The Manufacturing Institute has urged manufacturers to innovate and expand into new markets if they want to survive and grow. The Institute has outlined three areas that it believes small and medium sized manufacturers should focus on: innovation, expanding into new markets and building and developing future talent.
It is also launching a £2.4m Growth Programme for manufacturing SMEs in the North West, to help them find and win new customers, develop new products and maximise sales and profitability.
The programme, made possible through investment from the European Regional Development Fund (ERDF), will develop the skills of 900 manufacturers through leadership and management masterclasses and company-specific coaching, enabling manufacturers across the region to learn how "best in class" companies are successfully growing their businesses.
Expert guidance will also be provided from some of the UK's most senior manufacturing leaders and entrepreneurs including:
- Nigel Blenkinsop (Director, Powertrain Operations, Jaguar Land Rover)
- Frank Hayden (former Group Manufacturing Director, Rolls-Royce)
- Vanda Murray (Manchester Airport Group, Carillion plc)
- Matthew Kimpton-Smith (Managing Director, Cygnet Group Ltd)
- Jim Sumner (former Chief Executive, Optare)
Small and medium sized manufacturers can find out more about the Growth Programme by visiting www.manufacturinginstitute.co.uk/growth or by calling 0161 875 2525.
Mike Innes, The Manufacturing Institute's newly-appointed Growth Champion, said: "The most successful companies are those with a clear plan to grow their business and the Growth Programme is a real opportunity for North West manufacturers to pinpoint new market opportunities and stay ahead of the competition. Through individual coaching and bespoke support, the programme aims to maximise smaller manufacturers' chances of success."