‘Tis Better to Spend Money Wisely
Than Save Money Foolishly

In the very first issue of DiveRetailing.com, the Management
column discussed how one of the best and most immediate ways to increase profitability was to cut expenses. At the same time, however, we warned about the pitfalls false economy, i.e., tripping over dollars while trying to pick up pennies.

In this issue, we’ll identify a few areas in which spending a little more in the short term may save you big money in the long run.

Tools

In the Last Whole Earth Catalog, author Stewart Brand stated that “tools are the only material possessions worth having.” Certainly among a good tool’s greatest virtue is the fact you can use it to make money. Yet another virtue is that quality tools last (see the “Nuts and Bolts” column on Snap On wrenches).

All of us have at least one gadget or gizmo sitting around our stores that was supposed to make us money — but sits largely unused. Good tools aren’t like that. Look at your repair bench. Odds are, there are a handful tools you use so frequently they never seem to get put away. These are the proven money makers.

Now look at those tools more closely. How old are they? Quality hand tools seldom break or wear out. Cheap hand tools can end up costing you more because you have to constantly replace them — and because they are more likely to damage nuts, bolts, screws and expensive regulator parts.

Good tools can also save you time. Having the right tool for the job enables you to work faster and more efficiently — which is good, too, because, as we know, time is money. The right tools can also make you feel better about the work you do, which also helps you work faster and with greater enthusiasm.

The right hand tools aren’t always cheap; however, because they are built to last, can save you time and help you get the job done right the first time, they can be a much better investment than that whiz-band gizmo that was supposed to make you money…but didn’t.

Computer hardware and software «

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