Brexit and Manufacturing: How are you coping in a recovering industry?
Changes brought about by Brexit have had a significant impact on various industries, and manufacturing is no exception. As a manufacturing company, you may have already encountered challenges such as supply chain disruptions and staff shortages as a result of these changes. However, it is important to remember that support is available for manufacturing companies who are still recovering from this disruption. Read on to find out more.
How has Brexit impacted manufacturing companies?
Decreased talent pool
One of the major disruptions for the manufacturing industry has been maintaining labour flow. Due to losing trade with the EU, the regular work flow for manufacturers has been lost, which has caused damage to the service sectors that support them.
Increased costs
Since Brexit, there has been a significant increase in the administrative costs associated with importing and exporting. For manufacturing businesses, this is a serious cause for concern, and could put the financial security of their business at risk.
Interrupted supply chains
Having previously relied on the EU for exports, manufacturing businesses have experienced significant disruption to their supply chains. For some companies, this has led to a complete halt on their business operations.
What support is available for recovering manufacturing companies?
At the beginning, many manufacturing companies sought financial support to navigate the challenging landscape. Business loans and tax deferrals played a crucial role in providing these companies with a much-needed boost, enabling many of them to sustain their operations. However, for manufacturing companies still struggling with the aftermath of Brexit, this presents an opportune moment to re-evaluate operational efficiency. With technology advancing rapidly, exploring technological solutions may hold the key to addressing significant inefficiencies. From leveraging artificial intelligence to embracing virtual reality, technology offers promising avenues if you are struggling to adapt post-Brexit. Implementing these technological solutions could not only enhance internal processes but also enable you to stay competitive in an ever-evolving industry.
How can manufacturing companies prepare for future changes?
As a manufacturing firm, you need to be able to quickly adapt your organisation to evolving circumstances. This adaptability will allow your infrastructure and technology to evolve, transforming you into an efficient and responsive manufacturing company capable of meeting the unique needs of every customer in the modern era. To achieve this, you should adopt a data-driven approach to your strategy, using consumer behaviour insights to drive profitability. In order to maintain a competitive edge, it is crucial that you establish adaptive supply chains that foster engagement with your suppliers. This involves implementing modern solutions and forging new supplier relationships, ensuring continuous growth.
