When equipment fails, it can cause your entire business to screech to a halt. It can even be dangerous for your employees. Protecting your business from equipment
failure requires an understanding of why
equipment fails and the proactive measures you can use to avoid equipment failure.
Why Does Equipment Fail?
Equipment can fail for many reasons, but here are the top four:
- Poor maintenance. Equipment is meant to be maintained; after all, a car isn’t going to run without regular oil changes. If maintenance isn’t a part of your processes and procedures, employees may fall behind.
- Improper usage. Equipment can fail if employees aren’t using it the way they should be, such as using it in a non-standard way or by skipping necessary steps.
- Running machines too hard. Equipment often has a maximum capacity for usage. When equipment is run too hard, the actual components of a machine could potentially warp.
- Forgetting to replace parts. Equipment needs its parts replaced when damaged, or further damage could occur. Ultimately, this will be more expensive than maintaining the equipment as needed.
How Can You Prevent Equipment Failure?
generally happens for two reasons: poor maintenance or poor usage. Both of these issues can be addressed through proactive measures.
- Make sure employees are properly trained. Read the manual for your equipment and make sure all new employees are thoroughly trained before they begin operating equipment. Have regular re-training sessions for employees to refresh their knowledge.
- Create processes for better maintenance. In addition to scheduled maintenance checks, make sure there are processes in place for repairing parts and fixing machines. If there are set processes in your employee manual, employees will be more willing to follow them.
Together, these measures should reduce the chances that you experience unexpected equipment failure, but it can’t eliminate them altogether.
What Should You Do When Equipment Fails?
Every piece of equipment, no matter how strong, will eventually fail. What do you do when it does? It’s best to plan for this eventuality and to know how you’ll replace your equipment when this happens.
When something breaks and needs to be replaced, an equipment-oriented loan is often the best option. Equipment loans are low rate loans that are secured with the value of the equipment itself.
When equipment loans are used, they let you maintain your business operations (and upkeep your revenue) without having to wait. Downtime is expensive for more reasons than just missed opportunities; it can also permanently cost you customers. Having a source of equipment-related loans in advance can help you recover faster.
Ultimately, there will come a time when your equipment fails. Nevertheless, there are things you can do to reduce the amount of damage equipment failure does to your company. For more information about reducing your risks and procuring flexible funding options, contact us at MY Company Funding