Episode 23: Financial Tips for Machine Shop Owners
Managing shop finances is never an easy task. Ian Sandusky (@Let’s Machine) 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 standings.
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 talking 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!