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Should you buy in or manufacture materials?

At Taylor & Co we can provide businesses in the Royston area with assistance and advice on a wide range of business issues. The following checklist might help when deciding whether to buy in materials or manufacture them yourself...

Sometimes, manufacturers have difficulty in deciding whether to manufacture materials for a finished product in-house or to buy them in from outside.

Although the principal consideration is financial, there are also other factors that need to be weighed.

The following checklist will help you focus on the most important factors:

	YES	NO
Does demand for the finished product seem relatively buoyant for the foreseeable future?
Does demand for the finished product tend to fluctuate?
Do you have unused plant and labour that could be utilised to manufacture the materials?
Could you achieve greater economies of scale by manufacturing in-house than you could by buying in?
Would manufacturing in-house give you greater control over such things as the quality of the materials and delivery time?
Could you manufacture in-house without having to recruit extra labour?

Every 'Yes' answer is a case for manufacturing in-house.

If you are in the Royston area and are looking for support and help from experienced accountants and business advisers, contact Taylor & Co.

26 May 2023

Tax-Free Childcare helps 650,000 families save on their childcare costs

The government's Tax-Free Childcare (TFC) initiative helped 649,935 families to save on their childcare costs during the 2022/23 tax year, HMRC has revealed.

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Should you buy in or manufacture materials?

Tax-Free Childcare helps 650,000 families save on their childcare costs