Challenges and Opportunities in the Manufacturing Sector

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Commercial Article

05 August, 2019

With uncertainty presented by political unrest and the fast pace at which technology is advancing through Industry 4.0, great opportunities are currently being presented to the manufacturing and engineering sector.

Whatever size your business, it is crucial to assess current business strategy, financial position and workforce, with a view to investing in operations and developing existing technology to increase productivity. When looking at production costs, businesses are suffering from poor factory and plant infrastructure. Obtaining grants and investments will allow businesses to exploit advances in technology, software and hardware. Understanding how various types of technology can be applied to your business and the legal implications makes taking advice important.

With a focus on embracing Industry 4.0 and increasing efficiency, the Made Smarter programme currently makes grant funding available to businesses in this sector and is a much more accessible form of funding than recent alternatives and with free and impartial advice available, we would encourage business to consider this further.

The costs of raw materials and production within manufacturing and engineering is on the rise. Businesses are now more frequently having to balance identifying cheaper international suppliers with the ability to demonstrate compliance with Modern Slavery and Anti-Corruption Legislation to their customers. Potential implications of Brexit aside, there has been a concerted effort to support UK businesses breaking into the global market. It is important to ensure that your business is protected when operating through its sales and supply channels both in the UK and abroad.

With all of this in mind, we are able to review your current setup and ensure that the necessary and fit for purpose contracts and trading policies are in place to protect your business and support its growth moving forward.

For more information contact John Pickervance in our Commercial department via email or phone on 0333 207 1134. Alternatively send any question through to Forbes Solicitors via our online Contact Form.

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