Boosting Manufacturing Profits

With reduced order books, rising energy costs, pressure to increase employee wages and supply chain issues, it can be challenging to retain a healthy profit in your manufacturing business. You want to remain competitive and go to market with a fair price, but in the current climate, this can be frustrating for even the most savvy of business leaders.

We are finding that the 3 biggest challenges affecting profitability for manufacturers currently are:

? Reduced Order Books. Due to the economic conditions in some markets and sectors orders are down for some by as much as 30%.

? Rising Costs. Rising costs of materials and parts, cost of living pushing up demands on salaries, plus the obvious rise in energy costs.

? Lack of Efficiency. Manufacturing businesses that have good quality data are aware that there are many opportunities to improve efficiency, but the gaps are not closing fast enough.

How are other manufacturing businesses managing these challenges?

Manufacturing businesses that are managing this well, have reviewed and amended their strategies accordingly. And the ones that will emerge stronger on the other side of the current crisis have typically:

• Taken a holistic view of their business financial model and understood their numbers.
• Got closer to their customers and built a intelligent view of the market conditions.
• Adjusted and increased their strategic and tactical marketing and sales efforts.
• Used the customer and market intelligence to inform R&D plans.
• Focused cross functional improvement teams on improving efficiency and reducing costs.
• Invested in their people and improved leadership capability.

Attend a free 'Boosting Manufacturing Profits' webinar

If you are looking for ideas to support any of the above, The Manufacturers' Alliance team are running a free webinar (for manufacturers only) on 22nd September 2023 where they will be providing practical support for UK manufacturers looking to boost profits.

Gary Sheader Simon Carin John Hardwick Chris Pearson will be sharing best practice ideas and strategies that are working for other manufacturers, that you can instantly take away and implement in your own manufacturing business.

Register via the web page here if you would like to join in.

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