Creating a plan to increase personal income through work or owning a business
22/09/2011 10:59
Find a place where you feel confident that your business will stand out from the others. Then create a business model that will capitalize. Having core competence is critical to the success of an organization. They should be cross-functional and have performance measures for cost, quality, time, and outcome. Core competencies are the things you do for the company that sets you apart. These are the skills that make you valuable and unique. It especially deals with how well diverse productions skills coordinate with multiple technology streams. Examples of core competences include; excellent customer service, information networking on state, nation or worldwide levels, new product research and development, market research, product innovation, low production costs, speedy distribution process, and relationship development.
Ask yourself what your career goals are and what impact they will have on your life and business. The company's core competence will allow you to create new products and services to meet the always changing demands of the market. It becomes the secret to your success.
Regardless of how good you are at something, someone out there is always better than you. Find what is important to your customers and market that fact so you will clearly distinguish yourself from your competitors. The quicker you do so, the easier it will be to stay ahead of the competition.
One of the main ways to achieve long-term success in any industry is perpetual growth and development. Business managers must be ready to alter the core competencies and business practices to keep up with the changing environment and change in consumer demands. A unique level of expertise in areas that are important to customers will be to your benefit. Find out if there are services, skills, or products that customers are willing to pay for.
It's important in successful business for you to be able to fully trust and understand the motivations of those around you. Build the skills that your company will most value and that will take you to the next level. Provide a rare resource or capability that is not offered by most and would be difficult to imitate.
The best time to address threats to a project's completion are when things are going well. That is the time to make the needed adjustments and eliminate anything that will inhibit the job from being completed. Your company should also change with time in order to maintain profitability, growth, and viability.
To support you business competency you can add features you may be lacking. Some of these include; customer service, information technology/knowledge management, scientific and/or creative skills, marketing skills, and sales skills. These are all things that you can explore in yourself through either classes or internships.
Microsoft, one of the nation's most successful companies, has a core competence of designing user-friendly software. PepsiCo's core competence is in the mass production and distribution of bottled drinks. Polaroid manufactures self-developing film and Ernst & Young performs audits functions for Fortune 500 companies and corporations. Wal-Mart has a core competency in their large information system. These companies all develop new core competencies as well as expand their existing ones so that they may enter future markets.
It's important to keep track of your progress towards your goal and manage your time efficiently. Know your strengths and weaknesses and most importantly, be realistic about them. Be able to communicate your ideas in a persuasive, effective manner in both writing and verbally. Stay up to date with the business world by reading press and watching or listening to the media.
As a leader be adaptive and take a flexible approach. Self-awareness is important and you should present yourself as such. Confidence goes along way, so project that along with a positive attitude and you will be on your way to running a successful business.