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3 Business Decisions Where Frugality Could Mean Fatality

It makes sense for business owners to be as frugal as possible in most areas. After all, managing spending in some area may help you to find additional funds that may be beneficially applied to marketing, product development, expansion and more. While frugality is a smart approach most of the time, there are instances when frugality can result in dangerous work conditions. Keep in mind that unsafe work conditions can affect your team’s motivation and productivity, and they could open you up to a serious liability situation.

Minimal Safety Equipment

There are numerous health and safety regulations that businesses must legally comply with. However, these regulations do not always keep workers as safe as possible. Rather than provide your team with the bare minimum amount of safety equipment required, it makes sense to look for other ways to keep them safe. In addition, it may benefit your company and your team to regularly update equipment. This ensures its quality and allows you to take advantage of new safety features and innovations.

Low-Quality Fixtures

Many businesses rely heavily on fixtures, such as pallet racking systems, shelving and more. It may be easy to assume that these fixtures are generally equivalent across the board in terms of quality, but this is not the case. Cheap alternatives may not have the strength or durability as certified handling systems. This can result in the fixtures collapsing, toppling over or otherwise failing. If this happens in your facility, workers may be crushed underneath.

Older or Less Durable Machinery and Equipment

It is common for businesses to purchase cheaper new machines and equipment or used products in an effort to save money. It is true that cost does not always directly equate to quality, but heavy machinery and equipment must be in great condition to be suitable to complete the work that you need it to do. Regardless of whether you purchase used or cheaper equipment, always ensure that the equipment is well-suited to complete even the most rigorous activities that you may need to use it for. Remind your employees to notify someone if machinery malfunctions.

While frugality in some areas of business operations is essential, there are many instances when frugality can lead to injuries or worse. Before you choose to skimp in any of these areas, look for potential dangers associated with doing so. Keep in mind that paying more money for the right items for the job may be essential for saving you money overall and keeping your skilled workers as safe as possible.

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Tags: budgeting, business, costs, safety, saving


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