If you run a manufacturing business, you’ll know that the everyday management of the business is significantly different to that of an office, shop, or service business..........
Factoring involves using your outstanding invoices as security against short term lending, allowing you to receive up to 90% of the invoice value immediately............ 3. Loans, Credit Cards & Overdrafts
Traditionally, a loan from the bank or similar lender has been the most common form of finance for new businesses; and although other forms of finance are growing in popularity, the loan is usually most entrepreneurs’ starting point............ 4. Grants & Subsidies
There are a number of schemes that could provide your business with some extra finance; only a limited number are available to new businesses, but if you are launching a new project rather than the business itself you are more likely to be eligible.............. 5. The Business Plan
A business plan is an important document that details the planning of your business, as well as the qualities and background information that lenders will wish to know before giving out finance..........
Research and Development (R+D) is the most important part of the manufacturing process, creating and developing the products you will make and sell. There are however many aspects not traditionally associated with R+D that should be considered alongside it to help improve the process and results...........
Every product needs a market, and a crucial question you should ask is whether a clear market exists for your product. For example: If your product crosses several markets, will it be able to attract buyers from each, or will it be left seeming like a ‘jack of all trades’ product?...........
Once you have created a product, it could be damaging for your business if another company attempts to copy it. In many cases you are able to protect the product and designs, making sure only you are entitled to produce it........... 10. Product Administration
A manufacturing business needs to keep good control over the in and out flows of parts and finished products, being under-stocked could affect sales and production, while being over-stocked could waste money and leave you with out of date parts........... 11. Choosing Premises
The process of finding premises for a manufacturing business can be difficult; there are several important factors that you need to consider:.........
There are several different ways in which you can sell your product; directly, through a dedicated department, or through an external company. Which method of selling you choose will depend on your sales ability and that of your staff, as well as the details of your product, price and target customers....
When you set the price for your product, you need to consider the potential profit you can make, the competition, as well as what sort of prices customers expect. You need to find a price that will provide profit, but that will not put off customers; whilst also reflecting the quality and features of your product........
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