FINANCIAL TIPS for Machine Shop Owners | Machine Shop Talk Ep. 23
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- Опубликовано: 13 июл 2024
- Managing shop finances is never an easy task. Ian Sandusky (@LetsMachine) shares his experience and some valuable insights on the topic.
When you run a machining business, reducing cycle times, extending tool life, and avoiding catastrophic machine crashes are not the only things you have to deal with on a regular basis. Managing machine shop finances will likely become a regular "headache", as this broad task involves many different responsibilities ranging from negotiating payments with vendors and customers to making sure that your tax payments are in good standing.
In this video, Ian shares some financial tips, tricks, and rules he tries to follow and that helped him be more successful in running his machining business.
Clearly, there is no universal way to deal with accounting/financing decisions, and if you are just getting started with your own shop or "inherited" this onerous responsibility, the first thing to do is talk to a financial advisor, an accountant, or any other expert on the matter.
What's your experience with dealing with financial decisions for your shop? Share your tips and tricks in the comments!
Stay tuned for more machining videos!
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Really good info in the video, I'll think hard whether to rent to own or build my own shop now. Thanks.
My best advice- don't do things too cheap just so you can be "busy".
Death by a thousand parts. Easy trap to fall into.
👊🏻👊🏻
That's why I like Amex card. Even though there's a yearly fee, and no interest on a purchase. It's far less than interest on other credit cards. I use it to pay certain bills, after my monthly close date. Knowing I have money due in before the bill is do the following month. ( so basically floating my bill payments )
I really like your channel. Great to the point view... Question? We are amazed on the buildup of crud on your Hass in the background. There's always time to keep things clean? Isn't there pride in ownership of the machines we own?
Hey would you guys please consider mirroring your RUclips content to the Odyssey/LBRY platform?
I use business credit cards for payments as well with in my payment terms. Provided no extra fee's. 2% Net 10 pay net 10 for the discount on the credit card get the discount, extend the actual payment and get the points.