Build a Better Business With Equipment Care
Besides buying or leasing space, the biggest investment most small businesses will make is equipment financing. Just buying your equipment though isn’t the end of the story. Read on for information about the benefits of maintaining your equipment in peak condition.
Equipment Is an Investment
You knew that your equipment was an investment when you bought it. Perhaps you’re even still paying off your equipment financing, so treat them like the expensive machinery they are. First, of course, regular maintenance is going to mean your equipment lasts longer. You aren’t looking at your technology here, which has a limited shelf-life, but at the large pieces that run your business, whether it’s an oven, machining tools or a forklift. Each piece has an expected life, and the further you can extend that life, the longer you can put off making that big purchase again.
Besides the obvious value of equipment that lasts longer, your equipment is equity that can help grow your business. If you find yourself in need of a business loan, you should be able to use your equipment to secure your loan. The better condition, the higher the value and the more borrowing power you will have.
Maintained Equipment Is Better Operation
If you’ve ever run a restaurant and had a fridge or oven fail during business hours you know the pain that downtime can cause for your reputation, your future business and your bottom line. Any time a piece of equipment fails, there is a cascading effect to other parts of your business. Creating a maintenance schedule and sticking to it can mean you have less downtime and the equipment will just generally run better, extending its life and costing less to run.
One of the easiest things to do is create a maintenance spreadsheet that monitors when a piece of equipment should be reviewed, what needs to be checked, and attachments for any work completed. Especially if you are a small business this can be such an easy step to overlook, but you wouldn’t drive a car continuously without changing the oil and having the belts checked, don’t do it to your equipment.
Maintaining your equipment also decreases your liability. Whether someone gets sick because your refrigerator wasn’t maintaining the proper temperature, or an employee is injured from a loader malfunction, injury or death because of your equipment becomes your liability.
Taking the time to plan equipment maintenance and the time to meet your plan will save you money in both the short and long term. You’ll increase your ability to borrow against the equipment and maximize your day-to-day operations. Don’t skip this simple step toward growing your business.
