Key industry issues

There are always a number of issues facing UK manufacturing and as might be expected these issues differ by sector and by company. We currently see the following as important issues:

• Working within the global framework to gain advantage from lower cost production and generate sales from these powerful markets.
• Developing a strategy that enables continued growth within a defined strategic plan and a clear understanding of exit options.
• Lowering costs through a continuing development of lean manufacturing techniques.
• Managing working capital to improve cash flow, particularly relevant in times of 'banking concerns'.
• Continuing to develop IP to maintain a competitive advantage and to protect created IP.
• Optimising the tax position through appropriate use of tax planning arrangements and taking of incentives such as R&D tax credits.
• Managing pensions and benefits to enhance the employment proposition at the most appropriate cost.
• Developing the governance procedures that are right for the business and its risks and locations.
• Continuing to provide the best services to customers.

To talk about any issues your manufacturing business may be facing please contact Tom Lawton Head of Manufacturing at BDO, or your local BDO adviser .