< Previous East Midlands Business Link www.eastmidlandsbusinesslink.co.uk MANUFACTURING SPOTLIGHT I n the ever-evolving landscape of manufacturing, businesses face a formidable challenge: rising rates for requirements from logistics and energy to wages and higher tax bills. On top of adding to overall input prices, these costs, if not managed properly, can severely impact a company’s bottom line. The good news is that with some cleverly handled cost management strategies, manufacturers can navigate these hurdles and maintain profitability. In this article, we will explore a handful of effective methods for controlling and managing production costs, empowering manufacturing businesses to thrive amidst fluctuating charges just to get your goods out in the world. Efficient supply chain management is pivotal for cost control in manufacturing. Optimising raw material sourcing should be tackled first, to create a stable basis for reasonable production from the beginning. Securing the best rates from suppliers means taking assured steps to forge strategic partnerships with your most reliable sources. Trustworthy supply professionals will open the floor to negotiating contracts that ensure a steady supply at favourable rates, in return for your continued loyalty. With supply lines sorted, you can then begin to implement just-in-time inventory systems, reducing excess stock and storage costs. Streamlining logistics may require meticulous planning, but there are tools available to help you navigate— sometimes literally. With software for route optimisation and real-time tracking, it’s simpler to ensure timely deliveries while minimising transportation expenses. Predictive analytics can also enhance the visibility and control of items in storage, using data to forecast demand and restock as and when necessary, preventing overstocking or shortages. Embrace collaborative planning tools to facilitate open communication between suppliers, manufacturers, distributors, and all other trading partners, fostering strong relationships with logistics partners for flexibility and reliability. Implementing these measures not only ensures a lean, The future of manufacturing We explore innovative methods to tame manufacturing expenses and position your business for long-term success in a shifting financial landscape. The future of manufacturing www.eastmidlandsbusinesslink.co.uk East Midlands Business Link MANUFACTURING SPOTLIGHT responsive supply chain, but also enhances customer satisfaction in keeping the goods they need available, and delivering them on time. From there on out, regularly reviewing and update strategies can keep you on top of market fluctuations, ensuring a supply chain that is both efficient and adaptable. Incorporating advanced technology and automation into manufacturing processes can be another means of revolutionising your overall efficiency and cost effectiveness. Automated machinery is expensive in the moment of buying, true enough, but it earns its investment back in accelerating production, trimming operational and labour costs and margins for error. You might begin by integrating an Enterprise Resource Planning (ERP) system to streamline operations. ERP software centralises data, offering real-time insights into inventory, production and finances, facilitating informed decision-making with the power of data to boost productivity and reduce cost in many areas. Internet of Things (IoT) devices can also be invaluable for smart manufacturing. IoT sensors monitor machinery performance, detect anomalies, and enable predictive maintenance, reducing downtime and repair costs. There’s plenty of room for scaling up or down with automation, from adopting AI for predictive analysis and demand forecasts, to 3D printing for rapid prototyping and customised manufacturing. The possibilities don’t end there, as robotics can complete repetitive tasks with guaranteed precision and speed, while collaborative robots (or ‘cobots’) create a working balance alongside humans, enhancing productivity and safety. Machine learning algorithms can even enhance predictive maintenance, identifying potential issues before they cause breakdowns. The only caveat is that investment in employee training will be needed to ensure staff can operate and maintain advanced technologies effectively. Embracing these 22 Á © stock.adobe.com/TensorSpark East Midlands Business Link www.eastmidlandsbusinesslink.co.uk MANUFACTURING SPOTLIGHT advancements not only improves efficiency, but also positions the business as a leader in innovation, ensuring long-term competitiveness and profitability. Whether or not you employ robotics or machine intelligence to tighten up production, implementing energy efficiency initiatives is pivotal for manufacturing sustainability and cost control. Start by conducting a comprehensive energy audit to identify areas of improvement. Upgrade to energy-efficient machinery and lighting systems to reduce consumption, and make use of smart building management systems that optimise heating, cooling, and lighting based on occupancy, reducing unnecessary usage. Renewable energy sources like solar panels and wind turbines are worthwhile investments too, allowing your business to harness clean power, minimise reliance on traditional power grids and save on bills in the process. Easily overlooked details can make a huge difference to how resourcefully a production line runs. Regular equipment maintenance schedules are a routine consideration, but a must to ensure machines operate at peak efficiency. Use motion sensors and timers to control lighting and machinery operation, reducing energy wastage during idle periods. Insulate buildings effectively to preserve heat in winters and cool air in summers, reducing the load on HVAC systems. By embracing these initiatives, manufacturing businesses not only lower operational costs but also contribute significantly to environmental conservation, enhancing their brand reputation and ensuring a sustainable future. Sustainability, for both business models and the environment, is another area where employee training programs come in handy. They can create awareness about energy conservation practices, encouraging a © stock.adobe.com/LeArchitectowww.eastmidlandsbusinesslink.co.uk East Midlands Business Link MANUFACTURING SPOTLIGHT culture of responsibility. But across the workforce, and in areas accountable for production costs, a skilled and motivated team is vital to managing costs effectively. Proper training programs enhance employee skills, speed and confidence, minimising material wastage and rework costs. Moreover, implementing performance-based incentives fosters a culture of continuous improvement, driving productivity. Cross-training employees ensures flexibility in operations, enabling the business to adapt swiftly to changing demands without incurring additional labour costs. Regular feedback mechanisms and open communication channels boost morale, reducing turnover rates and associated recruitment and training expenses. Investing in the workforce not only enhances operational efficiency but also fosters a positive work environment, resulting in long-term cost savings. Mastering cost management isn’t just a business strategy, it’s the cornerstone of sustainable success in manufacturing. By efficiently managing the supply chain, embracing technology, optimising energy usage, and nurturing a skilled workforce, businesses can navigate the challenges posed by the rising costs of a financial landscape in flux. These proactive measures not only ensure financial stability but also pave the way for innovation and growth. Manufacturers that put in the attention and canny investments needed to control costs position themselves to flourish in the face of challenges. But beyond that, they drive their businesses towards becoming industry leaders, ready to meet future opportunities with confidence and resilience. © stock.adobe.com/panuwat © stock.adobe.com/Patrick Helmholz East Midlands Business Link www.eastmidlandsbusinesslink.co.uk TAX James Pinchbeck, partner at Streets Chartered Accountants, considers how career progression has changed. H ow often, especially if you are on LinkedIn, have you seen a post or received news that someone you know has been promoted? How often does such promotion seem to be a somewhat significant step up or change from an existing role? Whilst a career trajectory from assistant to a C suite role in a matter of a few years might seem unplausible, it does seem increasingly possible. It seems gone are the days that one’s career progression is based on a number, if not many, years of work and being mentored and supported by a more senior person, with such progression dependent even on the retirement of the person in the role above. Certainly, such advancement was inevitably based on past performance, a track record and achievements. It might be said that people had to earn their stripes and prove their worth. Why then might we be seeing more fast-tracked careers? Perhaps one, if not the key reason, for seeing such changes is the phenomenal pace of change we are all facing not just in our work lives but in our personal lives. Change in what work we do, the way we work and for who we do that work would appear constant and perhaps even unrelenting. As a result, having a job or role that involves you doing the same thing for many years has been jettison to the history books. We need and quest as businesses new ideas, skills and techniques which invariably means new team members. We have also seen, not least on the back of the pandemic, an increase in those opting for earlier retirement, which along with the fact that long lengths of service are perhaps a thing of the past, has meant that organisations have had to possibly bring people on sooner. What then is the impact on our work or the work we do? Whilst in the past you might recruit someone to fill a defined role based on an understanding of what the role requires it would seem organisations are having to recruit roles that are subject to constant change, even with a risk of being defunct. It is then often difficult to determine what is required in the roles, both in term of experience and skills, even attitudes. In the past you may have recruited for a role based on an individual’s past performance. In the new order it would seem we are having to recruit more on the basis of potential achievement or the ability to make things happen as opposed a person’s track record. The speed of change also impacts how we recruit to fill roles, perhaps with a need to fill vacancies more with people that can adapt and respond, even thrive to change. It would also seem that we need to review roles more frequently to ensure that they are aligned to the needs of the organisation. Perhaps one of the biggest challenges though is measuring the performance of work colleagues. In the past the repetitive nature of work, year on year, meant it was easier to assess the productivity and impact of team members. Line managers had a good grasp on what was required in terms of the contribution and value of their staff. However it does seem, not least where we take people on that bring new skills and techniques to an organisation, increasingly challenging to measure outcomes and performance. Many employers are now facing situations where they are bringing staff in who have skills, knowledge and experience that they don’t. In light of this background, it would appear business leaders are undoubtedly facing an unprecedented challenge around determining workforce requirements, recruitment, ensuring productivity and measuring performance. Perhaps of real concern is that no longer is past performance an indicator of future outcomes and we are increasingly reliant on the skills and attitudes of colleagues, along with our own ability to adapt to and even embrace change if we are to thrive and succeed. I n a fast-paced digital landscape of snowballing advancements, cybercrime is a constant and amorphous threat. It demands that businesses be forever on their guard, and regularly updating their defences. However, amidst the flurry of cybersecurity measures, an equally significant challenge in traditional financial threats hides under the radar. As companies continue to transition operations to the cloud and apply cybersecurity protocols, they must remain aware of the persisting vulnerabilities that cross over into the tangible realm of finance. In response to the escalating menace of cybercrime, businesses have bolstered their cybersecurity infrastructures, cutting-edge technologies and expert personnel safeguarding digital assets. Yet cyber threats continue to evolve, becoming ever more sophisticated and elusive. From ransomware attacks forcibly halting operations, to phishing schemes that might deceive even the most vigilant, the landscape of cybercrime demands constant caution and adaptability. This ever-changing scenario necessitates not just reactive but proactive strategies, with businesses investing in comprehensive cybersecurity training and regular assessments to identify and patch potential vulnerabilities. While the digital sphere remains a battleground, businesses find themselves confronted by traditional financial threats that pose equally significant challenges. Late payments from clients, financial scams, and rogue advisors represent a triad of issues that must be approached with discerning intuition. Late payments, often dismissed as routine business hiccups, can cascade into financial strain, affecting cash flow and hindering growth opportunities. Financial scams, with their ever-increasing sophistication, are heinously designed to exploit emotional vulnerability, leading individuals and corporations alike to fall prey to elaborate schemes in the guise of support services. Amongst all these potential pitfalls, businesses are called upon to adopt a comprehensive approach. Cybersecurity measures, while important on their own merit, must be augmented by a nuanced understanding of traditional financial threats. Late payment monitoring systems, education on recognising scams, and mandatory contract agreements for financial advisors, together fortify a Mastering cybersecurity challenges Late payments, financial scams, and more – discover how businesses are enhancing financial resilience alongside cybersecurity measures. East Midlands Business Link www.eastmidlandsbusinesslink.co.uk BUSINESS SERVICES Mastering cybersecurity challenges company’s financial resilience. Moreover, businesses must advocate for regulatory reforms, actively engaging with governing bodies to ensure that the legal framework evolves in tandem with the shifting threat landscape. Under stress to secure themselves against the multifaceted damage a cyber-attack can wreak on a business, many opt to outsource concerns such as these to specialised service providers. Outsourcing allows access to top-tier expertise without in-house stress, saving time and resources, and providing a reliable defence to fall back on during a cybersecurity breach. But more important than having an emergency resource, is having a reliable team to bolster your defences against cybercrime, as a series of powerful tools for preventing infiltration. Cybersecurity professionals within business services are equipped with in- depth knowledge and insights into the latest threats and vulnerabilities. They conduct meticulous assessments of a company’s digital infrastructure, identifying potential weak points and devising customized defence strategies. This expertise serves as a beacon, guiding businesses through the labyrinth of evolving threats, ensuring they stay one step ahead of cybercriminals. Cybercrime operates in stealth, often infiltrating digital networks undetected. In response, business services get crafty too with cutting-edge technologies, including artificial intelligence and machine learning algorithms, to actively monitor network activities. By employing proactive threat detection mechanisms, these services identify suspicious patterns and potential breaches in real- time. Swift response protocols can then be deployed, unmasking cyber threats before they can inflict significant damage. This proactive approach transforms businesses from passive targets to active defenders in the digital realm. Navigating cybersecurity regulations is yet another area that’s heavily regulated, and compliance standards can be daunting for many businesses. Business services specialise here and cut the learning curve for you, staying abreast of the latest legal requirements and industry standards. They ensure that businesses adhere to all applicable regulations, mitigating legal risks and potential liabilities. This meticulous © stock.adobe.com/Nataliia 28 Á www.eastmidlandsbusinesslink.co.uk East Midlands Business Link BUSINESS SERVICESattention to compliance not only protects businesses from legal ramifications but also instils trust among customers and stakeholders, bolstering the company’s reputation. The odd mistake or oversight is a fact of business, and catching these flaws is the reason regulation measures exist. There’s no shame in your model or approach being found lacking, as this enables you to repair for strength, as well as being great training in responding to other challenges. But at the same time, human error remains one of the leading causes of security breaches. Business services recognise the importance of an educated workforce and conduct comprehensive training programs. Through learning that covers every necessary defence, employees are reliably informed about the subtleties of phishing attempts, social engineering tactics, and safe practices against digital and commercial theft. By raising awareness of cybersecurity across all departments and staff, not just at the executive level, businesses create an additional layer of defence, transforming their employees into ever-present guardians of their company’s digital and financial assets. Every business is unique, with distinct digital footprints and security needs. Business services recognise this diversity and, while there will be many firms for you to choose between for the best fit, each will then offer further tailored solutions, customisable to your specific requirements. Whether you’re a small startup or a large enterprise, these services customise their cybersecurity approaches, implementing measures that align with the company’s size, industry, and operational distinctions. This personalised touch ensures that your business receives exactly the help it needs, upping your protection without unnecessary complexities or expenses. The sheer diversity of these services is what allows businesses to focus on their core competencies while defending themselves against threats in their weaker areas. By utilising the expertise of specialised service providers, your businesses can focus on enhancing operations, allowing you to achieve your goals. In the case of cybercrime, you’ll be freed from worry over whether your data and finances are safe enough. Having gained a trusted learning resource that enables employees to be vigilant for you, digital security will almost take care of itself, while you see to managing your financial successes. By combining cutting-edge technologies, expert insights, and tailored solutions, companies can focus on their core competencies and achieve their financial goals with confidence, knowing their digital and financial assets are safeguarded by a dedicated team of protectors. © stock.adobe.com/Halfpoint East Midlands Business Link www.eastmidlandsbusinesslink.co.uk BUSINESS SERVICESwww.eastmidlandsbusinesslink.co.uk East Midlands Business Link MEN’S HEALTH Movember is the leading charity changing the face of men’s physical and mental health, but they can’t do it alone. Y ou’d be forgiven for thinking Movember was a bit twee, a lark that comes around each year giving men the excuse to unapologetically grow out their facial hair. There’s no denying the quaint side, but Movember is first and foremost a charity dedicated to raising funds and awareness for suicide prevention, prostate cancer, and testicular cancer. Typically, men don’t talk about their health and wellbeing with others. Toxic masculinity means they’re reluctant to bother anyone else with their issues, don’t want to feel demasculinised, or seem weak in other people’s eyes. Instead, they put up with pain, discomfort, and poor mental health, opting to stay silent. But it’s no exaggeration to say that this silence and inaction leads to death. How many suicides could have been prevented if that person had help? How many deaths could have been averted if men came forward as soon as they noticed a strange lump? How many men would still be here if they sought help as soon as they felt unwell? We need a cultural shift, one in which men don’t have to worry about losing their masculinity for seeking help, where men aren’t teased for having “man flu” when they’re ill, where we all support one another. Fortunately, Movember is leading the charge, changing perceptions and attitudes around masculinity whilst also helping to safeguard men’s health. The charity is nothing short of ambitious. By 2030, it aims to reduce the number of Promoting men’s health 30 Á © stock.adobe.com/gali77Next >