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As a small business owner, it’s likely that you feel your time in the day is limited. It’s okay because most small business owners feel that way. However, it’s no excuse for letting particular needs go until you get around to them. In fact, we’re going to look at some typical small expenses that can turn into large expenses for your business when left unattended.
There’s a big difference in most business owners’ minds between broken and needing maintenance. When equipment is broken or down, it can mean hitting the panic button. You’ll drop everything to find a way to get it working again. However, when it comes to scheduling maintenance, it’s not seen as a big problem. In fact, it’s likely you have equipment in need of maintenance right now that you’re simply putting off until you find the time. For example, you know you should have your milling machine coolant checked on a regular basis to ensure efficiency, however, you just haven’t scheduled it. If left unattended, the coolant could run low and damage the machine. That’s going to be a much larger expense than some coolant.
As you’re just getting started out, hiring new people is a must. It’s likely that you’re intending on hiring a full team of employees, which takes time and resources. It’s very easy to get bogged down by the hiring process and your daily duties. This makes it much simpler to shirk those bi-annual evaluations. Before you know it, you’re two years in business and haven’t actually evaluated your team since you’ve hired them. You must ensure that your hires are performing work up to standards. By having regularly scheduled evaluations, you can show your leadership and commitment to ensuring the utmost quality for your business.
It’s obvious that each business is in operation to make money. Sometimes we simply leave our goals at that and don’t look further. Other times, we have a vision in our heads of what we want our company to contribute to the world, however, we lack sharing it with our staff. You should get a clear vision of what you want your business to focus on, other than money. Then, translate this vision to each of your employees. Let them know what common cause they’re all working for.
Living the life of a business owner can be quite overwhelming. It may seem like there’s just not enough hours in the day to take care of everything that needs to be completed. However, the three issues above are small ones that should be addressed early on to ensure they don’t turn into massive issues later down the road.