How to Identify and Utilize Your Core Competencies
How to Identify and Utilize Your Core Competencies.
Over the years in which I’ve been working for GROCO and doing my radio program, American Dreams, I have met with a lot of people, many of whom are counted amongst the most successful and wealthiest individuals in the world. Most of my guests are also great leaders in their own right and they understand that being a leader isn’t about coming from a position of authority, it’s actually about learning to know and love those you work with.
To that end, I want to talk about identifying and keeping your core competencies within an organization. At the end of the day in order to implement any leadership strategy or any process, the person giving the process has to know his or her organization very well. He or she has to know the employees and they have to understand what it takes to motivate those individuals.
Identifying Your Core Competencies
When someone is looking to start a business the first thing they need to do is look at their core competencies. That means those in charge have to determine what advantages they have and what strengths they have to offer. They have to decide what their company is all about. So how do you go about identifying your core competencies? You need to look at whether or not it will have potential access to a wide variety of markets.
Another question to ask is whether or not it makes a significant contribution to the perceived customer benefit of the end product. Is it something that will be difficult for your competitors to imitate?
Take Full Advantage of Your Core Competencies
It’s also important to understand that competencies are not the same as capabilities. You might have 20 or 30, or even more capabilities, but that doesn’t mean those are all core competencies. If you are about to launch a company you must be able to identify your core competencies, those things that you do well or better than anyone else.
The business world is always changing, new technologies come and go, so it’s imperative that your core competencies are built on a rock solid foundation or your business will likely fall. You should be focused on building up the base of your core competencies and not get too focused on the outside sources and forces affecting you. You need to use those core competencies to your utmost advantage.
Building Your Business on a Solid Foundation
One of the most common debates that takes place in the corporate world is whether or not you should grow your company holistically or go out and buy other organizations and merge them in to acquire different customers? Both of these strategies have their pros and cons but if you prefer to have stronger core competencies that are built on a rock-solid foundation, then building your company holistically is the better method.
So as you prepare to launch a business, make sure that from the very first day you understand what the business is all about, what are the core competencies, know how build a vision and a mission statement off this competency and determine if the competency is actually scalable to the markets that you intend to serve.
We hope you enjoyed this article about “How to Identify and Utilize Your Core Competencies”. If you need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
Determining The Best & Worst States for Wealthy Retirees Can be Subjective Retirement marks a significant phase in life, offering a new world of opportunities and choices. One critical decision for affluent retirees is selecting the right state to enjoy their golden years. In this post, we’ll explore the 5 best and worst states for…
Chris Maxson, owner of Acucraft Fireplace Systems and Managing Partner, Maxson family’s business ventures discusses igniting innovation in the fireplace industry with Alan Olsen. Below are some of the key aspects of Chris Maxson’s influence on the fireplace industry and his unique approach with Acucraft Fireplace Systems. They indicate the rich legacy and innovation themes discussed.…
The Best Accounting Jokes for Financial Experts in 8 Laughs & Ledgers: Welcome to the lighter side of accounting! Yes, you read that right. While debits, credits, and balance sheets are serious business, who says accountants can’t have a sense of humor? Today, we’re diving into the funniest accounting jokes that even your auditor can’t…