You’ve probably heard this saying before: An ounce of prevention is worth a pound of cure. It means that a little precaution before a crisis occurs is preferable to a lot of fixing up after the crisis happens. This can apply to many things, including maintaining physical assets related to your business.
If you are a business owner, then you may already know the importance of maintenance. Preventive maintenance is maintenance that is regularly performed on a piece of equipment to lessen the likelihood of it failing. Preventive maintenance is performed while the equipment is still working, so that it does not break down unexpectedly. Reactive Maintenance is repairs that are done when equipment has already broken down. Reactive maintenance focuses on restoring the equipment to its normal operating condition.
What advantages does preventative maintenance hold over reactive maintenance? Take your car, for example. What if you never rotated your tires? Any or all the following could result:
Cost: Replacing a tire is much more expensive than fixing it. You might also have to replace the rim if it’s damaged at the same time or rent a car while it’s being fixed. These are all unplanned and unnecessary expenses.
Downtime: When your car is in the shop, you can’t drive it. You may have to cancel appointments or miss work.
Safety: Driving on a bad tire is unsafe. What if it blew out on a busy freeway and caused an accident?
This is just one example. Think of all the different pieces of equipment on a vehicle and how they rely on each other to make the car operate properly and efficiently. The failure of any one piece could turn into a costly, lengthy repair or, worse, cause an injury.
The same is true for the physical assets in your business. If they are not kept functioning properly it can result in anything from a minor inconvenience to a costly headache. In short, having a well-planned maintenance program will boost your bottom line by reducing cost, increasing revenue, and optimizing your risk.