How Businesses Can Reduce Equipment Purchase and Operating Costs
If your business specialises in landscaping, construction, warehouse operation etc., you’ll understand the importance of maintaining and purchasing business equipment. Without specialist equipment, companies within this sector would be unable to perform to the highest standards and meet consumer demand.
However, despite being incredibly useful for maximising business output, purchasing and operating equipment such as pallet trucks and forklifts can add to the overall costs of running a business. Therefore, business owners must understand how to reduce the initial costs of business equipment and minimise expenses during operation. Here are several tips for facilitating equipment purchase and operation costs – read on to find out more.
Research Before Buying
Before making any significant investment, business owners must conduct relevant research, much like you would before purchasing a car; the same rules apply to heavy machinery. Start by comparing the costs of the equipment you require; for instance, you might have found some brand-new pallet trucks for sale online at a reasonable price.
However, you might be able to purchase a used pallet truck or lease it for a much more affordable price. It would help if you also considered how much use the equipment will be used and whether buying brand-new ones would be a good investment or not. As a rule of thumb, if you intend to use the piece of equipment more than 60%-70% of the time, you are better off purchasing it outright instead of renting.
Consider Insurance
Save yourself further expenses if a machine breaks down by covering it with insurance. Not applicable if you’re renting, but providing that you own your machinery outright, various insurance providers offer affordable rates for both brand-new and used pieces of equipment. Suppose that you’ve sourced your machinery second-hand? In this case, you’ll probably find that you’ll be able to cover your equipment for much less since the machinery is used and its replacement value is probably cheaper than purchasing a new piece of equipment
Reputable companies like Refurbished Forklifts offer a limited warranty on all your used machinery purchases which further protects business expenses in event of unforeseen circumstances. For more information or to view their full selection of used and refurbished warehouse products, head over to their website or talk to a team member today.
Keep A Maintenance Schedule
In business, it’s inevitable at some point or another that things are going to go wrong no matter how many preventative measures you put into place. Even more so when trouble arises with heavy machinery, as the loss of such could cause delays and, worst-case scenario, disgruntled customers. However, most issues with machines can be prevented by keeping a tight maintenance schedule, a focus on which can save businesses in the purchase and operating costs.
Scheduling regular maintenance checks is the only way to prevent machinery from deteriorating to the point where it becomes even more expensive to resolve or, worst-case scenario, replace. Not only can machines’ longevity become compromised without maintenance, but the health and safety of staff members can also be questioned.
To avoid this, create a maintenance spreadsheet detailing the date a machine was checked, what was looked at and which employee carried out the service. Doing so will create a record for management to look back on, making it easier to determine which machinery requires checks and any correlations between assessments.
