Manufacturer of Hydraulic Presses

5 Productive End the Year Tips for Your Machine Shop

November 30, 2018

It’s December already! The end of the fourth quarter is the time to clear the decks, deal with loose ends, and get organized. End the year right so you can start 2019 with energy.

#1. Check In with Your Accountant

Tax time is coming up fast. Sit down with your accountant before the end of 2018. He had offer end-of-year advice for minimizing how much you need to pay. Certain tax strategies must be implemented before January in order to make a difference.

This is a good time to discuss overall tax strategy for 2019. A year-long approach will help you make worthwhile adjustments that really improve your tax profile.

If you’ve been dealing with a shortfall through the year, this is the right time to get caught up on your tax payments. And if you find you have more profit than anticipated, well done! It might be a right time to invest in heavy machinery, like a hydraulic press.

#2. Think About Pricing Changes

Customers resist price hikes. But marketing gurus say introducing one at the start of the new year gets less pushback. It is considered the normal time for rate changes.

Do a physical inventory to find out what machinery, supplies and other assets you have on hand. Get an accurate picture of your overhead. With your accountant’s help, look at all the costs of doing business, from employee pay, health insurance and benefits to rent, taxes, transportation, and materials. Adjust your rates accordingly.

#3. Look Over Your Website and Social Media

The first contact most of your new customers have with your business is through your website and social media accounts. It’s important to keep your site professional, engaging, easy to navigate, and up-to-date.

When was the last time you posted to Facebook or Twitter? An account gathering dust gives off a bad impression to prospects. Take a look at your LinkedIn profile. Business people often check that before contacting a supplier.

Get professional help, if necessary, to make your website and your social media reflect a positive, can-do company attitude. Come up with a simple marketing strategy. Decide how often to post to your blog and Twitter. Make it a practice to post photos of current projects.

#4. Communicate with Customers and Employees

Send a holiday greeting to your customers. Or get on the phone, send an email, contact them on social media. What’s important is a personal message that lets them know you value their business.

Let employees know how important they are to the success of the company. If you can, offer a bonus or a gift. Or take them out to lunch. Your workers are the reason you’re still in business. Let them know you appreciate their efforts.

#5. Set Goals for 2019

Ask yourself some tough questions:

  • What changes worked this year? What didn’t?
  • Which clients and jobs brought in money consistently?
  • What new types of projects resulted in a profit? Which didn’t?
  • Do you have enough press operators and other staff? Do they have the skills you need? What is your worker retention rate?

Plan your 2019 business strategy to make the most of what is currently working. Stop doing the things that result in downtime, loss of profit, and worker turnover.

Press Master Can Help You Make 2019 a Great Year

For over 40 years, we have been providing machine shops with state-of-the-art hydraulic presses, accessories and equipment. Your success is our success.

Whatever your customers need, we have the machinery to make it happen. We have a full line of hydraulic presses, and can customize them to meet the exact specifications you require.

Here at Press Master, we are proud of our reputation for high quality equipment and innovative design. Our machines are known for their durability, reliability and competitive prices.

Call Press Master today to find out how our hydraulic presses can improve your bottom line in 2019.