The introduction of new products or services is fuelling growth for small to medium sized (SME) manufacturers in the South West, according to the latest Barometer from the Manufacturing Advisory Service (MAS).
Over three quarters (81 per cent) of the companies that reported an upturn in sales turnover during the last financial year, also stated that new products or services introduced over the past two years had led to new sales.
Simon Howes, MAS Area Director for South West England, said: “Our Barometer results appear to suggest that there is a strong link between innovation and increased growth. MAS is committed to helping businesses grow and encouraging innovation through our network of advisors who can work with manufacturers at a strategic level to provide support in developing, validating and bringing new products to market.
“The key to innovation is good strategic planning. It is vital that businesses think carefully about routes to market and having a sound strategy to support new product development. MAS can identify essential market intelligence to assist companies with this. However, we also acknowledge that manufacturers often have existing products that they want to update or modify so the market for the product is opened up. MAS is here to support this work too.”
