New markets key to manufacturing growth, says institute

THE Manufacturing Institute has urged North West manufacturers to innovate and expand into new markets if they want to survive and grow.

The institute, based in Trafford Park, is leading a £2.3m programme to promote innovation, new markets and help develop talent.

It has been part-funded by the European Regional Development Fund (ERDF) and will seek to develop the skills of 900 manufacturers through leadership and management masterclasses and coaching.

Mike Innes, the institute’s “growth champion”, said: “The most successful companies are those with a clear game plan to grow their business. Innovation is an area which can really help manufacturers gain competitive advantage. Whether you need new products, services or processes or want to improve and update your existing products, understanding the importance of innovation and how to organise your business to support it is key.

He added: “A key growth driver for manufacturing businesses is expanding into new markets. Striving to better understand your core market and customers is vital, but North West manufacturers need to think further afield and look at high growth markets such as developing economies, which are emerging as key export locations.”