Small and medium sized manufacturers in the West Midlands are to benefit from up to £4 million of new funding to help them diversify.
The Diversification Programme 2 from Advantage West Midlands is being delivered by the Business Link network and aims to help local companies raise their competitiveness and productivity through developing new products, processes or exploiting new markets.
Keith Dunton, diversification manager at Business Link Birmingham and Solihull, said many companies could take advantage.
He said: "Any company serious about progress will be looking to diversify. Only those that constantly seek to develop and seize new opportunities will survive and prosper."
To qualify for a diversification grant, companies need to be SMEs with 249 employees or fewer with an annual turnover of up £34 million. AWM's diversification programme has assisted more than 1,000 companies, with such diverse businesses in Birmingham as a sliced bacon supplier, software provider, plastic injection moulding company and milk shake company.
Mr Dunton said: "Diversification can be a challenging strategy for many, but with the commitment of senior management coupled with advice and support it represents an enormously beneficial opportunity for the majority."
The programme begins with a benchmarking exercise to compare a company's performance within its sector.
A strategic action plan is then developed to identify routes for potential diversification. Funding for up to five day's Business Advisor support is provided with further consultancy back-up funded at 50 per cent.
