March 28, 2025
Can we take our future into our own hands?
There is not a lot of good news around for businesses at the moment but that doesn’t mean we have to resign ourselves to the myriad of what can seem insurmountable obstacles to growth. Now seems like a good time to try and ignore the distractions and push on and try and take greater control of our futures, even if it’s only to stabilise and bunker down as a small business.
One glance at the trade press, mainstream media or commentators and you wonder how we get through the next couple of years. It can feel like there are so many obstacles and distractions to running a business. So how do we take the power back into our own hands to try and decide our own future as a smaller organisation and as a sector.
The current climate is marked by rising operational costs, skills shortages, and in some cases declining tender opportunities. That’s before we start talking about the change in approach to sustainability of many major industries and organisations. As small medical manufacturing companies navigate this complex economic landscape, it is important we take proactive steps to secure our own future and that of our workforce.
As a sector and in particular, as a small business, we have the ability to be more nimble and reactive to our circumstances – larger isn’t always better. Opportunities exist in embracing technological innovations and focusing on sustainability in smaller and more meaningful ways. Regulatory changes and scientific advancements require companies to adapt quickly to remain competitive and that is perfect for many small organisations that do have the opportunity to flex or respond.
One aspect that definitely offers hope, albeit with a cautious welcome, is the potential use of AI to streamline operations and improve predictive insights. Not be used as a replacement for the knowledge that exists within your organisation, but to complement it.
Another area within reach for so many small businesses is improvements in its sustainability. Just because we are seeing a trend in moving the sustainability goalposts, the benefits of adopting best practice can be significant in reducing costs in waste and transportation. An effective sustainability strategy can also change the way the workforce engage in the organisation, improving empowerment and putting them at the heart of decision making. This is not always easy as a larger organisation, particularly at the moment, but we can make those small impactful and it doesn’t mean you have to undertake ISO14001 to do it.
Implementing a circular economy in a small manufacturing business offers several benefits – many of which can be realised in the short-term. Firstly, implementing a circular economy enables cost reduction through the reuse and recycling of materials, lowering operational expenses and reliance on raw materials. This approach also fosters innovation, allowing businesses to explore new markets and develop sustainable products and services, such as refurbishment and remanufacturing of waste raw materials or returned products. Furthermore, a circular economy can improve supply chain resilience by reducing dependence on virgin resources, mitigating risks associated with material shortages and price volatility.
The medical device manufacturing sector is at the forefront of innovation, with a growing focus on patient-centered care and customisation. This shift requires manufacturers to be flexible and deliver solutions that meet individual patient and provider needs. By leveraging cutting-edge technologies and fostering strong supply chains, smaller companies can mitigate risks and ensure reliability in a much shorter timeframe than many larger organisations. This is where the importance of building your network in challenging times is important.
Furthermore, the UK government’s initiatives, such as the Design for Life programme and the SME Action Plan, aim to support innovation and growth in the medtech sector. These programs highlight the potential for domestic growth opportunities by shifting towards circular supply chains and fostering local innovation.
To thrive in this environment, small medical manufacturing companies must be proactive. This involves investing in digital transformation, nurturing talent through apprenticeships, and aligning with government strategies to enhance competitiveness. By taking control of our future, we can not only survive but also position ourselves for growth in a rapidly evolving world.
Embracing change and innovation will be key to overcoming challenges and capitalising on emerging opportunities over the next couple of years. I certainly don’t have the answers but I am certainly willing to listen to the people who do – so please share your thoughts.
