Manufacturing Q&A: with Myerson Solicitors and MHA Moore and Smalley

Welcome to the Myerson Solicitors Manufacturing Q&A with MHA Moore and Smalley, an independent accounting and wealth management firm based across the North West. 

We delve into various aspects of the manufacturing sector and its challenges in the current economic climate.

From rising material and energy costs to skills shortages and the impact of technology, we explore the strategies implemented by businesses to remain competitive whilst navigating through uncertain times.

With a focus on customer support and best practices in financial management, we talk to Ginni Cooper, Head of the Manufacturing and Engineering team at MHA Moore and Smalley, to gain insights into the manufacturing industry and how clients are looking towards the future.

There have certainly been some challenges that we have overcome as an organisation, but our business continues to remain exceptionally busy, and we have not only ridden the storm but grown during this period, with recruitment across all divisions of MHA Moore and Smalley continuing at pace. 

We are fortunate that we look after a large number of high-profile, successful businesses, which has allowed the firm the luxury of stability and growth during this turbulent period of time.

Clearly, not everyone has been so fortunate, and the economic climate is still quite unclear, but from our perspective, we do not appear to have seen many clients facing any sort of insolvency or intervention.

Clearly, an indicator that we are looking after strong businesses.

We have some clients doing some very interesting things with a clear, unique proposition in the wake of the economic climate, which has proven to be successful and continues to be successful.

We should therefore start to see some growth within the economy, albeit in smaller rates.

 For example, we have a number of clients within the manufacturing sector that have diversified their products to take advantage of changing consumer habits as a result of both the COVID-19 pandemic and the cost-of-living crisis.

This agility has enabled them to remain competitive and stand them in good stead to manage future challenges that they may face. 

We do anticipate, however, that the economic climate will remain tough in the short term, and we are working with our clients to ensure they have up-to-date financial information in order to make informed and timely decisions.

As we are seeing quite a lot now with the rapid growth of technology such as AI and robotics, we may well find ourselves in a position where businesses will look towards modern technology as a potential solution to plug the shortages in skills in the workplace.

For example, advancements in technology are now playing a vital role in the development of our client’s businesses.

For some clients, an intuitive accounting system can help to automate some traditionally manual processes, thereby saving time and decreasing the likelihood of error.

AI and robotics can significantly improve the production process on the shop floor, ensuring the same speed and quality of output is achieved time after time.

In light of the skills shortage in the manufacturing sector, we are seeing clients embrace technology as a solution to plug the gap.

With all the pitfalls and challenges that we have talked about facing the manufacturing sector, my advice to these businesses in order to alleviate these challenges would be to try to become more efficient, very importantly they should look at what they are doing to stand out and be an attractive employer to potential new employees.

Right now, we are seeing great interest in businesses with a strong Environmental, Social and Governance (ESG) and certified B corporations. In summary, with the climate emergency looming, prospective recruits are now paying particular attention to firms who meet very high standards of social and environmental responsibility – This is something that MHA Moore and Smalley also take extremely seriously, and as a firm, we recently shared our own ESG impact report.

Finances and remaining on top of your finances can be complicated and time-consuming.

By investing in outsourcing accountancy tasks to a professional financial services practice such as MHA Moore and Smalley, it allows business owners the freedom to concentrate on their business, safe in the knowledge that their financial and accountancy needs are in safe hands, with the reassurance that everything will be done correctly, on time and in line with relevant guidance and banking covenants.

At MHA Moore and Smalley, we pride ourselves on the level of support and variety of this support that we can offer our clients.

This can include the different services that we provide, such as tax and research and development (R&D).

With our practice being the size that it is, we are able to offer a full tax, audit, and advisory service – our manufacturing clients will also benefit from financial planning, payroll services and, as I have mentioned, tax and R&D.

We are also very well connected in the marketplace with sector-specific intermediaries and trade bodies.

Coupled with being members of Baker Tilley International, we can also help clients based overseas or wishing to trade overseas.

We also run special events for businesses within the sector and are able to help with customs and duties through our specialist teams.