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What does it take to build a sustainable competitive advantage for your company?<\/b><\/strong><\/span><\/p>\n In today\u2019s blog post, I will share how your company can stand out, get ahead and stay ahead of your competitors.<\/span><\/p>\n One way to create a long-term sustainable and successful company is\u00a0to have\u00a0something that customers uniquely value<\/b><\/strong>\u00a0and that positions you as the go-to business.<\/span><\/p>\n Let\u00b4s begin to uncover your company\u00b4s core competencies.<\/span><\/p>\n Overview<\/b><\/strong><\/span><\/p>\n What are core competencies? \u00a0<\/b><\/strong><\/span><\/p>\n The idea of “core competencies” is one of the most important business ideas that has changed the business world. This is one of the key ideas that lies behind outsourcing. If your company concentrates their efforts on things they do well and outsource the rest, it will open up new exciting opportunities for your company.<\/span><\/p>\n What are the advantages of focusing on core competencies? \u00a0<\/b><\/strong><\/span><\/p>\n Advantage #1: Gaining unique expertise<\/b><\/strong><\/span><\/p>\n Advantage #2: Command a higher price<\/b><\/strong><\/span><\/p>\n Advantage #3: Develop your unique skills<\/b><\/strong><\/span><\/p>\n What is your company\u00b4s competitive advantage?<\/b><\/strong><\/span><\/p>\n What is your company\u00b4s core competencies?<\/b><\/strong><\/span><\/p>\n To determine your company\u00b4s core competencies follow these four steps<\/strong> to get started:<\/span><\/p>\n Step #1: What are your company\u00b4s strengths?<\/b><\/strong><\/span><\/p>\n You need to recognize and capitalize on your company\u00b4s strengths. Consider the following questions:<\/span><\/p>\n Step #2:<\/b><\/strong>\u00a0What do your customers uniquely value about your company?<\/b><\/strong><\/span><\/p>\n Step #3: What are the questions that will help you to identify your core competencies?<\/b><\/strong><\/span><\/p>\n Use the following questions\u00a0and brainstorm:<\/span><\/p>\n Q 1: What are the factors that are important to your clients? <\/b><\/strong><\/span><\/p>\n Q 2: What are the competencies that lie behind them?<\/b><\/strong>\u00a0<\/span><\/p>\n Q 3: What are your <\/b><\/strong>existing competencies <\/b><\/strong>and the things your company does well?<\/b><\/strong><\/span><\/p>\n Q 4: What are the<\/b><\/strong>\u00a0factors <\/b><\/strong>that are important to clients?<\/b><\/strong><\/span><\/p>\n If any of these things do not contribute to a core competence, <\/b><\/strong>ask yourself if you can outsource<\/strong> them effectively.<\/span><\/p>\n If you’re working very hard, and you’re still finding it difficult to make a profit, then you need to think carefully about crafting a unique competitive position<\/strong>.This may involve developing core competencies that are relevant.<\/span><\/p>\n Step #4: <\/b><\/strong>What is the best way to<\/b><\/strong>\u00a0test your companies core competencies?<\/b><\/strong><\/span><\/p>\n Hamel and Prahalad provide\u00a0<\/b><\/strong>three tests\u00a0to see whether they are true core competencies:<\/span><\/p>\n Test #1 –<\/b><\/strong>\u00a0Relevance<\/b><\/strong><\/span><\/p>\n Test #2 –<\/b><\/strong>\u00a0Difficulty of imitation<\/b><\/strong><\/span><\/p>\n\n
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