Manufacturing businesses must put adequate budgetary controls in place with cashflow and profit forecasting to ensure overall growth and success.
The productivity crisis and Britain’s growth prospects is dwarfing the Brexit bill, according to the leader of the Government’s fiscal watchdog.
Robert Chote, head of the Office for Budget Responsibility, told MPs that it’s important they focus on the bigger picture, rather than getting bogged down in the exact details of the settlement agreement which is expected to be between €45 billion (£39bn) and €55 billion.
“It is very easy to get very focused on the one-off, the particular bailout period, when actually what matters much more is the impact on the economy and the underlying impact on receipts, flows and spending,” Mr Chote told the Treasury Select Committee.
Whilst UK manufacturing, which was previously hit by uncertainties following the EU referendum, has seen an increase in new orders and a robust growth path since the start of 2017, it is essential that business owners put processes in place now to lessen the impact of Brexit on your business.
At Beavis Morgan, we have extensive experience of providing specialist advice and planning to small and medium sized (SME) businesses in the manufacturing sector and we are on hand to assist you to remain profitable and increase your net worth.
Our SME business experts are available to structure your business with cashflow and profit forecasting to measure performance and maximise opportunities.
For information about how we can assist you and your manufacturing your business, contact Steve Govey or your usual Beavis Morgan Partner.