In my experience in management with manufacturing firms over the years, I have frequently been involved in discussions and projects related to strategic planning. This is a comprehensive exercise that helps to ensure a firm's long term success. It is good practice to do this periodically even if things are going well. It is especially important when figuring out how to respond to change that results in a big loss of revenue or in deciding how to increase revenue through growth in new markets.

In this process it is essential to identify and gain consensus about the firm's "core competencies". These are the special strengths or unique capabilities that the firm has that allows it to be successful by providing value in a competitive marketplace. An existing product or service can become obsolete, but these strengths and capabilities remain and are utilized to provide a new product or service - potentially even in a new market.

The same holds true for those involved in a job search. We all gain competencies through each role we have in the workplace. Our core competencies build with each year of experience in whatever role we have. A job can be eliminated or changed dramatically but these strengths and capabilities remain to allow us to successfully adapt to a new role or a new career.