MAS launches financial workshops for SMEs

AN initiative to help the bosses of manufacturing firms grow their businesses and retain key staff has been launched.

The Manufacturing Advisory Service’s Financial Expert workshop began in Manchester, in partnership with Grant Thornton.

The events are aimed at helping companies understand the best options for accessing finance, evaluating alternative funding streams and unraveling the tax implications of innovation and expansion.

The workshops – which will be rolled-out to other locations next year – also feature sessions on succession planning and strategies for retention of skilled employees, a major issue for SME manufacturers who increasingly have to compete with the incentive packages offered by larger businesses.

Steven Barr, head of MAS said: “In recent research by the MAS Barometer, 30% of firms cited access to finance as a major barrier to growing their business.

“And it’s not simply securing the money they need to fund growth that is causing the managerial headaches. When questioned, directors are pointing to missing out on tax incentives they never knew were there and how to be creative in incentivising their key staff to perform and, increasingly, stay with them.”

MAS has recently launched ‘Manufacturing Matters’, a two-month campaign designed to showcase England’s manufacturing SMEs – which accounts for more than 110,000 businesses, and 1.1 million jobs.