
When Innovation Is Expensive
Growth is good and innovation is excellent but it does mean putting money into the business. After a review, it was clear that some changes needed to be made to processes and services, which would be expensive to implement. However, not moving forward could mean no longer being the premier plumbing company for the area.
It was almost a no-brainer to choose to put things in place to let the company be its best. However, there would be a lot of research needed to be sure the money was available and spent on the right things.
Amount of Money Needed to Update
After realizing the company needed updates, the owners jumped to find out what costs would be associated with these changes. In the end, the upgrades for the plumbing company would encompass more vehicles, equipment, and workers. This was going to be a decent chunk of change to get together if there was no need to dip into profits.
Once everything was pulled together, the business determined they would need about $300,000 to get everything updated and keep their claim as the best plumbers in the country.
