There’s really is no place for ambivalence or complacency in today’s marketplace. To survive and prosper, you need to be sharp, proactive and smart. You need to anticipate, innovate and lead, stay abreast of trends and ride the wave of change. It’s a fast moving marketplace in the world of plastics and manufacturing, with investment in technology setting the pace and opening new potential every day. With this in mind, we’ve identified three areas of danger that could seriously damage your business prospects and lead to downfall:
Don’t ignore innovation
Companies such as Facebook, Amazon, Alibaba, Google, Tencent and Apple are changing the way in which they engage with customers and suppliers. Their influence has carried into other sectors and cannot be ignored, but so far, the industrial supply chain has lagged behind the retail and banking sectors when it comes to integrating digital technologies into operations. If manufacturing companies don’t want to be swamped by the competition, they need to be ahead of the curve in embracing new technologies.
Don’t neglect your employees
A business without good leadership is one that will go bust. There is an old adage ‘if you look after your people, they will look after you’. In business, we believe ‘if you look after your people, they will look after your customers’. Although led from the top, leadership is fundamental at all levels. So, what do you look for in yourself and your staff as leaders? Warren Buffett’s leadership criteria is simple and effective, and should form a basic checklist for any manager or leader. It’s worth taking a look here.
Don’t downplay risk
‘If it hasn’t happened to me yet, it’s not going to happen in the future’. That’s a common and dangerous mindset, and a prudent business manager must continually assess the changing risk environment and how it will impact business. An increase in technology integration brings with it an increased risk of cyberattack, and, disturbingly, a 2019 global study* found the vast majority of participants surveyed are unprepared to respond to cybersecurity incidents. In addition, against a backdrop of Brexit uncertainty and economic turmoil, The Guardian** reported that insolvency rose by 5% to more than 1400 last year. The message is clear: downplay risk at your peril!
Be resilient and positive
It’s not all bad, however. A 2019 report by KPMG*** reveals that although Brexit is still playing a part in business uncertainty, against a complex and disruptive backdrop of emerging technology, climate change, geopolitics and trade, ‘agility’ has become the new currency, and an attitude of resilience and positivity is emerging among UK businesses.
Turner Rawlinson would also urge you to have the necessary insurance in place, protecting your business against new and emerging risks, and ensuring any vulnerabilities are totally covered, particularly in the fields of credit and cyberattack. As trade credit specialists, we can advise on protecting your business against commercial bad debts.
For information for all sizes of business please visit our Trade Credit insurance.
We also provide comprehensive insurance against cyberattack, for information on cyberprotection, visit our cyber liability page.
We have many years’ experience arranging tailored insurance for the plastics and manufacturing sector, and are happy to advise on the liabilities you need to have in place.
Turner Rawlinson is a longstanding member of Willis Towers Watson Networks and we are proud to be associated with the British Plastics Federation.