The manufacturing industry is a vital part of the North American economy. In the United States, manufacturing accounts for $2.3 trillion in GDP, employs 12 million people and supports hundreds of local economies. Meanwhile, total revenue for Canadian manufacturing reached $787.3 billion in 2021 – an increase of $108.9 billion compared to 2020.
But the manufacturing industry isn’t immune to challenges. Fueled by the economic downturn, changes in consumer demand and supply chain bottlenecks will impact production, growth and profitability. So, what’s your plan of attack if your business faces cash flow problems? Are you relying on supply chain financing to shore up your operations? Supply chain financing is a great way to keep your business running in troubled economic times.