Since August, UK manufacturing output has shown positive signs of recovery, rising by 1.2% month on month, according to the latest ONS figures and as reported by The Manufacturer.
Pharmaceuticals, transport equipment, computer and electronic products, and repair and installation activities, were among the industries contributing to the sector’s performance.
While these figures are encouraging, the overall picture points to modest growth rather than a strong recovery. Rising costs, subdued demand and a shortage of skilled workers continue to pose challenges for UK manufacturers. All of which highlights the need for sustained growth in the months ahead.
Encouraging Diversification in the West Midlands
Here in the West Midlands, manufacturing business are being encouraged to diversify through a combination of support options including specialist business advice, government-backed funding, research partnerships and opening access to new supply chains.
The primary strategy is to help manufacturers to reduce their reliance on traditional markets, with new focus to win work in growing industries.
Projects like The Supply Chain Transition Programme, which is funded by West Midlands Investment Zone (WMIZ) aims to help regional manufacturing firms. Their priority is to assist manufactures to innovate and develop new products to support key supply chains in priority clusters within the West Midlands Growth Plan. Â Support for businesses can be found through a combination of workshops, one-to-one coaching through supply chain specialists, training, and access to research and development grant funding.
Local manufacturing businesses can apply to join the Supply Chain Transition Programme via their online application form.
Here at JRW Risk Solutions, our specialist insurance team assists regional manufacturing businesses who are looking to diversify. We offer commercial insurance products and advice for the purchase of new equipment, supply chain security and employers liability. To find out how we can help to strengthen your business resilience for future diversification then please get in touch.