Business owners aren’t perfect. Even the most successful people often overlook one or more process solutions or pieces of equipment that could help their businesses run more smoothly and reduce costs. As a business grows, some business owners overlook certain types of equipment that they never considered that they might need to continue to succeed. Consider these top four growth areas:
The chances of theft from employees, visiting customers, vendors and others increases with word of your success. Yet, business owners often fail to upgrade their security to take into account the increased potential for on-site theft. If your business has brick-and-mortar locations, it’s important to invest in automatic money/bill counters to double check end-of-shift cashier counts. This equipment also makes it easier and faster for managers to perform security checks. Hidden floor/wall or diversion safes are another example of equipment that many business owners overlook. You can reduce the chance of nighttime theft by non-managerial staff who have access to an office by telling trusted managers to use the regular safe throughout the day in plain view of non-managerial employees and then store cash and other valuables in a hidden safe at night.
High utility costs are a natural result of doing business. Plenty of startup owners know that they can save money by partially or fully using alternative power sources to traditional electrical grids, such as solar, thermal and wind power generation equipment. They can’t typically afford the high upfront cost of installing this equipment. When your business grows, you have the opportunity to reduce costs by installing alternative power sources. This type of equipment doesn’t merely reduce energy costs during regular use: You can also use backup batteries as a replacement for costly and environmentally-unfriendly gas-powered generators during emergencies. In some areas, you can also save money on utility bills by selling excess power to your local utility.
Many owners of growing businesses suddenly find themselves dealing with construction projects, such as renovation of existing brick-and-mortar locations or entirely new construction. They usually also discover that their offices, stores and locations generate more waste. You need to think about construction equipment, such as heavy diggers, cranes, dump trucks and roll-off dumpsters. Although you might buy this equipment, you must then hire and train employees to handle it, which increases costs. On the other hand, you can find inexpensive commercial rentals through third-party companies that already have experienced staff ready to help you with your next big construction project. They offer not only heavy digging or crane services, for example, but also transportation and warehousing solutions.
Lastly, some business owners overlook the need for one or more warehouses as their businesses grow. Even if you don’t manufacture or distribute products, businesses that retain a large volume of physical documents need warehouses for document storage. If your business actually manufactures and sells or distributes physical products, you need at least one large warehouse to start to handle an increased volume of orders. You can invest in buying property and setting up your own buildings, equipment and staff. That said, you might be able to cut costs by hiring a third-party logistics company to handle everything, including storage, order fulfillment and distribution.
Of course, you should never forget that business owners often overlook the need to update their current software and equipment to modern options that make everything run more efficiently and faster. They also forget to optimize other areas of their businesses, such as production processes and employee protocols. Your business growth is a sure sign that you’ve made wise decisions up until now. Make another wise decision today by investing in these types of overlooked equipment and other business solutions.
Emma is a freelance writer based out of Boston, MA. She writes most often on health and education. When not writing, she enjoys reading and watching film noir. Say hi on Twitter @EmmaSturgis2