The heavy industry makes use of large, technical machinery. These cranes, bulldozers, backhoes, dump trucks and the like are made up of very expensive and hard-to-come-by parts. What’s more, operational equipment such as conveyors or technical systems and software needed in heavy industry are also advanced. This means that experiencing any type of equipment malfunction within any area of your operation can lose you time, money and resources.
Fixing heavy duty machinery or technical issues in various operating systems can completely slow down, if not stop your productivity altogether. Experts immediately need to be called in or sometimes parts need to be imported if they’re not available locally. Worse yet, you may even find yourself applying for machinery asset finance to cover the costs of broken equipment.
Machinery asset finance has been created to assist those business that operate in the heavy industry or are specifically in the manufacturing game. This type of finance is available for every type of equipment your project or business requires. It can really be a game changer. Ideally though, this type of financing should occur when you’re purchasing equipment to set your business up. Making use of this financing option to replace broken equipment isn’t ideal therefore you should take precautions that protect your company or project from the loss incurred when equipment breaks down.
To protect your company and make sure you’re always on the up and up, you should set up prevention precautions, have a backup plan and apply for insurance. Your efforts in these three areas will be rewarded by you never having to worry about downtime or loss of income.
Protect with a maintenance plan
Increase your efforts to prevent malfunction by following your maintenance plan to the letter . All machinery has a suggested plan of maintenance that’ll prevent a breakdown. This is similar to caring for your car. Send your machinery for regular checkups and make sure you stick to your schedule so as to increase their lifespan. You’re likely to have been offered a warranty when you bought the equipment which you should keep, and buy an extended one if and when necessary.
Have a smart risk aversion strategy in place
Unfortunately, even the most well-kept equipment is likely to eventually fail at some point. This might be due to age or the ignorance of a junior employee or simply just wear and tear. So, you need a backup plan in place to protect you against under-delivering or losing too much time and resources. But, purchasing two of every type of machinery or extra equipment is not a financially viable option. You should rather spend some time and money on hiring a risk management consultant. They’ll be able to put together a risk aversion strategy that you can implement when things go wrong. This often means partnering with a competitor where you mutually assist each other when there’s a breakdown to prevent downtime on production.
Include a sound insurance policy in your plan
Insurance sounds great. Fixing your equipment won’t cost you and when you have insurance you may even be able to claim for a brand new piece of equipment or an upgrade. However, your claim is likely to take some time to process. It’s a simple reality that insurance is unable to deliver the money or replacement piece of equipment immediately so you cannot rely on insurance to help you run a smooth operation no matter what happens. Insurance is absolutely necessary but it cannot be your only plan if you hope to remain productive.