You’ve probably heard the saying “if it isn’t broke, don’t fix it!” Well, this doesn’t apply to business equipment. Routine maintenance is critical to ensure your business runs efficiently and you reduce operating expenses.
In fact, statistics reveal that huge sums of money are lost due to machine breakages. For example, just one minute of machine down-time costs just under £17,000 in the global automotive sector.
With that being said, let’s explore the financial benefits you can reap by engaging in regular equipment maintenance for business operations:
You will avoid large repair bills thanks to preventive maintenance programs for equipment
There’s only one place to begin when it comes to the financial benefits associated with preventive maintenance programs for equipment, and this is the ability to avoid large repair bills.
If you carry out routine maintenance, you’ll be able to find any minor issues before they turn into large, expensive problems. This can save you a considerable amount of money in the long run.
Most problems start off small, and then they turn into much bigger issues as time goes on. In some cases, a simple issue can turn into a problem that cannot be resolved, meaning the only option is to completely replace the equipment.
Employees will continue using the equipment, none-the-wiser that they’re making the issue worse. So, if you have routine maintenance in place, you can ensure this doesn’t happen.
You’ll prevent flawed output
When a machine is broken, it often doesn’t produce the results you’d expected or hoped for. What this means is that you end up with a batch of flawed inventory, which you can’t then use or sell.
Naturally, when you waste products in this manner, it costs money. However, the expenses don’t end there.
You also need to consider the fact that employees may need to work overtime to rectify the issue and get a new batch of products out in-time. So, you’ll find yourself paying for extra wages and materials too.
Prevent accidents from happening
As per RIDDOR, a number of fatal accidents in the workplace have involved machines. For instance, in 2021/22, 15 fatal accidents happened due to contact with moving machinery.
Injuries and accidents that happen due to poor equipment maintenance can have devastating consequences, even resulting in fatalities in some cases.
When this happens, you’ll have a huge legal battle on your hands. This comes with a lot of expenses, naturally. You’ll need to pay legal fees, as well as compensation to the family.
At the same time, your reputation will take a massive hit, and you’ll need to spend a lot of money on rebuilding this.
Lower costs by extending the life of your equipment
In addition to the points, we’ve mentioned so far, you can further make your money go further by making equipment last longer.
Machines contain a number of different parts, which all sustain wear and tear as time goes on. Examples include seals, bearings, and gaskets.
These components demand proper inspection to evaluate their condition and replace as required.
If you notice that one of these parts is worn, you can simply replace it, and this will make your machine last a lot longer.
On the flip side, if you don’t, you’ll continue using a part that’s at the end of its life, and this can end up damaging the machine overall. This will cost you much more money in the long run.
Reduce employee turnover
Another way you can improve your finances with regular equipment maintenance is by reducing your employee turnover. This is a benefit that a lot of business owners don’t tend to consider.
Think about it: when you regularly maintain machines, you ensure they work efficiently and you boost safety for everyone in the workplace. By improving work conditions in this manner, you create an environment that everyone wants to work in.
This means you’ll have a happy working environment, and employees will be less inclined to look for new jobs elsewhere.
As most business owners know, high employee turnover rates costs companies a lot of money, so you’ll want to do everything in your power to keep these levels as low as possible.
Boost efficiency levels
Last but not least, when an equipment is being used during the first phase of its useful life, it’s going to be operating at optimal efficiency rates. As time goes on, these rates start to decline.
However, with routine maintenance, you can keep boosting the rate of efficiency. This will ensure that everyone is working in the safest and most effective manner.
When your equipment is running efficiently, it won’t need as much fuel or other resources, and so it saves you money in this regard.
While this is happening, your output is going to increase. This means you’re going to be making more money at the same time, so it’s a win-win.
Save your business thousands of £ by carrying out regular equipment maintenance
As you can see, there are a lot of financial benefits to be gained by carrying out regular equipment maintenance for business operations.
From reducing downtime to avoiding costly repairs, there are a number of ways that routine maintenance can save you money.
So, make sure you put provisions in-place to ensure regular, effective routine maintenance for all of your machinery.
Author bio (if needed):
Kerry Leigh Harrison has over 11+ years of experience as a content writer. She graduated from university with a First-Class Hons Degree in Multimedia Journalism. In her spare time, she enjoys attending sports and music events.