A new initiative to help manufacturing directors manage expansion and retain their best staff has been launched by the Manufacturing Advisory Service (MAS).
Financial Expert is looking to provide firms with access to support on critical financial issues that could hold back their growth plans.
Working with independent advisory specialists Grant Thornton, the interactive MAS workshops will help companies understand the best options for accessing finance, tapping into alternative funding streams and unraveling the tax implications of innovation and expansion.
There will also be sessions on succession planning and strategies for retention of skilled employees, a major issue for SME manufacturers who increasingly have to compete with the incentive packages offered by larger businesses.
In recent research by the MAS Barometer, 30% of firms cited access to finance as a major barrier to growing their business, explained Steven Barr, Head of the Manufacturing Advisory Service.
And its not simply securing the money they need to fund growth that is causing the managerial headaches. When questioned, directors are pointing to missing out on tax incentives they never knew were there and how to be creative in incentivising their key staff to perform and, increasingly, stay with them.
Financial Expert is a direct response to these concerns and will give manufacturers previously unavailable access to industry-leading advice and guidance on overcoming these barriers.
He continued: The sessions will be carried out in small groups, with the chance to share experiences and learn from like-minded directors. Afterwards, there will be the chance for further one-on-one support to focus on the initial issues identified in a confidential environment.
The workshops have been specially created to evolve with industry requirements and will cover a broad range of subjects from Kickstart funding and R&D tax credits, to auto enrolment and employee incentive schemes.
There will also be a significant focus on succession planning, with many English manufacturing SMEs facing up to the prospect of life after the retirement of their current management team.
Each session is restricted to 25 companies and places are available on a first come, first served basis.
Steven concluded: The economic upturn is presenting SME manufacturers with a lot of major opportunities. We already provide support in the operational manufacturing issues, now is the time to ensure the financial assistance is in place to help unlock their potential.
The Manufacturing Advisory Service recently launched Manufacturing Matters, a two-month campaign designed to showcase Englands manufacturing SMEs - a sector that currently accounts for more than 110,000 businesses, 1.1 million jobs and a major share of £140bn of annual GDP.
The initiative, which has its own dedicated website at manufacturingmatters.mymas.org, will look to discuss key challenges and opportunities, whilst opening up dialogue with the media, politicians and major industry influencers to ensure the right support is in place to encourage growth and future job creation.
For further information or to book your place on one of the workshops, please visit