Growing a manufacturing businesses
In the first of a series of blogs looking at the manufacturing sector, Moore and Smalley’s Ginni Cooper offers advice on how to grow a manufacturing businesses.
After a long, bleak period of economic stagnation, SME manufacturers have an opportunity to grow their top-line and extend their markets.
With the financial turmoil in eurozone countries, the regional manufacturing sector is well placed to generate expansion. Here are some of the key ways forward.
The importance of strategic planning
A clear strategic direction is essential to success. Preparing a professional business plan will enable you to reap rewards going forward by effectively positioning your business in the market and getting your product offer spot on.
Relocating to suit your commercial needs
The availability of commercial property means rentals are significantly cheaper now than they were a few years ago. This means now is a good time to expand or relocate to premises that better reflect your commercial activities. Competitive pricing means manufacturers can also drive down costs and boost their bottom line.
Export markets are a growth platform
One thing the government has got right is the need for greater numbers of British manufacturers to enter the export markets. Many businesses have enjoyed success in emerging markets, but EU countries such as Ireland, Denmark and Holland are ideal for manufacturers new to international trade. Speak to UK Trade & Investment to find out more.
Success to the brave
Investment in new machinery and tooling may be necessary to expand into fresh markets. While there is an understandable reluctance among manufacturers to invest, it is the forward-thinking firms that will ultimately prosper when the recovery cycle begins to gather pace – as it inevitably will.
Embracing e-commerce will pay dividends
Upgrading your website and harnessing the marketing power of social media can drive growth and open up fresh markets. This doesn’t involve major investment and a professional approach will enable you to reach a much broader range of customers and suppliers.
For further information, contact Ginni Cooper on 01772 821021.