Reinvestment in small engineering business 1

• Nov 17, 2019

• #2

Lomarandil

Structural

Jun 10, 2014

1,936

US

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.

 

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• Nov 17, 2019

• #3

CWB1

Mechanical

May 21, 2013

2,149

US

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.

 

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• Nov 17, 2019

1
• #4

TheTick

Mechanical

Mar 5, 2003

10,194

US

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

 

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• Nov 17, 2019

• #5

fel3

Civil/Environmental

Jul 9, 2001

924

US

TheTick....

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

Fred

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

 

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• Nov 17, 2019

• #6

msquared48

Structural

Aug 7, 2007

14,745

US

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)

 

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• Nov 18, 2019

• #7

glass99

Structural

Jun 23, 2010

944

US

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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