9 Ways for Machine Shops to Reduce Debt and Stay Afloat
Machine shops are capital intensive and can quickly accumulate dangerous debt levels when times get tough. This article provides 9 practical tips for machine shop owners to reduce expenses, increase efficiency, and improve cash flow. Strategies covered include renegotiating loans, selling unneeded assets, reducing energy use, improving supplier terms, shedding unprofitable work, cutting labor costs, generating rental income, utilizing tax incentives, seeking consulting, and more. Learn key actions shops can take to slash costs, manage debt, and keep their businesses running strong.
