Lawrence Summers, the recently departed President and Professor of Economics at Harvard University, recently made an interesting C-SPAN speech in which he referenced change as follows: “We are in the midst of ruthless, severe international competition.” In one sentence, Dr. Summers captured for many, the kinds of change organizations are experiencing.
Recognize the challenges with changeNever in my 30+ years in corporate America have I witnessed such a state of hyper-change; the world is truly becoming ‘flat’. Who would ever have imagined that for all their extensive, up-through-the-ranks experience, our corporate chieftains would have to untangle such complex problems? The list is long, from Sarbanes-Oxley, competition in its various forms, technology shifts, understanding talent needs and too many projects being launched with no capacity to achieve the goals within the timelines identified. Each of us has our own list of change challenges.
But while change management is a topic where intense institutional interest exists, it is only half the equation. And, any consideration by managers around change as a solo topic of discussion is sorely missing the central issue for today’s executive. Yes, while change is important for us to consider, let us be courageous and delve further. Change is just the doorway to the more demanding subject called “execution competence”.
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What makes your company special? One of the most important things you can do in your next strategic planning retreat is to discover your company’s core competency. It is defined as your bundle of skills and technologies that is unique, compelling to customers, and can be leveraged into new business opportunities. Honda’s core competency, for example, is the design and manufacture of high performance small engines. In fact, their advertisement some years ago declared: “Everyone needs as least four Hondas in their garage.” Can you think of any? How about an automobile, snowmobile, motorcycle, outboard motor, inboard motor, generator, lawn mower, chain saw, and other products. Their key competency is the design, manufacture and the marketing of the products into which their superb engines go. What confirms Honda’s core competency is that General Electric, the dominant manufacturer of airplane engines worldwide, approached Honda to discuss a joint venture on a new small aircraft engine. And Honda had just
begun designing and testing a six to seven passenger business jet with plans for first deliveries beginning in 2010. When GE wants to joint venture with you, you know you have a core competency.