Canadian automotive manufacturers can accelerate growth by integrating their strategic activities with government funding, but how exactly does it work? How do other automotive manufacturers use government grants and loans to enhance investments and drive organizational success? It can be difficult to visualize the impact of developing and executing a multi-program government funding plan, especially when used over several years and multiple projects, but the results are profound. Without a doubt, the time and resources required to access government funding programs are worth it.
Developing and using government funding strategies can help your business overcome common growth challenges and enhance its global competitiveness.
Manufacturers can use government funding for a wide variety of strategic investments, including to align themselves to Industry 4.0 standards, empower employee decision-making with data analysis, master automation through efficiency and modernization, become more “green”, and eliminate waste from operations. Strategic-minded automotive manufacturers take a calculated approach to overcome these challenges with the help of Canadian government funding programs, and your business should consider tapping into similar incentives. In this article, we’ll illustrate the benefits of accessing government grants and loans while helping you uncover some of the top supports.
Ontario Mold Maker Grows with Government Funding
In Ontario there are many strategic, forward-thinking automotive businesses that are well-aligned for government funding success. One such automotive mold maker embedded funding into several investments aimed at improving productivity, innovation, and exports while also expanding their workforce. We’ve outlined their success through our Case Study: Ontario Based Mold Maker infographic.
The mold maker commenced their increased focus on funding with 65 employees and approximately $10-12 million in annual revenues. They already exported to the United States but identified other global markets like India and China that would help diversify their customer network. To achieve the growth rate they wanted, they planned to make several key investments in equipment and workforce development over the next few years.
From this starting point, we worked with the mold maker to develop a government funding plan that took a phased approach to matching company spends with active funding programs. The result was an actionable guideline for applying to government funding that helped the company better manage cashflows and improve project return-on-investment (ROI).
Via: Mentor Works