No matter how much profit you are earning from your business, there comes a time it requires maintenance. When that happens, you know what to do. There is nothing more valuable to you than the plant and its machinery. As long as they keep working properly, you will be in the safe zone but what if they start to malfunction from time to time? That’s when the trouble starts and you know where you are heading next. In fact, your machinery might not work properly if you don’t pay enough attention to the maintenance. Time and again it has been seen that entrepreneurs who don’t pay enough attention to the wellbeing of their machinery dearly. Wondering why that happens? It does so because you were being neglectful and kept running the machinery when in fact you had to give it time to call out the maintenance staff and had it inspected. Here is more on why machinery and equipment valuation is important for the life of your equipment:
You have a car that you use for transportation purposes. You come to and leave on the car from the workplace every single day. You know your car needs to change oil every four months. You know it requires proper service and tuning every six months. You go to the gasoline station to have its tank full. If you an electric car, you never forget to charge it before going to sleep so that it is charged enough to take you to and bring you back from work. Same is the case with your machinery. You cannot and shouldn’t neglect its maintenance cycle. Have it properly maintained every six months or so though the timing depends upon the type of machinery you are using in the plant. Keep in mind that proper maintenance helps enhance the life of your machinery to a good extent.
Though maintenance is important, the annual valuation of the machinery is also equally important. When a machine is used, a small bit of performance is deducted out of it. In other words, it is known as depreciation. If your machine has an estimated life of 100,000 hours, and you’ve consumed it for 20,000, it now has left around 80,000 hours before it goes scrap. This valuation will not be calculated easily and you might need to hire a proper valuation consultant for the job.
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