Analysis of our Future Fit: the road ahead for UK manufacturing research shows that many leaders of medium-sized manufacturing businesses – i.e. those with turnover from £5m to £50m – have a lack of visibility surrounding the UK’s position globally.
Of those surveyed:
Post Brexit uncertainty
The Brexit vote unleashed a wave of uncertainty in the UK’s manufacturing sector. Optimists might point to the fall in the pound offering a short term boost to exports, but any joy that brings will surely be mitigated by speculation over exchange rates and, of course, doubts over the UK’s future access to the EU single market.
On balance, companies are likely to think twice about investing for growth. However, lessons from the recession show that canny manufacturers can thrive in uncertain times.
The secret, then and now, is to move quickly and invest to gain competitive advantage over those that sit and wait for calm to be restored.
So, what is the right thing to invest in?
Your team should be first on any businesses agenda, and deciding if you have all the skilled people required to ensure your business thrives. Your team will dictate how you develop the strategy for your business, which will in-turn create planned investments to transform your business.
In any business your biggest asset is always your people so it is paramount to ensure you have a solid team before tackling any business challenges.