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Core competencies allow small businesses to deliver value to their customers. According to management consulting firm Bain & Company, the litmus test for a core competency is that it is hard for competitors to copy or develop. For example, the core competency of a technology company could be the design of high-speed microprocessors or efficient Internet search algorithms, both of which are difficult to replicate. Businesses can develop core competencies by identifying key internal strengths and investing in the capabilities valued by their customers.
Innovation
Innovative companies have a competitive edge in the marketplace. For example, one of Apple's core competencies has been its ability to produce cutting edge and "cool" designs. It introduced the iPod as a "cool" way to download and listen to music. However, companies should never stop innovating. Small businesses have become successful against bigger competitors when they are nimble and relentlessly innovative. For example, Google was able to define and succeed with a new computing paradigm even though they were up against formidable opponents.
Quality
Quality means reliability and performance. Japanese automakers gradually took over market leadership by making quality one of their core competencies. They deployed new concepts such as just-in-time manufacturing and total quality management to incorporate quality in all stages of design and manufacturing. Leading brands in various industries such as household products, apparel and canned goods have gained their market-leading positions because consumers expect and receive quality products from them. Businesses with a reputation for quality are able to demand higher prices and they usually enjoy customer loyalty.
Customer Service
Small businesses that provide exceptional customer service have a competitive edge in the market. For example, one of the core competencies of a successful management consulting company is efficiency -- the ability to complete client engagements on time and on budget. Similarly, a cable company that cannot respond to customer service calls promptly might risk losing its customers to the competition, and a diner cannot survive if customers have to wait a long time or if the food is served cold.
Flexibility
Companies must be nimble to stay competitive. For a small business, this could mean exploring market niches that bigger competitors are not pursuing or teaming up with other businesses to gain market share. Big businesses also need strategic flexibility, because rapidly changing customer preferences and business conditions can overwhelm even giant multinationals. Businesses that can leverage their core competencies and simultaneously integrate the complementary capabilities of external partners enjoy a strategic competitive advantage,
Other Competencies
Other core competencies that give organizations competitive advantages include strategic customer targeting and a superior Internet presence. For example, consultant Jonathan Byrnes wrote in a June Harvard Business School Working Knowledge article that one of Dell's core competencies is to target high-value and low-maintenance customers using database technologies. Dell also needs an easy-to-use e-commerce website that can support its direct-to-customer business model.
The core competencies of an organization, to mention a few, are to render excellent customer service, value customers in a very unique manner and create exceptional standards within the organizational structure to promote equality among employees.
A Core Competency is a deep proficiency that enables a company to deliver unique value to customers
