In order to thrive in a competitive market, every company—from startups to corporations—needs to identify and hone its competencies. These are essentially what give entrepreneurs a competitive advantage, or edge on their competition. Here’s an overview of business competencies, which are also known as business core competencies, and their importance.
Simply put, a competitive advantage in business refers to a company’s ability to achieve and maintain a larger profit margin than others in its industry. However, there are many factors in business performance that drive profit, including core competencies. In short, the ability to identify and enhance core competencies in business is what ultimately leads to a competitive advantage for any company. To understand them, it is helpful to look at some business core competencies examples.
Core competencies are the products, services, capabilities, and skills that make a company superior in the eyes of its customers and competition. There are many types of core competencies in business. Examples of these include:
In order for a company attribute to be or become a core competency, the business must excel in it in ways that others do not. What can your company offer that your competition cannot, or what is your company more successful at doing than others? The sooner entrepreneurs can identify their core competencies, the sooner they can allocate resources accordingly. They can then build on their existing strengths and business reputation, enhance brand recognition, and increase profit margin.
Enrolling in a business accelerator program is an excellent way to get guidance on establishing or enhancing your company’s core competencies. If you’re a growth-minded small business in the Northwest Chicagoland area, consider applying for admission to an accelerator program with Next Level Northwest.
Next Level Northwest is a business acceleration public-private partnership serving the Northwest Chicagoland region. We support regional and local businesses through collaborative and innovative initiatives to help grow the economy. Download our Program Overview (PDF).
Ready to take your business success to the next level and become a Next Level Northwest graduate? Download and prepare your application following this process today!