SME Manufacturers Plan to Grow in 2015
The Manufacturing Advisory Service (MAS) produce a quarterly “barometer” report, which has the remit of collecting the views, opinions and business results of English manufacturing small & medium sized enterprises (SMEs).
The latest report (published in November) is fairly positive; MAS concluded that ‘cautious optimism remains the overarching sentiment among the 859 respondents.’
A highlight of the report was the news that 95% of manufacturers are planning to either maintain or increase their workforce. This shows intent to keep hold of existing talent, as well as attracting and nurturing more. With SMEs looking to the long-term, they are ensuring that they have the necessary skills and capacity in place to capitalise on a growing industry sector.
Tellingly, more than half of firms had seen sales increase in the previous six months and just over two thirds were expecting to grow their sales turnover over the next six months. In order to achieve this, 69% of manufacturers said they expect to increase their investment in new technology, machinery or premises, with the intention of improving productivity levels.
Business Minister Matthew Hancock said: “Britain’s small manufacturers are driving our economic recovery, boosting our national productivity and helping create a record number of jobs. This is part of our long term economic plan to build a better Britain.”
Steven Barr, Head of MAS, commented: “Our small and medium firms have also recognised the importance of continually improving productivity. This could include anything from introducing new processes and eliminating waste, to upskilling staff and investing in technology and state-of-the-art machinery.”
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(This information was taken from the Manufacturing Advisory Service National Barometer Survey Report, which can be accessed in full on their website.)