Small Engineering Firms 'Worry Over Marketing'
|Research carried out by not-for-profit small business support group the Forum of Private Business found sales and marketing strategy is a priority for over one in five (26.1%) smaller firms in the engineering industry.
The second most common priority among small engineering firms was operations management, highlighted as an issue by 14.6% of respondents. HR-related issues, such as recruitment, training and employment law, were the third (13.4%).
Credit control was also a concern for many smaller engineers surveyed, with business owners citing chasing overdue payment as a major problem. The financial loss small engineers suffer when other companies go bust owing them money also emerged as a worry.
Forum Chief Executive Phil Orford said: "Getting sales and marketing right is crucial for small engineering companies – especially as they are acknowledged as one of the main sectors to lead the country to a sustainable private sector recovery.
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"However, marketing often falls outside the skill-set of many small business owners in the industry, leaving them unsure about how best to increase sales and grow. Similarly, owners of engineering companies can't be expected to be experts in the ins and outs of employment law or the criteria banks use when assessing a firm's viability for lending, so it's perhaps not surprising that these also emerged as concerns.”
The Forum's research into small engineering companies reflects similar research the organization recently carried out into SMEs in the manufacturing industry.
Sales and marketing, operations management and HR were also the top three priorities of smaller manufacturers surveyed earlier in the year.
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