Replacement Cost vs. Actual Cost for Equipment
Construction equipment is expensive! As a former general contractor, I chose to purchase some equipment, but I also rented some. I would purchase my skid-steer loaders and attachments because of how often they were used and the benefits of having them around the shop. Other equipment, such as lifts or all-terrain forklifts, were rented as projects called for them.
Marketing On A Budget
Many small businesses don’t have the resources to allocate a large portion of their budget to marketing. But that doesn’t mean you need to forgo it altogether. Marketing is essential to the growth and success of a business, and it's important to budget and plan for it.
Tracking inventory and knowing how much to keep on hand can be a balancing act. With inventory scattered in many different places, including trucks, trailers, job sites, employees’ homes, and the shop, it can sometimes be difficult to track. Inventory mistakes could lead to overstock of supplies or running out of an item at a critical time.
Insurance can be confusing, and after a busy week running your salon and serving your clients, insurance education is probably not the first thing on your to-do list.
In 2021 and looking ahead three to five years, he feels it’s essential to anticipate and plan for change, focusing on the following trends:
