August 18, 2023 – The past few years have posed unique challenges and opportunities for small businesses across various industries, and the manufacturing industry is no exception. While the industry is expected to grow over the next five years, manufacturers face specific issues that require careful consideration.
Specifically, exports are expected to represent a larger share of manufacturing revenue. Amid supply chain issues highlighted by the COVID-19 pandemic, manufacturers must be able to adapt to a changing environment.
Manufacturers may want to consider the following questions:
- Are you investing in additive manufacturing to enable your supply chain to be more resilient?
- Are you investing in Artificial Intelligence (AI) and Machine Learning (ML)?
- With inflation expected to grow, have you reviewed contracts and pricing and ensured your input costs are under control?
Increases in labor costs, raw materials, and overall reduced available workforce creates additional challenges for manufacturers. Luckily, Nebraska offers good local resources for acquiring and developing talent.
- The Nebraska Chamber of Commerce is a great resource to consider locally if you are not already involved.
- The Nebraska Office of Economic Development provides incentives for growth, workforce training, and export activities, among other things.
As always, HBE is here to assist in identifying opportunities to help you run your business. Contact an employee in our manufacturing specialty group or your trusted HBE advisor for more information.