Is Your Company Looking After Its Equipment?
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Is Your Company Looking After Its Equipment?

Many of us spend a lot of money on equipment for our business. By looking after this equipment, you can avoid spending unnecessary extra amounts on repairs and replacements. Looking after equipment could also be important for your productivity and reputation. Below are a few questions to ask yourself to determine whether you’re looking after your equipment properly. 

Are you servicing and maintaining your equipment?

When it comes to any form of machinery, it can be important to regularly service it and keep on top of faults. 

Computers need to have software regularly updated and need to be monitored against bugs and cyberattacks – many companies hire managed IT services to keep their computers monitored. 

Industrial machinery may need to be kept clean and lubricated to ensure that it’s working efficiently. Many companies are now using machinery with smart sensors that picks up on faults early so that they can be repaired before a serious breakdown occurs. 

Other non-machinery equipment can be worth inspecting regularly and possibly keeping stock of (fail to keep stock and items could go missing without you realising). 

Is your equipment stored in a secure place?

Your equipment needs to be kept secure from thieves. This is particularly important with expensive portable tools that can be easily carried off. 

Consider storing tools in locked cabinets or a locked room. You could also use CCTV to monitor your tools. 

If you keep tools in a van, make sure this van is locked and alarmed (you could also consider parking within sight of a security camera). 

Have you insured your equipment?

Tool insurance as offered at sites such as rhinotradeinsurance.com could also be worth looking into. This could enable you to be financial compensated if your tools are stolen. Insuring equipment may also be able to protect it against destruction as a result of a fire or natural disaster. 

Equipment insurance can sometimes be included as part of property insurance. This usually includes any equipment that stays within your premises (it may not include tools that you regularly take to remote jobs).

Is it time to upgrade your equipment?

If your equipment is already worn and damaged, it may be time to consider an upgrade. Using equipment that is already damaged could be affecting the quality of your output or unnecessarily slowing you down. 

When buying new equipment, always invest in equipment that is in good condition so that you can get good use out of it. If you can’t afford brand new machinery, look for gently-used machinery.

Leasing equipment could also be another option. This could be cheaper upfront than buying equipment and you may even have some of the maintenance and servicing paid for by the company you lease from. This site gsmfinance.co.uk looks in the pros and cons of buying vs leasing so that you can decide the best option for you.

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