Photo by Ana Rivarola
Originally Posted On: https://www.money-making-moms.com/broken-business-machinery-5-steps/
When business machinery breaks, you need to decide whether to repair or replace it.
Whether you are running a small mom & pop shop, a home office of a solopreneur or a major manufacturing company, all will use and need some form of business machinery.
Business machinery comes in all shapes and sizes, from your home printer to staplers to compressors!
So no matter what you are using in your business you may want to consider the next 5 points that may help you save some money and definitely some headaches!
#1 – How Easy Is It To Repair?
Not all business machinery can be easily repaired.
If it’s complex custom-built machinery, you may have to hire a specialist technician to fix it.
Certain parts may also be hard to source – although you can always look into 3D printing services such as Rapid PSI.
Determining whether the hassle of getting your business machinery repaired is worthwhile, or whether you’re better off simply finding a replacement, can be tricky.
#2 – How Much Will Repairs Cost?
If it costs almost as much to repair your business machinery as it does to replace it, it may not be worth splashing out on repairs.
Most businesses use the 50% rule – if repairs are likely to cost more than 50% of the value of the machine, you’re better off finding a replacement.
Find out the cost of repairs by getting quotes from repair services.
Make sure that you’re collecting several quotes as pricing may vary and you will then get to see the bigger picture.
#3 – Are You Covered By a Warranty?
If your business machinery was bought within the last few years, it may be covered by a warranty. This may allow you to get free repairs.
Warranties may not cover all repairs, so it’s worth checking your policy.
Machinery could also be covered by business insurance in some cases.
It is important to remember that business machinery and equipment insurance as found at Just Quote Me can often cover breakdowns and could be something to consider taking out in the future.
#4 – How Old is The Business Machinery?
The age of the business machinery could also determine whether repairs are worthwhile.
If you’ve only had the machine a couple of years, you probably don’t want to replace it as you haven’t had much use out of it.
However, if it’s over ten years old, you may want to consider the condition and whether there are likely to be more problems in the future.
Business machinery that is over twenty years ole is definitely worth upgrading.
A newer machine could have better energy-efficiency, better safety features and it will likely be more powerful, plus it will come with some form of warranty.
#5 – Does The Machine Still Meet Your Needs?
It could also be worth replacing a machine if it no longer meets your needs.
Perhaps your business has grown and you now need something more advanced?
In other cases, you may decide that certain business machinery is pretty much defunct.
If your printer breaks down and you rarely have a need to print off documents, ask yourself whether it could be time to go paperless – this could be a time when you should neither repair or replace.
No matter what you decide to do, taking care of your business machinery is one of the more cost-effective ways to run your business.
Even a home business needs to take these facts into consideration, we use technology and business machinery all the time, the question is do we know it?