Make UK Executive Survey 2023

Cost, competitiveness and confidence

Despite rising energy costs, nationwide skills shortage and economic inflation, UK manufacturers are making proactive business decisions that will help them shape the future.

They’re leading, rather than waiting to be led – finding new ways to add value and boost productivity while driving out cost and carbon to create a real competitive advantage.

Many organisations are already demonstrating innovative thinking, adaptability and leadership. Those manufacturers are breaking new ground by exploring new ways to stand out in their market, while also focusing on keeping costs low. Funding upskilling and retraining programmes for staff, helping them develop new skills and add value to their sector. Using energy efficiency measures, like the adoption of green technology, as a means of reducing expenditure across the value chain. And staying on top of working capital despite the challenge of supply chains lengthening.

Now is the time to build on what’s already being done. Productivity and resilience is stronger amongst organisations who are intensely focused on investing in the right areas. Leaders in the manufacturing sector will be those that want to learn from others, with a culture of open source management being a key focal point. As well as those who are keen to develop innovative approaches to solving immediate challenges, while not losing sight of long-term objectives.

Winning manufacturers are recognising ESG and decarbonisation as opportunities to create a real competitive advantage — and they are investing in their organisation in a way that shapes the industry for the better.

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Priorities for manufacturers in 2023:

Keeping costs low

Energy, transport and employment costs are all continuing to climb, creating difficult circumstances for manufacturers. As a result, many businesses are altering their business practices to try and reduce their expenditure over the next year. Pioneering manufacturers can get ahead by implementing a series of simple yet impactful changes to the development of their own on-site electricity generation to ensure responsible and sustained growth in 2023.

Remaining competitive

UK manufacturers are now looking for ways to improve productivity and regain their competitive edge in a challenging market. Almost half of those surveyed reported that they already have a business strategy in place for remaining competitive. Leading manufacturers are proactively exploring new opportunities by investing in the right areas, such as ESG, green tech and decarbonisation.

Regaining confidence

The report showed that manufacturers are doing all they can to create their own solutions to immediate challenges. However, tackling rising energy costs, consumer inflation and supply chain disruption is a big job, and the growing list of concerns has prompted manufacturers to call on the Government and Bank of England for legislative support.

Contact us

Cara Haffey

Cara Haffey

UK Manufacturing and Automotive lead, Private Business leader for PwC Northern Ireland, M&A Deals Partner, PwC United Kingdom

Tel: +44 (0)7809 551517

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