ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

How to Build a Strong Company by Capitalizing on Your Core Competencies

Updated on November 3, 2011
 

Is your company as good as it can get? Are you producing or delivering exceptional products or services? Are sales increasing? Are your employees highly skilled? Are you seeing an increase in loyal customers? Do you have a clear vision of your company's future? Have you communicated that vision to your employees and do they understand their individual roles for accomplishing the vision? Can your business withstand tough economic times?

Here's a revelation- your company is only as good [or great] as the people or talent working for your business, including you. Wouldn't it be fantastic if you could answer yes to all the questions posed above? Realistically, however, your business probably could use varying degrees of improvement in some or several of the areas mentioned.

Inasmuch as every company is unique it is also similar to your competitors and other like-businesses, just as every individual is unique yet similar to the next individual. What makes us both unique and similar? It is the abilities or competencies possessed by the whole (the company) and the parts (the individuals).

Core Competencies

Let's take a more in-depth look at core competencies. A simple definition is:

"A core competency is something a company does especially well relative to its competitors."

Core competencies include any combination of skills, technologies, processes, knowledge, expertise, or abilities. The various core competencies combinations are what make a company unique and distinguishable from another company.

Let's look at innovation for example. Would innovation be a core competency for your company? The answer depends on where you want your company to be in the future.

For instance, your company's goal could be to acquire a smaller company producing high-end niche products in your industry in order to reach a higher-quality consumer. Or maybe your goal is to expand market reach. Or perhaps your company's goal is to remain a small, family-owned business. In each of these examples a degree of innovation would be required but not necessarily be a core competency. However, if for instance, your company is known for and is successful at identifying and reaching consumers in different markets with creative marketing techniques, then innovation would be a core competency.

How about innovation as a core competency for the individual worker? Once again it depends of the worker's job duties and responsibilities. If the worker is a marketing manager at the company known for identifying and reaching consumers in different previously mentioned, then innovation would be a core competency for the marketing job. If the worker works on an assembly line, then innovation would not be a core competency.

What are the core competencies for your company? What are the skills, technologies, processes, knowledge, expertise, and abilities that brand your business? Take time with your management staff to inventory your core competencies as an organization. Identifying your core competencies will help your company to stay focused on the long-term, your vision. Core competencies will help improve performance management and hiring practices.

Acquiring and Developing Core Competencies at the Organizational Level

After identifying what your company's core competencies, you may discover that due to turnover you may be lacking in an expertise that is a core competency. Or perhaps your once envied processes are now outdated. By having identified your core competencies, you are now in a position to hire or develop existing talent to reinforce the core competency that is lacking.

If you need to hire some new talent, knowing what the core competencies are for not only the organization but also for the position will enable your internal or external recruiters to focus on the skills, abilities, knowledge or expertise required to your company's success.

Acquiring and Developing Core Competencies at the Individual Level

You may discover that some of your employees may need to have their skills updated or learn new processes. In this type of a situation, training may be the remedy. However, training should not be a "one-time" event that will result in overnight skills or expertise acquisition. Training takes time.

Focus on identifying the strengths of your workers. Within their strengths may be links to your core competencies, which can be enhanced to be in alignment with your core competencies.

Acquiring, developing and maintaining your core competencies require on-going efforts by everyone within your organization. Core competencies must be linked to all your processes and performance standards. Do everything possible today to reinforce or acquire the core competencies that will pave the way to the great company you envision for future. Remember- your company is only as good as the people working for your business.

Core competencies are the heart and soul of a business. Capitalizing on your core competencies will not only make your company great, it will also make it strong!

Comments

    0 of 8192 characters used
    Post Comment

    • INFJay profile imageAUTHOR

      Jay Manriquez 

      7 years ago from Santa Rosa, California

      Thanks for your comment Fred. I'll be posting a follow up to this article that will address the "how to..." Check back in a week or so.

    • profile image

      Fred 

      7 years ago

      Hi INF Jay, This is a nice article. Do you have a tool that can guide people step by step to build or assess the core competence?

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)