How to streamline shop processes
Published On: January 1, 2019Categories: BusinessThere are common processes that are a part of every business. These include marketing, sales, estimating, quoting, work orders, scheduling, production, delivery, invoicing and reporting. Whether small or large, every business needs to consider how these tasks flow together in order to effectively deliver its products or services. Streamlining your shop requires you to identify [...]
Writing off equipment and vehicles is easier now
Published On: September 1, 2018Categories: Business, Shop TechniquesLast December’s Tax Cuts and Jobs Act (TCJA) not only slashed tax rates, it also enacted rules that allow businesses to treat as an expense and immediately write off more—including 100 percent temporary expensing for certain assets. This means adding needed equipment, vehicles or even a new shop building is now a lot more affordable. [...]
Finding affordable tax and accounting help
Published On: July 1, 2018Categories: Business, Shop TechniquesHow to find affordable, professional help when you need it. While most owners of small- and medium-size businesses know the details of their companies intimately, there are often highly technical matters of law, accounting, management and marketing that are best handled by outside experts. Attorneys, accountants, and management and marketing advisers have specialized knowledge about [...]
Savvy cash management helps your bottom line
Published On: May 1, 2018Categories: Business, Shop TechniquesCash flow—the amount of money flowing into and out of your shop—is an easy concept to understand, yet not always well managed. Not every owner is aware of the impact skillful cash management has on net income, probably because the importance of managing revenue is far easier to recognize in some types of businesses than [...]
Prep for the sale of your business
Published On: March 1, 2018Categories: BusinessNo matter where in the world we run our businesses, we aspire to be successful, profitable and happy. We have either started the business from nothing, purchased an existing enterprise or taken the reins of the family business. Often, we begin with limited skills, have minimal formal industry training and largely “learn by our mistakes.” [...]
Word-of-mouth marketing still works
Published On: January 1, 2018Categories: Business, Shop TechniquesMathew Rice was frustrated last year when he couldn’t find anyone near his Fremont, Ohio, home who could make an enclosure for his Maxum 2800 Sport Cruiser without at least a three-month wait. So Rice decided to purchase the necessary equipment, get some training and do the job himself. “I told my wife, ‘I’m going [...]
Avoid pitfalls during layoffs
Published On: September 1, 2017Categories: Business, Shop TechniquesIt’s an unwelcome responsibility, but almost every business owner and manager will eventually come face-to-face with the disagreeable task of terminating one or more employees. “Firing people is one of the toughest, most unpleasant things you do as an employer,” says James Walsh in his book Rightful Termination (Merritt Publishing 2006). “Your stomach tightens and [...]
How to control workers’ comp costs
Published On: July 1, 2017Categories: Business, Shop TechniquesIf yours is a typical manufacturing shop, workers’ compensation costs—or the threat of them—can quickly become a major expense. Almost every business in the United States that has employees must deal with the cost of workers’ compensation, so you’re not alone in this potentially damaging liability. Fortunately, there are steps you can take to help [...]
Pre-employment background checks
Published On: May 1, 2017Categories: Business, Shop TechniquesThese days every new employee brings a possible threat to your business, including theft, sexual harassment, physical violence, identity theft, fraud and drug use. The potential for ruinous legal actions is higher today than ever before. That’s why a background check before you hire an applicant could save your business. It’s essential that background checks [...]
Strategic retention
Published On: March 28, 2017Categories: Business, ManagementIt’s one thing to find qualified workers; it’s another to keep them happy in their jobs. Inman Mills has a 116-year history as a textiles manufacturer, now staffing three plants with 700 employees. The Inman, S.C.-headquartered company enjoys a low turnover rate and, in fact, has employees who have been with the company for 40 [...]