Optimism is growing

Jeremy Tauri.

There seems to be growing optimism among the manufacturing and wholesale sectors.

That's a good sign for the country. The sector is a major provider of jobs and incomes and can provide a hub for other businesses.

A recent survey found 44 per cent of manufacturing firms expect their turnovers to increase by the end of this financial year.

A quarter want to hire full-time workers and one-fifth want more part-time or casual staff.

Almost half said they had more work than was normal for this time of year.

Optimism changes the way businesses think. There are more plans for growth and investment and this can sometimes mean less caution.

If you are in this position at the moment, it is important to think about some long-term strategies, as well as the short-term things you might be itching to implement.

Although things are good now, it is important your business is set up on a sound foundation so it can ride out any changes.

If you have a business adviser, such as a trusted accountant or business coach, see if you can schedule a time to do some strategic planning. Think about what you would like your business to look like in 10 years, and what you will need to do to get there.

Look at the things you spend the bulk of your money on and make sure you have the most efficient structure in place. This could even mean looking for cheaper premises.

It can be hard to find the right staff when things get busy. Try to hold on to the ones you have and build up their skills so they can step up to the next level of management when required.

Ensure that what sets you apart from your competitors is your highly-valued intellectual property and great business systems - not just the ability to churn out work.

- Jeremy Tauri is an associate at Plus Chartered Accountants.