One of the best ways to grow your manufacturing business is by expanding into new markets. But what are the risks of operating on a global level? And are you prepared for the financial complexities of trading with international partners?
In today’s uncertain world, manufacturer and producer businesses like yours face uncertainty on a number of fronts. Customers are becoming ever more demanding, leading to shifts in buying trends. International trade wars are sparking fears of another global downturn. And the COVID-19 pandemic has impacted nearly every business in some way, with lasting uncertainty and new ways of working.
As a finance professional, this means your role will undoubtedly have evolved in recent times. No longer simply responsible for managing key finance initiatives, you’re a protector of the business. As the treasurer at a Mid-Market Enterprise in the packaging industry tells us, “A key role I undertake is forecasting and projecting business performance against the budget, reporting directly into our CFO. I am accountable for creating action plans whenever we are off budget.”
To keep the business working effectively, you need to safeguard against unpredictable movements in the market, stabilising your finances in volatile times. Sometimes it can feel like you spend all your time just keeping the plates spinning. However, where there’s disruption, there’s always opportunity.
Is it time to expand into other markets?
With forward-thinking strategies to create strong, flexible finances, you can not only help your business survive such volatility, but actually thrive and expand into new markets. This is essential if you’re going to succeed and gain a competitive advantage. But it also comes with risk.