Concentrate on Your Core Competencies: Outsource Your Core IncompetenciesThe UK got into serious exporting from the Industrial Revolution onwards. First it was products, then the machines that they were made on and now, sadly, we have moved on to exporting jobs themselves; not only in manufacturing but increasingly in service industries also. In recent years, we probably got so tired of clichés, like ‘global economy’, that we either forgot that there was a real and valid message behind them or, perhaps, because we understood the words, we thought that we understood the meaning.
We knew that foreign competition was a constant and continuing threat. Frequently they had very low labour costs (as in Asia) or the benefits of economy of scale (as in the USA). But, if the worst came to the worst, we could always do what we have always done in times of crisis – we could somehow muddle through. We are a country of inventors: we could surely come up with new designs, new products and new services fast enough to keep us always in the game.