Sunday, 15 December 2013

Do you know how much your business equipment really costs you?

Do you know how much your business equipment really costs you?

We are not talking simply about the costs listed on colourful, glossy brochures, accompanied by professional photos and snappy advertising, but the costs associated with the reality of owning your equipment. Many companies discover once they've taken the plunge and invested in new equipment that the real costs of ownership can quickly add up. When a business has invested in heavy machinery or high tech equipment only to be faced with higher-than-expected costs, it can have serious consequences for the business’ budget and profitability.  

Unpleasant surprises

The worst kind of surprises are those involving business costs you did not anticipate. The various expenses for your rental fleet may include regular maintenance, repair, storage and transportation. Managing these costs can be a mammoth task filled with unpleasant surprises, which can have serious consequences for your company's operations.

Do you have a system set up to keep you updated and avoid unpleasant surprises? With the right software system, you can stay in the loop with upcoming equipment-related expenses such as maintenance fees, out-of-service notifications and "lost opportunity" costs alerts. 

Hidden costs

Many businesses fail to take into account the hiding costs of their equipment when making business decisions or balancing their annual budget. The expenses associated with depreciation, obsolescence and compliance can add up without you noticing.

Do you know if you own obsolete assets? How compliant is your business equipment with local regulations and industry standards? How much does it cost to train employees to use your equipment? And what are the expenses associated with disposing of your asset at the end of its lifecycle?

With the right software and information management system, you can track and report these items of costs and have the information available at your fingertips when you make business decisions. Knowing how much your equipment is really costing you will keep you well-informed and give you an edge over your competitors.

Budget better for your business today and give yourself more certainty over business costs. Contact inspHire today for your software solutions to track and manage your equipment costs.

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