Top 5 Tips On Machinery Update For A Growing Business
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Published on: 03 April 2019
Last Updated on: 24 October 2024
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If you run a business you will know that things rarely stand still for very long and unless you evolve you are at risk of getting left behind by your competitors. The problem for many is that if you rely on certain equipment and machinery to satisfy your orders, it can be cost-prohibitive to update any items that have seen better days, which is why you need some strategies to repair and replace small business machinery when the time comes.
Whether heavy or small machinery, regular maintenance is required regardless of the type; this way, you can keep it in good shape. When you check your machinery and focus on its scheduled maintenance, you may be able to avoid any kind of failure.
In other words, you allow yourself to develop a potential solution before the machine breaks down.
Here are some tips on ways to get the equipment you need without hurting your cash flow, including a look at how an old-fashioned method can still work today, why buying new isn’t always the smart option, and some insights on making the most of available financing options.
However, first, let us learn why do we have to update machinery for small businesses.
1. Why Is Machinery Update So Important?
A large part of depends on how well and when you update your machinery according to your small business needs. For example, in any company, it is very important that anti-vibration works properly to get the job done. Some machines are so important that the entire productivity of the company depends on that.
In such a scenario, when operators see undue vibration from a machine it is feasible to get it checked and if possible to update it by choosing the right material. It also proves to be beneficial for the machinery as it increases the lifespan of it.
2. There Is Always A Way:
In an ideal world, you would simply place an order for every new piece of equipment you need and not have any worries about paying for it, but the reality for virtually all business owners is that you need to justify every dollar spent and protect your cash flow.
It might be that you have your eye on some powder coating equipment and more by Reliant Finishing Systems, for example, but you don’t want to use up all of your capital reserves, despite the fact that you have decided you need these items for your business.
There is almost always a way to get what you need for machinery update at the right price and without putting the company finances under too much strain.
3. Keep The Machinery Clean And Foster A Clean Environment.
Once you finish the machinery update, you can observe that heavy machinery has many seals and filters. These help to keep the working parts clean and free from contamination.
To ensure that they are in a good condition,
- You must ensure that you are inspecting the seals regularly just to check their conditions.
- The next is filters. You must ensure that you inspect the filters regularly and change them when necessary.
- You have to keep the breathers clean to avoid any kind of contamination.
Large machinery should be stored in a shed or another building if possible. Massive exposure to wind and weather can cause rust. On the other hand, you must run the machines occasionally even if they are not in everyday use.
4. Buying New Is Not Always The Way To Go:
If you have ever bought a new car you will no doubt have noticed how much the value dropped as soon as you drove away from the dealer’s premises.
Buying the same model that is nearly new can save you thousands without losing anything in terms of quality and performance, and the same logic can apply when you are looking to upgrade some of your business equipment or machinery.
If you can buy a used version or even settle for last year’s model, there are some substantial savings to be made and someone else will have taken the major financial hit on depreciation.
You should still be able to get a warranty and negotiate a service contract to keep the machinery in top condition, so paying less by buying nearly new is a real no brainer. Alternatively, you can keep an eye on discounts and promotions, so you can find critical equipment like hydraulic cylinders for sale and update your machinery without breaking the bank.
5. Make Use Of Finance Options:
Even if your business is in a cash-positive position there are good reasons to suggest that it may be better to explore some finance options rather than buying the equipment you need outright.
There are benefits to paying upfront for the items you need, especially the fact that you then enjoy outright ownership, but there may come a point at a later date when you could do with the cash that you now have tied up in an asset.
Asset finance and even a bank loan at favorable rates could turn out to be a smart decision, as it leaves cash in the bank that could be needed for further expansion at a later date, and there are also some potential tax benefits when you buy or lease.
Get a professional opinion on the tax situation that is relevant to your business, but if you can make use of available finance options, this could allow you to get the equipment and machinery you need to expand the business, without hurting your cash flow.
Another thing that also comes in handy while gathering fund to update your machine is to put old business machinery for sale. This tactic may not get you the desired amount you want for new machinery but it definitely gathers some amount of money so that you can start buying new equipment. Plus this process also proves to be useful for other small businesses who cannot afford to buy new equipment at that instant.
If old or obsolete equipment is holding your business back, you should be able to explore a way to achieve that fine-balancing act of updating without putting your finances under undue pressure.
Ewan Dawson, the founder of Dawson Manufacturing Co., has a lot of experience working in the manufacturing industry. He shares his thoughts, tips, and advice with those who are just entering the industry and could use a helping hand.
Additional Tips To Keep Your Machinery Running For A Long Time
As discussed, machines are used to keep your business running. Be it in a factory setting or an office, you must ensure they are in good condition.
Your one mistake in maintenance will cause you to see the cost of repair or purchasing new machinery to get out of your hands.
Even though I have discussed the major top 5 tips on machinery updates, I will mention a few conditions to keep your machinery running well.
- Always try to read the manual. It will help you understand whether you can do the maintenance independently or require an expert.
- If anyone spills any kind of drink on the machinery, it can cause huge damage to the machinery. So, encourage your workers to avoid any liquid from the site.
- We have this weird notion that slapping or kicking the machine might help bring it back to a good condition. But no, you’re making things worse for you. Try to treat your machinery with delicacy. This can help you to keep your machine running for a long time.
- Always be attentive to your machinery and lubricate it properly. Imagine two metal surfaces interacting with each other without any kind of lubrication. The continuous friction can heat up the machine, causing massive damage. So, lubricate it from time to time to avoid any massive erosion.
Wrapping It Up!
If you can put in some extra effort, you can easily save yourself both money and time. Regular machinery analysis is just as important as reviewing your business strategies. Both can help you to keep your operation running.
Another major thing is that machinery updates and their daily analysis can help you predict failures and prevent such incidents. This way, you can take successful safety measurements and prevent possible hazards.
But most importantly, regular machinery updates and reviewing them can help you to avoid machine breakdown in the middle of the process.
So this was it for today, keep giving feedback through the comment section below so that we can bring some more new technical ideas for you to explore.
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