Marine Fabricator September/October 2019 - 45

What do mistakes cost?
What does it cost when you have to remake a product due to a mistake? Labor
cost is the big one, because you have to
spend more hours on the job. There are
also materials costs from whatever you
had to discard. These two account for a
lot, but there's more to it.
* Overhead cost is easy to forget,
but it's not just labor hours that
you're spending to remake a
product, it's shop hours. Running
your shop costs more than what
employees are paid, even if you
remembered to add in FICA
taxes, unemployment and worker's
comp. The cost of keeping your
shop running includes utilities,
licenses and even the salaries of
nonproducing employees like sales
reps, managers and office staff.

* Opportunity cost is invisible. It's
money you never see, which makes it
difficult to keep in mind. When you
spend extra time remaking a product,
there's some other job that you would
have been able to do but that you
now don't have time for. So you lose
the profit you would have made on
that other job too; your mistake cost
you an opportunity for future profit.
* Reputation cost is easy to see, but
hard to quantify. The customer
might give you a one-star review,
say bad things about you, and give
future work to your competitors.
Your reputation is in many ways
your most valuable asset because it's
the only one that your competitors
can't copy. In our service-oriented
market your reputation is what sets
you apart, for better or for worse.

So how much
does a mistake
actually cost you?
Make your best
estimate, adding
in everything you
can think of. Then
double it. Then
double it again.

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Marine Fabricator September/October 2019

Table of Contents for the Digital Edition of Marine Fabricator September/October 2019

Marine Fabricator September/October 2019 - Cover1
Marine Fabricator September/October 2019 - Cover2
Marine Fabricator September/October 2019 - 1
Marine Fabricator September/October 2019 - 2
Marine Fabricator September/October 2019 - 3
Marine Fabricator September/October 2019 - 4
Marine Fabricator September/October 2019 - 5
Marine Fabricator September/October 2019 - 6
Marine Fabricator September/October 2019 - 7
Marine Fabricator September/October 2019 - 8
Marine Fabricator September/October 2019 - 9
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Marine Fabricator September/October 2019 - 13
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Marine Fabricator September/October 2019 - 42
Marine Fabricator September/October 2019 - 43
Marine Fabricator September/October 2019 - 44
Marine Fabricator September/October 2019 - 45
Marine Fabricator September/October 2019 - 46
Marine Fabricator September/October 2019 - 47
Marine Fabricator September/October 2019 - 48
Marine Fabricator September/October 2019 - cover3
Marine Fabricator September/October 2019 - cover4
Marine Fabricator September/October 2019 - Blank1
Marine Fabricator September/October 2019 - MF Conf 2020 Attendee Brochure 1
Marine Fabricator September/October 2019 - MF Conf 2020 Attendee Brochure 2
Marine Fabricator September/October 2019 - MF Conf 2020 Attendee Brochure 3
Marine Fabricator September/October 2019 - MF Conf 2020 Attendee Brochure 4
Marine Fabricator September/October 2019 - MF Conf 2020 Attendee Brochure 5
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