Supporting manufacturing investment | Lombard

Supporting manufacturing investment

Find out how we encourage investment in the manufacturing industry

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Tips for investing in manufacturing equipment

1. Early engagement

Make sure to engage with your bank as early as possible and prepare fully for your initial conversation. This will help them understand your business needs and how they can best meet them.

 

Your bank will make you aware of any current schemes and initiatives you could take advantage of, such as the Annual Investment Allowance.

2. Match investment to business objectives

Capital investment should always be central to your business plan, and spending on manufacturing machinery is no different. You should ensure that any asset you choose will contribute to your organisation’s overall objectives and plans for growth.

3. Consider the whole business

When choosing equipment to invest in, make sure it will meet the requirements of every part of your business.

4. Employ specialist import expertise

If you’re buying equipment from outside of the UK, does your bank have facilities to manage the import process securely? Or do you need specialist support? Capital Import Finance, a product offered by Lombard, could help you achieve this.

5. Explore the full cost of ownership

To understand the full cost of ownership you should consider additional expenditure, such as ongoing maintenance, training and installation costs.

6. Engage with internal and external audiences

Your bank or finance company isn’t your only audience when you’re buying manufacturing machinery. You should also articulate the benefits of the investment to stakeholders inside your company too, so everyone can understand the decision.

7. Maximise efficiency

Before you receive your new asset, consider using LEAN practices or seeking advice on how to improve your efficiency and reduce costs.

8. Make use of external financial resources

Speak to your financial advisors and accountants about your decision to acquire new machinery. They will be able to help you create financial plans for large investments, which will strengthen your application for funding.

9. Understand the return on your investment

Choose an appropriate investment appraisal system to get a clear idea of what the return on your financial outlay will be.

10. Measure success

Plan a way to measure the success of your investment throughout the life of the asset. Understanding what you’ve achieved can help you plan for the future and may add weight to any further proposals for investment.

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We're supporting the UK Trade and Investment campaign Exporting is GREAT to help UK businesses grow around the world, boosting British exports and improving performance.

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