How to identify your Core Business?

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How to identify your Core Business?

All companies aim for success and their financial growth. In line with this, many companies define their goals, outline their strategies and seek to offer their products / services with quality, aiming at the satisfaction and loyalty of their customers.

Strategic planning is essential to identify the points that can directly influence your business, as well as to analyze opportunities and ensure more assertive results. Good planning involves knowing and analyzing various internal and external factors, mainly focusing on your differential, strengthening what puts you in a prominent position in front of your competitors, that is, your Core Business!

What does Core Business mean?

Core Business is also known as the core business, activity-focus, core competency. It is the basic economic activity of a given company, being the main or essential area of ​​the market in which it operates or operates, extracted from the set of essential competencies

Based on the concept of “Main Activity” and the “Reason for existence of the Company”, Core Business must be worked on strategically, always seeking the best solutions and innovative actions. Operating in a market where competition is very competitive, makes it necessary to stand out from the rest.

How to identify your Core Business?

Identifying the Core Business of your Business starts with a reflection process, where some questions are asked to highlight the purpose of your company and how you relate to your target audience.

For example:

What are my Business Differentials?
What differs me from my competitors? Service? Technology?
How is the relationship with my target audience carried out?
Which Product / Service is most profitable for my Business?
What are the most profitable Customers for my Company?

After answering these questions, you will define a very assertive way to outline your strategic goals and actions. To focus on your Core Business is to work on your competitive advantage, with that in mind, you will be able to go even deeper to obtain more specific information, and ensure the continuous improvement of your Business.

Another extremely important factor is knowing how to identify the possible risks that can negatively influence your strategic decisions. When performing the scenario analysis, it is necessary to design solutions that favor your Core Business, always checking the responses obtained and making the most of the opportunities and market trends that may arise.

In the case of a more in-depth analysis, seeking information, Conmax can assist you in the analytical process, offering the best solutions for your Business.

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