Plimsoll Publishing has created a list of measures that owners and directors of fastener and fixing companies must do in 2017.
Without further ado, here's the list, with commentary from Plimsoll's Senior Analyst David Pattison, based on their recent market study of the industry:
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Learn from the successful
"Highlighted in the study are 88 firms that have proven the market is no barrier to success. Each of these market leaders are achieving staggering sales growth and delivering record profits. These firms are getting it right in the market and are setting the standards for financial performance."
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Beware of Brexit!
"As the Government’s Brexit plans start to become more apparent, the Plimsoll Analysis has assessed the 182 businesses that could be most affected by Brexit. Can 56 of the industry’s largest exporters cope with potentially restricted access to the single European market?"
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Assess your business value
"In a time of change in the market, all business leaders should be keeping an eye on their businesses value. We have identified 63 firms where their value has fallen by a third and many of these businesses need an injection of capital."
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Go in search of higher margins
"Key to your company’s long term success is good profitability and 50 firms named in the analysis are delivering 12.9% margins – showing that real value can be added in a market. Understanding how these firms are structured and their business models will prove vital to your future profitability."
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Monitor those failing in the market and exploit their weaknesses.
"The year ahead will not be without casualities and named in the analysis are 94 firms whose risk of failure in 2017 is higher due to their low financial health. Two important lessons can be learned from these firms.
- Know their weaknesses so you can exploit them their market share
- Understand how the problems started so that you can avoid the same mistakes."
So there you have it. Plimsoll based the points on analysis from 865 UK firms in their report 'Fasteners & Fixings'. It provides an individual analysis of companies and their strengths and weakness, as well as showing the fastest growing, those in decline and those making the most profits. For more details on that, head to the site www.plimsoll.co.uk
