BDO has witnessed a strong growth trajectory in Australian manufacturing under its ongoing sponsorship at the Endeavour Awards and continues to support manufacturers as they innovate during a challenging period.
Innovation is a key part of a manufacturers’ lifespan; and when delivered on, growth usually follows. One company that has been consistently synonymous with growth while supporting the Australian manufacturing industry is BDO, which is sponsoring the Excellence in Growth Award for a third year.
BDO offers a range of accountancy, tax and advisory services to clients Australia- wide and is connected by its global network. With deep sector experience, BDO takes a holistic approach to help manufacturers improve their day-to- day business performance, manage
their risks and enable their people to deliver on Industry 4.0.
BDO’s specialists provide practical and strategic guidance by helping to identify and leverage key competencies.
“BDO is a full service accounting, tax advisory, business services firm with a long standing history of working with manufacturers for many years,” BDO National Manufacturing & Wholesale leader Ryan Pollett said. “We’re big supporters of the manufacturing industry in Australia and our involvement with the Endeavour Awards has been one way we’ve been able to assist with that.”
However, growth is not always a simple endeavour. In light of the recent challenges that have affected the manufacturing industry, Pollett believes Australia has fared better than most, but still has a way to go before it recovers.
“From talking with clients, even as recently as the last couple of weeks, you can tell that a lot of those disruptions are still impacting businesses,” he said.
“They’ve got order books at record highs, but are struggling to deliver in terms of the global supply chain in particular with high lead times and high freight costs. The skills shortage is also causing a lot of headaches at the moment.
“What we’re seeing is manufacturers adapting and dealing with these situations. We’ve seen clients sourcing more products and raw materials locally where they can, investing in technology and the circular economy and improving supply chain resilience.
“They’re tapping into global supply chains and becoming involved with trusted trade programs to fast track imports and exports. On the skill side, a focus on skills and training has been really important, upskilling existing workers and getting the most productivity that they can out of the resources they have, such as TAFE programs.”
Pollett said encouraging companies down the right path via the acceleration of Industry 4.0, introducing circular economies, and government initiatives like the National Reconstruction Fund would be beneficial.
BDO also assists Australian manufacturers in these challenges and as they grow through establishing and maintaining strong relationships with industry clients.
“A big area for BDO is advisory and consulting services. Often it might start with an audit or tax relationship and then we begin to add value for our clients over time,” Pollett said.
“For example that might be helping clients secure grant funding, or working with government through what can be a difficult process, particularly in terms of larger grants or unsolicited proposals.”
Various consulting teams are available at BDO to tackle specific challenges for manufacturing clients, focusing on technology, ESG, training and upskilling people, corporate finance, and supply chain resilience.
“In terms of that growth mindset, we’ve had a number of clients that we’ve taken all the way through from start-up or small family business and they’ve grown over time – maybe they’ve done some acquisitions along the way and ultimately listed the business on the ASX,” Pollett said.
“That’s really gratifying when we can be involved in that process from start to finish.”
In support of growing manufacturing in Australia, BDO is pleased to be sponsoring the Excellence in Growth Award again at this year’s Endeavour Awards.
“We work with organisations like the Advanced Manufacturing Growth Centre and support things like the Endeavour Awards because we see a positive future for manufacturing in Australia,” Pollett said.
“No matter the headwinds, there’s been a lot of fantastic innovation over the past few years during COVID and I think we’re on the right path to success – and hopefully that can continue on.”
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