When you buy a car, would you choose a cheaper, older model, or a newer, more expensive car? The cheaper option may seem easier, but that older car may end up spending more time in a workshop than on the road. So, a smaller initial cost is not always the best choice. Here Kevin Boudreau, director of business development at surface preparation equipment supplier National Flooring Equipment, explains how investing in quality equipment will improve profits.
There are many factors that determine the success of a business—customer satisfaction, reputation, quality of work, and incoming revenue. However, to be truly successful, contractors need to improve their bottom line.
To ensure that contractors do not reduce their bottom line with unnecessary expenses, they should purchase equipment with a guaranteed return-on-investment (ROI).
RIGHT FIRST TIME
Contractors should focus on two main areas when investing in equipment—quality and maintenance schedules.
The best surface preparation equipment can withstand the stress of multiple flooring applications and should have a long life span. Contractors should also purchase a machine that is always on-site, rather than in a workshop. If the equipment always requires maintenance, then it cannot increase revenue.
Prioritising these factors will help contractors find the right machine first time with a low risk of downtime, low cost of ownership, and a high usage rate.
SPEND MONEY TO MAKE MONEY
Buying cheaper equipment may seem like a straightforward way to reduce expenses. However, a smaller upfront cost may mean more hidden costs during its lifespan, such as downtime and expensive replacement parts.
In the long term, a significant investment in equipment can help increase revenue. When looking at the upfront cost of a machine, contractors should find out its estimated life span and consider the price over that time—it may work out cheaper.
Contractors should consult with industry experts to help choose the correct machine for their business. Primarily, contractors should speak to others from the industry for advice as they have experience in purchasing and using equipment. Peers are also unbiased, so they will suggest manufacturers that sell high-quality machines.
Rental companies can also advise contractors because they have had feedback from others about how equipment performs in different applications.
Contractors can consult manufacturers with expertise in the field. National Flooring Equipment has five regional sales managers across the US, together they have more than 100 years of experience in surface preparation. A manufacturer will want to provide quality advice and equipment to support the industry.
When contractors are looking to buy new equipment, they need to ask distributors the right questions to choose right first time.
Contractors should ask about the life expectancy of parts of the machine and the cost of replacing them. They also need to be aware of the maintenance schedules of the machines—the longer it spends in the shop, the less time it spends working.
Distributors understand that contractors need equipment that lasts and will suggest a manufacturer that has a reputation for high-quality machinery.
Buying superior machinery can improve efficiency, bringing in more revenue and increasing a company’s bottom line. Investing in this type of equipment also benefits customers, further increasing revenue.
Customers and contractors both want the job done quickly and done right first time. When contractors invest in quality equipment, they are also investing in their reputation and their customers.
Completing jobs with the best equipment available will reduce downtime and improve the final condition of the floor, increasing customer satisfaction. This can lead to a decrease in unnecessary costs and an increase in referrals, which will all contribute to more profit.
When you shop for a car, the initial cost does not determine its quality. Similarly, contractors need to look at the long-term costs of running machinery. Choosing cheaper equipment might seem like the better option for reducing expenses and increasing profits. However, investing in quality equipment will improve a contractor’s bottom line in many ways, from customer satisfaction to decreasing downtime.
NATIONAL FLOORING EQUIPMENT
Founded in 1968, National Flooring Equipment designs and manufactures quality flooring equipment and supports it with unparalleled customer service. Almost 5 decades later, National’s commitment to these key principles remains as strong as the day the company began.
With dozens of patents, National Flooring Equipment boasts the most extensive product offering currently available in the surface preparation industry. National Flooring Equipment engineers and manufactures equipment based on finding solutions to industry inefficiencies. Increasing production, reducing labor, and enhancing the standard of quality are the technical benchmarks from which the company designs, builds, and services. Working with its most valuable asset, the customer, National’s commitment reaches beyond expectation and it’s proven in the company’s technology, innovation, and customer service.
ABOUT THE AUTHOR
Kevin Boudreau is director of business development at surface preparation equipment supplier
National Flooring Equipment. For more information, visit www.nationalequipment.com/en/#.
Modern Contractor Solutions, August 2018
Did you enjoy this article?
Subscribe to the FREE Digital Edition of Modern Contractor Solutions magazine.