency of any business is a strategic, competitive advantage it holds over its competitors. Core competencies can be specific assets, such as equipment, processes or intellectual property, but more often they’re skills or specific abilities that a business firm performs especially well.
At times of crisis like covid-19 when the economic conditions are at survival mode, a companies core competency is of great value which may even define the core existence of the company.
In essence, your core competency allows you to stand out in a crowded market from all your nearest competitors. The fact that other companies can’t easily replicate it further ensures you deliver extra value to your customers and prospects, spark new strategies and anticipate customer satisfaction. It fuels your business’s future growth and increases revenue.
Leveraging your business’s core competency successfully depends on identifying what your company naturally excels at. From there, the key is developing that competency in a way that delivers a significant contribution to your customers and differentiates your brand from its competition. If you’re just starting a new business or building new products, this is especially important.
Identifying what your business does well should be relatively straightforward. Those skills at which your team excels, or for which you regularly receive praise or recognition, are at the top of the list. Also, look for industry benchmarks your business can regularly exceed or surpass. Next, try to identify the competency that delivers customer benefits most directly while simultaneously setting you apart from the competition.
Of course, knowing your list of core competencies is only a part of the equation. You also need to devote resources to further developing and maintaining your business’s expertise in this area. Stress the role this core competency plays in your corporate strategy in team meetings, new-hire training and continuing education.
Core competency is the “secret sauce” of business that drives your company’s competitive advantage in the marketplace. As the old maxim goes, that which you feed will grow. Feed your core competency with all attention and intention, and it will become even stronger.
Clout Consult specializes in identifying the core competencies of a company and uplifting such skills. Team building with core competencies centered is part of development to the next level. Our expertise lies in identifying and keeping the sore competencies to the companies future growth in immediate future.