Every business is looking for ways to save money, and that often comes down to calculating the return on investment for any expenditure of time or labor. Sadly, this kind of calculus often results in businesses underestimating the long-term value of maintenance, leading to situations where deferred maintenance gradually creates ever more expensive problems that can spiral out of control. However, it can be difficult to justify spending money on maintenance without seeing an immediate short-term impact on the bottom line. The good news is that tool protection can produce both immediate and long-term benefits.
In this article, we’ll go over some of the reasons that tool protection produces a positive return on investment. We’ll also talk about how protecting your tools today will save you money on repairs and replacements later on. After all, an ounce of prevention is worth a pound of cure.
Tools will Last Longer and Be Replaced Less Often
When you buy a new tool, it typically comes with a warranty or an insurance policy allowing for the tool to be replaced or repaired if it fails within a given amount of time. While this is a great benefit, many businesses think this is the limit of how much maintenance tools should receive, believing that when the warranty runs out, the tool is on borrowed time until it needs to be replaced. However, proactive tool maintenance, even after the expiration of the manufacturer’s warranty or an extended service plan, can safely extend the lifespan of a tool. The longer you can keep a tool in good repair and working well, the more money you will save having to replace worn and broken tools. Minimal investment in maintenance and repair can pay off over time because it typically costs much less than replacing the tool entirely.
Additionally, this means that you will save money by avoiding downtime caused by unexpected tool failures.
Taking Advantage of Service Plans Extends Tool Life
As mentioned, new tools often come with warranties and service plans. If you have already paid for a service plan, it is a good idea to take advantage of the free maintenance and repairs offered through that plan to extend the life of your tools and to ensure that you don’t need to replace those tools as often. In terms of a return on investment, this is a no-brainer because you have already made the investment when you purchased the tool, so you don’t need to invest additional resources to take advantage of the benefits. The only real investment is ensuring that you are planning ahead to have your tools serviced on the recommended maintenance schedule.
Purchasing Extended Protection Plans Saves Money
Many business owners balk at the thought of spending extra money on an extended service plan. However, there are many great reasons to purchase an extended protection plan—most notably because it can save you a lot of money in the long run. An extended service plan typically costs much less than the cost of replacing the tool altogether. Investing a small amount in a service plan today can relieve you of the financial burden of replacing a tool ahead of schedule later on.
If you are in a business that relies heavily on expensive tools, you can help secure your cash flow by avoiding the unexpected expense of emergency tool replacement as much as possible.
Tool Maintenance Helps Keep Your Budget Predictable
With a tool protection plan in place, you can more easily budget for tool-related expenses. For instance, you can forecast annual maintenance costs or repair fees without worrying about sudden, unplanned expenses. You will know how much you will need to spend to keep your tools protected and in good repair, and you will need to have fewer tools undergo emergency maintenance or replacement. Having predictable tool maintenance and repair costs allows businesses to manage their finances more effectively, plan for other investments, and avoid being caught off guard by emergency tool failures as much as possible.
Investing in Quality Helps with Maintenance
Finally, it’s a good idea to invest in quality tools and superior storage materials such as Shadow Foam to avoid the kinds of breakdown and wear and tear that plague inexpensive options. While this can cost a bit more upfront, the benefits of having quality tools, which are typically supported by more robust warranties and service plans, pay off later on when you can save money with fewer maintenance and repair costs.
