Core Competencies - Jeremy Gray

Jeremy Gray - "Practical Solutions to Difficult Problems"

The concept of core competency was developed by Gary Hamel and C. K. Prahalad in 1990 and discussed in their book “Competing for the future”. A core competence is something that your business has or can do strategically well.

In today’s show we will review:

• What are core competencies?
• How does a company develop a core competency
  • Collective learning within the business
  • Ability to integrate skills and technologies
  • Ability to deliver superior products and services
  • Ways a business is differentiated to be competitive

• TIe to SWOT analysis

• Examples of Core Competencies - Ikea, Apple, Starbucks

• 3 Conditions  to be considered a core competency:
  • Customer benefit
  • Hard for competitors to match
  • Can be leveraged widely 

• Focus on core competencies and outsource non core activities
  • Overzealous outsourcing

• How to identify my company’s core competencies?
  • Can be a challenge to find your unique proposition
  • Look at your customers and clients
  • The reason for your business
  • Discuss with your team - widen discussion if necessary

• How to build on your core competencies:
  • Keep them top of mind

• Risk of moving away from your core competencies
  • Core competencies build over time
  • Risk of becoming me too
  • Pivoting a business is challenging

Jeremy@business-in-asia.org
thedentistcfo.com
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