Much has changed since then and indeed change is an apposite word for current times with the development of 3D printing, robotic assembly lines, electric engines and driverless cars. Indeed, there is a suggestion that we might have bought our last car, with smart (driverless) pods available everywhere to take us to where we want to go! To succeed, businesses of the future will have to embrace and invest heavily in new technology and be agile in both their market approach and organisational structure to compete in this changing world.
In addition to these structural changes, the sector faces recruitment difficulties, cost and price pressures, poor productivity, environmental and CSR requirements. The ever-present uncertainty of Brexit and cashflow demands add to the pressures most firms – large and small – face today.
At Playfair Partnerships, whilst we can’t assist you with engineering equations or designing engines, we have devised manufacturing, automotive and engineering financial and strategic advisory packages that can help your management team assess market opportunities and develop an effective business strategy, whilst keeping an eye on cashflow and profitability.
- Our manufacturing, automotive and engineering strategy and growth services will help your management team identify and evaluate the best market opportunities, then devise strategy to capitalise on them. And, if the strategy requires, we will support you in sourcing the funding you need, as well as collating and presenting the M.I. necessary to monitor, report on and control your business.
- Our manufacturing, automotive and engineering financial management and control services will provide comprehensive reporting of your profitability and cashflow and help you manage both. We provide comprehensive financial control and management, tailored to your business’ unique KPIs, and we are well-versed in the specific challenges and the application of these services in the manufacturing, automotive and engineering sector.
Our manufacturing, automotive & engineering financial management and control services:
- Budgeting and Forecasting
- Management accounts – regular, timely, accurate and informative management accounts to keep track of business performance
- Cashflow management – planning and controlling the cashflow; managing deposits and stage payments, creditors and subcontractor payments
- Managing the costs of the employed workforce - with payroll, time-sheets, PAYE and auto-enrolment processes
- Statutory Accounting, VAT, Corporation Tax and other tax returns – ensuring all compliance matters are accurately calculated and properly managed
- Tax planning of both firm and stakeholders and the management of annual returns
- Review of business structure, succession and retirement planning
- Review of merger, acquisition and disposal opportunities
- Negotiation with bank and other funders in relation to business and stakeholder funding
- Implementing and maintaining work-in-progress valuations
- Review and enhancement of standard costing systems, leading to full analysis of labour and overhead variances
- Review of stock management and valuation, including ensuring full recovery of labour and overheads in valuation of manufactured components and/or finished goods
- Review and introduction of or improvement to internal administrative processes to ensure all financial management systems are updated as a product moves from a sales order through manufacture to delivery and being invoiced
- We hope your firm is in great shape, but if it is not and is experiencing a financial or business downturn, our manufacturing, automotive and engineering business turnaround services will help bring your business back to financial stability and long-term profitability.
The breadth of our expertise and services in the manufacturing, automotive and engineering sector enable us to work quickly to support your business. Our proactive integrated approach allows you to access the right level and volume of resources as and when needed, minus the costs and complications of an in-house finance team.
Suggestion: If you think your manufacturing, automotive or engineering business would benefit from some funding, financial advice, support and strategic guidance, or is going through a downturn, please get in touch – we would love to be able to help.
