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The Right — and Wrong — Ways to Cut Costs
HBR On Strategy
Defining Business Capabilities for Market Success
Defining business capabilities around the areas that make a real difference in winning in the market allows firms to concentrate expenses, cut costs where matters less, and invest in areas that cause them to thrive and grow. A capability is a combination of know-how, people, expertise, and processes that enables a business to outperform its competition. Organizations should focus on a select few capabilities, typically two, three, four, five, or six, that make all the difference in winning in the market. Many CEOs and senior leadership teams can identify these critical capabilities that drive business success, but in the day-to-day operations of a corporation, these essential aspects may get lost in the multitude of functions and activities. It's crucial for organizations to keep sight of their key capabilities to ensure sustained market success.
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