SME Spotlight: Engineering boss Joanne Thompson on navigating firm through choppy waters
“When I took over in 2008, I had no engineering background,” says Joanne Thompson, the boss of A.Fawcett Precision Engineering in Elland.
Eight years on, after buying the business from her father during the depths of the recession, Thompson wouldn’t be blamed for taking pride in her achievements, having steered the company through choppy waters including increasing competition from the Far East.
Thompson agrees that deciding to take the helm was a brave one but her “belief in the team and strong vision for the business” has paid off – with the company forecasting a record year with turnover of more than £600,000.
“When I took over I had no engineering background, but I had great people around me, which allowed me to focus on growing the business. I knew the business and the customers. I saw a fantastic opportunity, with a chance to build a future for my family and vision to take the business forward,” says Thompson, whose father David Peaker founded the business in 1983, remortgaging his house to buy the factory’s first machines.
Commenting on the growth of the company, Thompson says: “It can be tough as a woman in a male-dominated industry, but our customers know that we provide a great service and we’ve built a reputation for quality that has carried us through some tough times.”
The company make precision tools for the automotive, oil and gas, and general engineering sectors. As part of engineering supply chain, the company needs to invest in the high precision machinery constantly.
Ms Thompson said: “We produce a high-value product. More often than not, it will be one or two off of a particular tool, created to an engineer’s drawings. It’s a highly skilled job, and we invest in training to ensure we maintain standards.”
The company now employs six staff and has seen turnover grow in recent years despite competition from the Far East.
On the current economy, Thompson says: “Although the cheap pound is supposed to provide a boost to manufacturing, China and India are still cheaper. We have to focus on selling a quality product with superior service. The guys on our shop floor are all timed served and take real pride in their jobs.”
The engineering industry is facing skills shortages, and Thompson argues that “every business” should be training up apprentices to meet future demand.
“As an industry, we need to do more to encourage more boys and girls into engineering. It is a great career, and we need to work with schools to inspire our kids.”
Richard Hayter from Hentons, the firm’s accountants and business advisors, said: “Manufacturing businesses face fierce global competition, and are impacted by a range of factors from interest and currency rates to employment levels and skills. We work closely with Joanne to ensure careful planning can help smooth growth.”
