3 Steps to Ensure You Get the Industrial Equipment Your Facility Needs

It is important to make sure you and your staff are keeping a list of the equipment you need and would like to have to operate your business efficiently. This is beneficial in many ways, one being encouraging growth in your company.

Questions you may want to consider are:

1. What industrial equipment have you budgeted for this year?
2. What equipment would you purchase if your budget allowed for it?
3. Could some of these products include, a semi-automatic stretch wrapper, an automatic case sealer, an L-bar sealer?

Having the ability to differentiate between the company’s needs and wants that are important to operating your business. With this skill, your company will be more than prepared if confronted with having extra money in the budget. Here are suggested steps you should take to ensure you are prepared when this opportunity presents itself.

1. Develop Your Budget

The best action that you can take for your business is to practice creating budgets and sticking to them. Here is a basic overview of how to create and use your budget:

1. Identify and evaluate your business’s current spending habits.
2. Set your budget for future spending while considering your long-term business needs.
3. Use your budget. Your budget inevitably will be different than you planned, but that’s okay.
4. Record and monitor every dollar going in and out, and make any changes as needed.
5. Compare your budget to your actual expenses, if they are different, evaluate why.
6. Following these guidelines can help your business see exactly where your money is going. This allows for an evaluation of whether you are generating more income or spending less than anticipated. Accurately keeping track of your budget will help relieve stress and show if there is money to spend before the year is up.

2. Create a Wish List

Evaluating your space and equipment is important, ask yourself the following questions:

1. If you could buy anything to upgrade your facility, what would it be?
2. Is any piece of your equipment run-down?
3. Would a new purchase help make your life in the warehouse easier?

Sit down with your coworkers, and make a detailed list about what you would purchase. You should decide on a few reasons why this purchase is a necessity. Prioritize the equipment on your wish list by asking which is most important to current and future business successes.

Another useful way to decide whether or not you need a new piece of equipment is to contact us and have one of our Solutions Providers perform an in-depth analysis of your current processes. Our solutions providers are trained to find options that will maximize your production and eliminate costs.

Next, talk to your Solutions Provider about the products on your wish list. If you had your solutions provider tour your building, he or she will already be in the know.

Your Solutions Provider can then create reports showcasing the benefits of the equipment and highlighting the ROI. This can help persuade your boss or aid your company in picking where to spend your budget first.

3. Plan Ahead

If your boss tells you near the end of the year that the company has extra money to use, would you be upset if your department didn’t get the upgrade? In many companies, the money will go to the department or cause that can prove what they need and why they need it.

So, if you just started thinking about your wish list when your boss tells you he found some extra money in the budget, you likely will be too late to make your case.

If you wait too long to order your new equipment, it could be too late to get it shipped within the year. We have seen companies not get the equipment they wanted and had the budget for because they didn’t place the order in time.

Many industrial equipment manufacturers do not keep their equipment in stock. If your needs require additional features, the lead time is greatly increased. The complete ordering process can take anywhere from three weeks to five weeks, so be sure to plan ahead.

If you need assistance with any of the above steps, our Equipment Specialist, Tom Masters, is here to help. You can call Tom at 317-824-1729 or email tmasters@flexp.com to leverage Tom’s years of experience in industrial equipment planning and sourcing.