Levers To Boost Your Bottom Line
Success in business is most often measured in dollars. Even with all the great things business owners do outside of making dollars – like providing employment, helping social causes, building community – none of it would be possible without a positive bottom line.
Certainly, we don’t want to spend all of our time working, but we need to make money so the other things are possible. Is that a dilemma? It’s really a reason to plan for success.
Beyond the Dilemma
How often do we wish the days were longer? Would 30 hour days help? Actually, the clock is not the enemy. In our enthusiasm to accomplish all the things in our minds, it just feels like more would be better. But, we CAN expand time. Or, should I say, we can expand what gets done in the time. Call it a Time Lever.
How? It’s not a secret. The answer is often much easier than juggling time or talent or trying to improve efficiency. Sometimes it’s as simple as an injection – no, not that kind.
A time lever is finding ways to achieve needed business activities while minimizing YOUR time to accomplish them. A team is a time lever. Depending on circumstances, hiring an employee or bringing in a partner is effective. Another, very effective approach is outsourcing projects (or portions of projects) for activities that don’t need to be active all the time. We do this automatically for some things. For example, most of us don’t have a doctor on staff — though we all need their services from time to time. Other examples (at least for smaller businesses) include attorneys and accountants — services we need, but not every day.
Interestingly, even large companies that have in-house accounting or legal departments often hire outside services to assist with workload influxes or to accomplish particular tasks. These injections of talent come with experience to accomplish the things we need – effectively leveraging our time with theirs.
The Service Paradigm
Outsourced service paradigms have developed in business because it makes sense to bring in expert resources in one area or another as needs fluctuate. We see it in many varieties– like hiring a marketing firm as you launch a new product. Or, an attorney’s office to acquire a patent. It’s part of the plan for success.
Hiring Synthesis, is a terrific way to leverage engineering skills – and time – to assist with a temporary influx of work to get a product developed and launched. The great part for business owners: when the specific needs are met, the expense goes away, and resources can be focused on the next points of progress.
Experience Matters in the Bottom Line
What is the #1 reason to expect results to enhance your bottom line? Experience.
Think about it . . . Every project we’ve done, every problem we’ve helped to solve, every industry we’ve assisted in, has increased our experience – and our value to you as a resource. It has built our ability to assist you.
Broad experience is one of the main reasons why hiring outside services really works. For more on the topic, read “How To Find the Right Engineering Consultant”
Here are some ways we have helped our customers accelerate into the future with a stronger bottom line:
- Do you have bottlenecks that slow productivity? Have us help identify them, then work with you on ways to eliminate them. We have experience in many areas, and can definitely offer a fresh set of eyes.
- Are there new ideas that could expand your market space? Innovation is a best business strategy, and therefore a great lever to boost your bottom line.
- Most business owners have new concepts to try, or product ideas they know will enhance the business. Often the ideas sit, even though they are good, because it’s hard to find time to devote to them. This is a perfect match for Synthesis – to push concepts forward in a way that does not require mission critical staff to be distracted from the daily business.
- Is there an issue that has you scratching your head? Once in a while problems crop up where solutions are not so obvious. Sometimes big, and sometimes small, these hiccups can consume inordinate amounts of time and distract from other activities. That’s a perfect time to bring in a fresh set of eyes. A new view can focus attention in different ways to more clearly see the needed details.
- Do you need an expanded engineering department? For smaller companies that don’t have an engineering department (or have a small group), an Engineering Company like Synthesis is a great place to expand capabilities. We’ll help get your product developed and launched. We can help with as much or as little as you need. We can also help with the pieces that you can’t or don’t want, or don’t know how to do.
What About Cost?
From my experience, the first reason people are hesitant to hire outside services is expectations of cost — and we certainly understand. Consider these perspectives:
- First, you are hiring an extremely experienced resource.
- Second, it’s temporary, for the length of your project (or piece of the project).
- Third, opportunity cost. The delays are costing potential revenue just by doing nothing.
- Fourth, what is time worth? Accelerating your project puts it in the market sooner, helps leap-frog your competition, solves a problem quicker, etc..
For all of these reasons, acceleration can easily outweigh the dollar cost of services.
This is the Time and Talent Lever that can build your business and boost your bottom line. It’s a plan for success – sooner rather than later. Here’s what’s involved in getting a quote.
Engineering Company Example:
One company owner hired Synthesis to do what he first thought was a pet project. His idea for product improvement was good, but he was unable to focus on it. He then hired Synthesis, and in a few months, the product hit the street as a success.
The key points from this example are:
- First, he already had the idea, but didn’t have time to focus on it.
- Second, Yes, there was cost for services, and it took a few months to develop — but he only paid for the actual time spent — much less cost (and less hassle) than hiring another engineer on staff.
- Third, he received experienced service which conquered issues that had evaded him and his staff prior.
- Finally, the result. The product made it to the market much faster and easier than it would have if he’d kept the development in house. In a short while, he was making money on the idea instead of fretting over it.
Boost Your Bottom Line
The time and talent lever is an effective tool when implemented correctly. Most of us don’t use a hammer to insert a light bulb, and we try hard not to put our Toyota Key into our Ford ignition. Likewise, we don’t hire a maid service to do the accountant’s job, so when hiring engineering services, it’s important that the skills needed match the skill hired.
Can Synthesis help boost your bottom line? The best way to find out is to call us. We wield a very effective time and talent lever, but we are not the perfect match for every job.
Can we solve everything? Can we design anything? Perhaps not, yet we have been very successful for 20+ years, and have a great understanding of what we can and cannot do. It’s worth a call to see if we are a fit.
Author: Eldon Goates is a Mechanical Engineer, and the owner of Synthesis Engineering Services, inc. As an Engineering services Company, Synthesis has helped customers build their bottom line for more than 20 years.