By adopting a niche manufacturing strategy, businesses can capitalise on the bigger margins available, says Arthur Richardson, director, South West MAS.

Creating new and innovative products and services is not easy. It requires a different mindset, skills and knowledge. However, such products and services packages command premium market prices, with greater profit margins that have been previously diminished thanks to rising costs in the UK.

The role of leadership in this challenging new environment is changing. Manufacturers must move from simply making good decisions on investment in plant and capital equipment, to making good strategic decisions on the selection of markets, customers and the development of products.

The personal development and retention of bright young engineers and business managers is also a key factor for honing the right manufacturing team for the future.

By successfully innovating to deliver high value products, and using the latest lean manufacturing techniques to produce more for less, manufacturers can not only survive but thrive in a competitive, dynamic and ever-changing global market.

To find out more about the support available from the South West MAS, visit www.swmas.co.uk