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Chick-News.com Poultry Industry News, Comments and more by Simon M. Shane

Capitalizing on the Core of a Business

05/23/2013
May 23, 2013

     

Dr. Damien McLoughlin, a Professor at the Michael Smurfit Graduate School, University College, Dublin, reviewed strategy for companies with special reference to identifying and capitalizing on the core of a business.  This approach is necessary with respect to expansion, acquisition and even survival in a competitive environment.  McLoughlin cited Wang and Kodak as companies which failed to grow and ultimately died since they did not recognize and develop their core competencies. 

It is an unfortunate reality that 90% of growth plans fail due to failure to reconcile intended action with the realities of the business environment. McLoughlin attributed failure to the fact that management fails to recognize and exploit the core of their business.

In developing plans, management were advised to consider:-

  • Recognition of the core competency of a company
  • Clear understanding among upper level of management as to the nature of the core and mission of the company
  • To relate the core activities of the company to the needs of customers. This allows the company to grow through adjacencies, concentrating on activities and ventures which reflect the core and draw on resources and capabilities in place.

 
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