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News - 9 December 2014

Manufacturers unaware of Government support schemes.

The Institution of Engineering and Technology (IET) has met with MPs as part of a campaign to raise awareness of Government support schemes for small and medium-sized manufacturing firms.

They state that 50% of SMEs are unaware of government reforms to apprenticeship schemes, while 56% do not know about the Manufacturing Advisory Service (MAS).

IET members have urged the Government to put more effort into existing schemes instead of launching new ones, and to keep scheme names the same over the long-term to help build brand awareness.

Liz Kennett, Manager of the Accounts Department of ABDS comments:
“There are many schemes available to help manufacturers grow their business, but many smaller businesses are simply not aware of them. Another problem is that schemes are renamed which means these schemes don’t become an established brand that SMEs recognise. SMEs are also unlikely to benefit from manufacturing schemes that offer short-term solutions as they need long term strategies and a consistent business environment in order to survive.”

Sahar Danesh, IET Principal Policy Advisor for Manufacturing, said: “SMEs are responsible for about 90 percent of the UK’s innovation so the Chancellor’s announcement of renewed financial support for SMEs is very welcome. But it’s also crucial they receive the right business support.”

If you need any help and advice on Business Financial Planning and Development within the manufacturing and construction sectors, don’t hesitate, contact Lavinia Newman, Stuart Coleman or Liz Kennett to discuss how ABDS can help in all your Business planning.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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