Equipment maintenance is one of the most important ongoing running costs for any business, including a business you’ve just purchased. Yet, it is often the first place owners try to cut corners when budgets get tight.
While understandable with the rising operating expenses and economic uncertainties, is the idea of postponing a scheduled service or repair truly an easy way to save money? Ultimately, skipping maintenance comes with consequences. And these consequences can cost far more in the long run than the routine upkeep you hoped to avoid in the first place.
The real question isn’t whether maintenance is expensive. It’s whether the price of neglecting it is higher. (Hint: It is!)
The Cost of Skipping Maintenance
Putting off maintenance may feel like a harmless short-term saving, but the true cost adds up quickly. When your equipment isn’t serviced on time or regularly enough, small issues can grow into major problems. That can lead to breakdowns, safety risks, and expensive emergency repairs that would have been avoidable with regular upkeep.
For many small businesses, the financial damage of unexpected downtime is far worse than the cost of scheduled maintenance. In fact, when manufacturing companies experience equipment downtime, the costs tend to hover around at least $100,000 per hour. While not every business will necessarily face losses at that level, even a few hours of equipment failure can disrupt your operation, slow production, frustrate customers, and lead to a significant drop in revenue.
Plus, there are hidden losses too, ranging from overtime fees for emergency repairs to reputational damage.
The Cost of DIY Repairs
When something breaks, it can be tempting for small businesses to tackle the repair themselves or hire the cheapest option available. Ultimately, when you are trying to control expenses, DIY fixes seem like a practical solution that gets your production line working again. But the problem is that most equipment isn’t designed to be repaired with generic parts. What looks like a cost-effective repair can quickly turn into a much larger bill later.
DIY repairs rely on components that aren’t necessarily built for the specific demands of your industry, such as withstanding heat, friction, pressure, constant use, etc. Over time, these lower-grade parts can cause extra wear and tear. In the best-case scenario, they reduce production performance.
In the worst-case scenario, they cause further damage to the equipment. That’s why you want to reach out to a pro who will use high-quality replacements designed for your machinery, such as choosing a ROTEK bearing specifically built for industrial environments.
Besides, DIY repairs also bring additional risks, from voiding warranties to failing to meet safety and compliance standards. In other words, there’s no such thing as a good enough cheap fix. You want it fixed the right way.
There’s no denying that maintenance and servicing can be expensive in some sectors. Yet, skipping these essential checks altogether is not the solution. For small businesses looking to offset maintenance and equipment expenses, the IRS lets you deduct repair and upkeep costs through Section 179. Beyond tax savings, you can also find funding assistance through the SBA, which can be used for equipment upgrades, repairs, or maintenance costs.
