The manufacturing industry in Lancashire is as important as it has ever been. A bold statement, you may think. However, I believe it to be true.
Lancashire is sentimental about its history and its role at the forefront of the Industrial revolution. Now we see the global economy forcing the export of manufacturing to the likes of China and forcing a long term decline in businesses and jobs. But, what is there left and what can we hope for the future?
Well, let us face it, only the fittest have survived. The fittest are the most likely to survive in the future.
So what does it take to be the fittest? In my opinion, it is diversity and innovation. Although there are some exceptions, we cannot compete on price with the likes of the Far East for ‘run of the mill’ (if you pardon the pun) items. Hence diversity and innovation.
Lancashire now plays a leading role in the whole of the manufacturing process. By this, I mean that we do not just ‘produce’ items, we are involved in the Research & Development process, the Design process, Marketing, Logistics etc
Lancashire is unique. It benefits from its history, reputation and location. It benefits from producing innovative/unique goods with a skilled workforce. There is still a long way to go but I genuinely believe the entrepreneurial skills of modern businesses will prove a solid foundation for the future.
Now we are feeling positive, you need to think about help for your business. The politicians have been good at maximising their expenses. Are you maximising your tax expenses? Are you taking advantage of 100% tax relief on the purchase of certain assets? Are you taking advantage of Research & Development tax credits whereby for every £1 you spend you get a tax deduction for £1.75!
Accountancy and taxation does not have the appeal of manufacturing, because we do not ‘make’ anything. However if we can help you minimise your tax and thereby maximising your profit, and then you have more cash to reinvest. Therefore, maybe we can play our little part.