The Business Costs Of Maintenance Failure

The Business Costs Of Maintenance Failure

Maintenance is far from the most exciting topics you could discuss when it comes to running a business.

It lacks the pizazz of marketing, the excitement of finding a solution to a common problem, and the satisfaction of closing another sale. But make no mistake about it, you ignore maintenance at your peril.

The truth is that if you take care of your workspace, equipment, and devices, they will take care of your business.

In today’s quick guide, we’re going to shine a light on the importance of regular maintenance, and explain how failure to embrace it might save you money in the short-term, but in the long-term, it could cost you your business.

Increase profits by decreasing costs

First of all, the amount of money you can make per product or service is held back by the amount of money you need to spend to create it – your bottom line, in effect.

And one of the major contributions to your cost per sale is productivity. Ultimately, if your employees are being held back by problems with their equipment and devices, it will take them longer to do their jobs.

And the only way to ensure maximum output is to carry out regular maintenance checks and fixes.

Give customers better value

Because regular maintenance helps you avoid costly repairs and speeds up production, you can pass on those savings to your clients.

This simple act can give you a huge advantage over the competition, who might well end up scratching their heads as to how you can possibly sell your product at such a cheap price point.

Give customers higher quality

It’s important to remember that speed of production does not need to have an impact on the quality of your products or service.

With regularly maintained equipment, you will find that you can offer customers the same value as you ever have. But you will also find that there is less wastage in your business.

There will be a significant reduction in reworking and scrapping, all of which takes money and efficiency away from your business, and that is an entirely unnecessary expense.

Fine tune your testing

If you are in any industry that requires electrical testing, it’s only regular maintenance that can ensure you are getting the right figure, every time.

You’ll need to consider everything from wireless calibration through to general maintenance for your thermocouples, watt meters, or spectrum analysers.

Failure to embrace maintenance and housekeeping in this respect will lead to incorrect readings, safety issues, product recalls, and even customer disputes.

Ensure your company safety

If you don’t maintain your equipment, what impact do you think it has on your employees and customers? Safety is a huge issue in this day and age, and you have a big responsibility to your staff and clients to ensure that your work is as safe as possible.

If there is an accident, you will face the law, insurance claims, and huge compensation payouts.

To conclude, beyond the glamour of start-ups and running your own business, there are plenty of dull subjects that are of immense importance. With this in mind, do you still think maintenance is an unnecessary distraction?

About author

Poppy loves personal finance almost as much as she loves her two cats, Tif and Taz.
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