The manufacturing industry accounts for close to 12% of the economy, according to studies. The best way to bolster your manufacturing process is by making sure you have the right equipment.
Lots of work and diligence go into selecting the best type, particularly if you run a small business. So what goes into your decision-making process?
Read on to learn more about choosing manufacturing equipment that works for you.
1. Prioritize Your Needs When Shopping for Equipment
Breakdown everything that you need from your manufacturing business. Some companies might need storage equipment, while others may need to stock up on automation tools or materials handling.
By setting your priorities, it’s easier to shop around for the right machinery to get the job done. It’ll also make your purchases more financially prudent and you’ll be less likely to spend wastefully.
2. Decide on a Rental or Purchase
Get creative when it comes to the way that you outfit your business with equipment. Consider whether you want to rent, lease, or outright purchase equipment.
Several companies rent equipment to save some money, get the newest and best, and to improve cash flow. Price compare rentals versus purchases and figure out which works best for your budget and needs.
3. Look Into Both New and Used Manufacturing Equipment
Don’t get tunnel vision when it comes to purchasing manufacturing equipment. So many companies focus on getting brand new equipment when some used equipment could be just effective.
This is particularly the case if you’re able to get your hands on some gently used or refurbished equipment. Companies like Moov specialize in helping people find high-quality used manufacturing equipment. Make certain that you’re getting the best quality possible, no matter how old the equipment is.
4. Focus on Speed and Efficiency
Focus on the specifications when you are getting ready to purchase new manufacturing equipment. Speed and productivity should be your benchmark. Figure out what kind of productivity your small manufacturing business needs to hit its profit margins, and work backward.
Get creative with your setup to be certain that you’re as educated as possible when shopping.
5. Get Several Price Quotes
The best thing you can do is put into research when looking for prices. You should never go for the first price bid that you find, with so many companies to choose from, both in-person and online.
Have a budget for your equipment purchases, and use these price quotes to see if any competitor will price match or beat out your current quote.
6. Consider the Maintenance and Repair Needs
Finally, consider the total cost of ownership by factoring in maintenance and repair. Any manufacturing equipment that you buy will need frequent care for it to live up to its value.
You’ll also get a better return on investment (ROI) when you routinely inspect and maintain your equipment.
Choosing Manufacturing Equipment for Your Business
When you’re choosing manufacturing equipment, the tips above will help you out. Take your time, do your research and create the perfect setup for your small business.
Consider these tips to get the manufacturing equipment that you need.
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