According to the latest quarterly Business Barometer survey from Close Brothers, over two fifths of small and medium-size manufacturers admit that they could be more innovative when it comes to identifying growth opportunities.
Steve Gee, managing director of the manufacturing division at Close Brothers Asset Finance, said: “Innovation is a critical part of many firms’ growth strategies, yet our survey shows that the ability to be innovative is a stumbling block for many manufacturing businesses.
“As the economy continues to gather pace, we need to prioritise the creation of a business environment that encourages the commercialisation of new ideas.
That means financiers investing in small business, so that they in turn can invest in the things that they need to be truly innovative — whether that is R&D, new machinery, the latest technology or additional staff.”