Manufacturers Ready for Growth, and Credit Managers Can Help
29th March 2018.
Britain’s manufacturers are intending to step up investment as factories operate near full capacity, according to new reports from the Bank of England.
Despite initial hesitation with investment, businesses are finally opening themselves up for growth and exploring their future prospects. The Bank of England has revealed a renewed positive sentiment lies within the manufacturing sector, with “robust growth” in goods exports and improved profit margins, encouraging businesses to expand their foundations. This is not to say that there isn’t still uncertainty surrounding Brexit, but strong global growth and the fall in the pound have encouraged business owners to sidestep.
In order to maintain this strong start to the year, all businesses within the sector must ensure they have the funds to pay suppliers and employees on time, as well as keep on trend with new equipment and technology. At the Credit Protection Association, we chase down late payers and recover bad debt, all to give our members the financial freedom to do what they like with their business. This can be saving themselves from ruin, or keeping themselves on top.
“Robust growth in goods exports had tightened capacity and, together with improving profit margins, strengthened investment intentions in manufacturing slightly,” the agents from the Bank of England said in their report.
Bank of England officials believe recent accelerated pay growth and further recruitment difficulties demand a hawkish shift in monetary policy.
The BofE further stated that while companies were still struggling somewhat to find workers, the impact on pay growth would be “limited.”
Despite the doom and gloom that we have read in the news since the 2016 referendum, some sectors are showing small signs of recovery. Businesses are slowly responding to the shifts in Brexit uncertainty since talks with Brussels gained momentum, as well as the slow improvements in economic growth. While the retail and service industries suffer from the drop in consumer spending, the manufacturing and engineering industries mount a strong front for our rivals. It is inevitable that trading relationships will change after Brexit so it’s important our engineers and factory workers do their best to keep relationships sweet while we can.
The sector cannot slow down now, but workers and business owners need outside support. Freeing up cash flow will keep the sector from spluttering, as well as ensure the morale amongst workers is high and dedication to work is strong. At the Credit Protection Association, our debt recovery services have recovered funds that our members have used to purchase faster and safer machinery, comfortable break areas, and longer holidays for the workers. Particularly for the manufacturing and construction sectors where the workers drive the industry, putting extra cash into improving the workplace could increase profits and productivity.
The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!
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