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Reinvestment in small engineering business

Reinvestment in small engineering business

Reinvestment in small engineering business

(OP)
What are some typical ways a small (4 person) engineering firm would reinvest in the business?

RE: Reinvestment in small engineering business

Marketing and networking efforts
Professional training or conferences for the staff
Improving office facilities, computer hardware, etc
Spending some budget (hours) on process development, sharpening the saw.

----
just call me Lo.

RE: Reinvestment in small engineering business

Reinvesting typically implies growth, so I'd say its some combination of improving the efficiency of current staff and/or bringing on more staff, and bringing on more customers.

RE: Reinvestment in small engineering business

Whatever you do, don't reward your employees for the hard work that made you profitable enough to have funds to reinvest.

RE: Reinvestment in small engineering business

TheTick....

Switching from regular Oreos to Double Stuff Oreos in the break room is usually reward enough. smile

Fred

==========
"Is it the only lesson of history that mankind is unteachable?"
--Winston S. Churchill

RE: Reinvestment in small engineering business

What’s a “Break Room”?

Do you test products there? Break dance?

I agree with Tick. Best investment is in your employees - RETENTION to avoid RETRAINING costs. Long term investment...

Mike McCann, PE, SE (WA, HI)


RE: Reinvestment in small engineering business

Some small things:
- an online timesheet service
- a nicer office including furniture or a reception area
- out of town conferences for staff
- upgraded analysis software
- a nice holiday party
- more references, maybe in areas which are adjacent to your current area
- learn about new things, like CLT or kinetic structures
- an online file management system like egnyte etc.
- send out some marketing materials like postcards

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