For many small business owners, including those who own manufacturing companies, saving for retirement may not be high on the list of priorities. After all, the cost of day-to-day operations and reinvesting in the business may not leave much for personal retirement savings.
When making a major buying decision it’s important to consider factors beyond the initial price tag. After all, our goal is to get the greatest overall value. When buying capital equipment, that means getting the right machine for the job and the best return on our investment.
Casey Brown, who presented at the first ever Gosigerfest Executive Session on Wednesday, September 23, presented her knowledge and expertise about strategic pricing using relevant examples of things we buy every day.
Once again the taxman cometh and many business owners are either gathering their financial records to prepare tax returns or filing them away. And since the promise of a completely paperless office is as much a reality as all of us having flying cars, it’s once again time to ask ourselves how long we need to keep these financial documents.
Like any other major purchase, most of us tend to focus on the initial pricetag of manufacturing equipment, and it’s sometimes difficult to rationalize the cost difference between two similar machines. In the case of CNC machine tools, Machining Center “A” may not look much different from Machine Center “B,” and the specs may even be quite close. So, when machine “B” has a pricetag that’s one-third less than “A,” it’s tempting to choose the less expensive machine.
In recent years bank loans and other conventional credit resources have been harder for many businesses to access. As a result, use of business credit cards has risen dramatically, especially for small businesses. Although they can be a handy way to help manage cash flow, there are a number of pitfalls to using company credit cards that you should be aware of.
What does your machine tool really cost? According to Jeff Murray, Gosiger’s southern Ohio Sales Manager, the real cost of ownership of a machine tool is a bit more complex than it may appear. When you are considering investing in a new machine tool, first work through these seven important factors that can add up and cost you money...or save you money.