ADS has been running the #SMEsuccess campaign to highlight the success of our SME Members and illustrate how Industrial Strategy enables companies to grow and compete globally.
Over the course of 14 weeks we have spoken to a wealth of companies to understand which initiatives they have worked with, what was required and what the impact has been.
#SMEsuccess demonstrates the agility and innovation that SMEs are capable of and their contribution, through industrial strategy, to supporting local economic growth; increasing national productivity; and enabling the UK to become more globally competitive.
Companies interviewed as part of our campaign could point to a number of tangible benefits, including:
- Increased profits
- The creation of new product streams, access to new markets and increased exposure to potential customers
- Reduction of lead times, reduced cost of re-work, improved delivery performance, reduced inventory and improved relationships with customers
- Increased visibility in sometimes difficult to reach markets with opportunities to showcase projects at events
- Support with exporting
- Recognition amongst Prime contractors
- Reduction of barriers to entry when launching new product/entering new tender
- Introductions to industry contacts as well as new projects that have been identified by institutes
- Collaboration with leading academics and industry representatives on projects to enhance current, or create new, products
- The creation of products that have viability in many other markets, opening up to a wealth of new customers in new markets.
The effects of these benefits are felt widely as many of the projects highlighted in this campaign are proving pivotal in developing the UK’s capabilities to ensure it remains at the forefront of global markets.
The culmination of the #SMEsuccess campaign has revealed some overriding themes that are common in each of the companies we have spoken to. Companies are:
- Willing to invest in their development – the companies that are successful within the programmes are willing to invest their time, people and money into following the initiatives.
- Prepared to persevere – all of the companies that partake in industrial strategy initiatives are aware that results are not immediate. The successful SMEs are part of the initiatives for the long term and are committed to following through to completion.
- Outward looking – the companies involved with industrial strategy initiatives are actively engaged with the industries they operate in and are constantly looking for ways to be involved with government support or industry initiatives.
The significance of #SMEsuccess is all the more relevant now that the government has published its Green Paper on Modern Industrial Strategy. While it seeks input from businesses across the UK to build an Industrial Strategy that addresses long-term challenges to the UK economy such as productivity, #SMEsuccess shows how industrial strategy is being successfully implemented.
ADS believes sector based industrial strategy is crucial to the growth of supply chains, to retain the UK’s leading global position and provide stability post-Brexit.