Your Company's Core Competency

Have you ever heard of a core competency? Most of you probably have, but are you really embracing the importance of this concept when it comes to managing and growing your company?

A core competency is your company's primary area of expertise. It is the one thing that your company can do better than any other company. It is the driving force behind your company's success. When put to good use, it will become the driving force that propels your company to greatness.

So how do figure out what your company's core competency is? For starters, try listing all of the things that your company does EXCEPTIONALLY well. Do your employees have specialized knowledge that few other companies have? Do you have incredible customer service within a specific industry? Is it your amazing supply chain? Is it your ability to create and maintain efficient operational processes?

Once you have a list, try to narrow it down to one or two primary core competencies. The fewer the better. You may have 2 - 10 secondary core competencies, but you should only have one or 2 primary core competencies.

Once you've determined your company's primary 1 or 2 core competencies, congratulations, you're ahead of the game. Becoming aware of your company's primary core competencies is one of the most important steps to take when thinking strategically in order to grow and succeed.

Now, think about all of your go-forward strategies through the lense of your company's super power.

Want to learn more? I work with entrepreneurs and executives to develop strategies that will take their companies from surviving to thriving.

Reach out and let's discuss how we can work together!

Krysten Milne, MBA

Management Consultant