What is the biggest expense related to equipment operation for your business?
92% of small business owners all answered the question the same way: Maintenance downtime.
Whether it’s equipment rental, technician repair expense, loss of productivity and even employee dissatisfaction, there are a host of expensive factors that eat into the P&L of businesses and departments with strong equipment needs for operation. With the almost universal recognition of maintenance downtime being such a huge expense, companies must have a crystal clear view of the financial impact of this downtime, right?
What is the financial impact of equipment downtime? 96% of small business owners CANNOT answer the question with any degree of accuracy. They require the equipment to operate and understand that downtime is the largest expense they face, but they simply don’t know the financial impact of this downtime.
A recent survey indicated that the average small business leverages as many as 8 different types of equipment to operate. And almost all equipment will breakdown. So, for the most important equipment to your business, you might want to have a plan to reduce these downtime experiences.
The solution: Life Cycle Management!
At what hours of usage do your lifts become less reliable? At what year of use do your servers struggle to keep up with data needs? At what mileage does rolling stock roll a little less effectively? Again, business stakeholders may not know the answer, but here’s why it’s important to take an educated guess: if you can reduce the exposure to end of life maintenance, you can improve productivity and increase the bottom line.
The important role of equipment finance and leasing
Equipment finance and leasing can help you upgrade your aged equipment and stay on the cutting edge of technology while lessening mechanical failure and breakdowns. Looking at equipment usage this way might be the best way to reduce the burden of maintenance downtime and potentially be more affordable than what you are doing today.
Access helps ground transportation businesses determine the right life cycle because we understand your business. We listen…and we lend. Let’s talk.