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Research Shows Growing Confidence Among Manufacturing SMEs

New Figures Another Example Of Importance Of Quality Advice


By Rob Dixon

New research which has signalled that confidence is high among small and medium enterprises (SMEs) in the manufacturing sector is a positive sign but underlines the importance of such firms getting the right advice, a legal specialist at Irwin Mitchell has warned.

The Q4 Barometer survey by the Manufacturing Advisory Service (MAS) has identified that 64 per cent of SMEs involved in the industry expect sales to increase over the next six months, while 47 per cent reported a rise in sales turnover across the period analysed.

It also found that 39 per cent of the 700 companies polled are planning to boost their spending on new technologies, while 48 per cent expect to invest in new machinery and premises.

The release of the figures have been welcomed by business legal experts at Irwin Mitchell, who specialise in providing advice to businesses of all sizes in relation to issues from real estate and employment to finance and corporate transactions.

Steve Beahan, a Sheffield-based Partner and commercial litigation specialist who also sits on the national law firm’s SME group, said: “These figures are a welcome sign and reflect the trends we have seen in recent months in terms of more growing businesses coming forward to seek advice on key legal issues.

“There is undoubtedly massive growth potential waiting to be unlocked in a huge number of SMEs at present, but it is vital that such companies are able to access the help and support they need to ensure they can unlock it.

“We are convinced that these companies have a major role to play in improving the economy and are committed to ensure that our teams are able to provide them with the support they need.

“Hopefully, these figures will only prove to be the tip of the iceberg and more good news will continue to emerge about confidence and growth in the SME market.”

Read more about Irwin Mitchell's expertise in relation to SMEs