Is it time to upgrade your construction machinery? If you want your business to continue growing, the answer is definitely “yes.”
Updating your construction machinery adds value to your company and generates more income.
And there are other benefits, too. Changing your obsolete equipment for state-of-the-art equipment will reduce the risks of accidents and reduce maintenance costs and deadlines to finish projects.
In this article, we tell you the reasons that should motivate you to invest in new construction machinery, and we list the advantages that will come with the change.
Why should you upgrade your construction machinery?
If you want your business to grow, you must invest money. But you have to be savvy about it. If you own a construction company, investing in new machinery is a great idea.
Buying equipment and machinery is the main reason why many small businesses apply for a loan and other financing methods.
You should consider upgrading your construction machinery as a priority investment for your company for several reasons:
It prepares you for the future
You must think about the future of your company and how to prepare it for tomorrow’s challenges. Imagine how many new projects you could accept if demand grows and you have the right tools to execute them.
It puts you one step ahead
With state-of-the-art construction machinery, you will stand out from the competition. This competitive advantage guarantees your clients that your business is reliable and shows them that you care about offering quality services.
New construction machinery in your business means getting more done in a short time, fewer hours and money spent on maintenance, and performed tasks that meet all expectations.
All of this translates into higher income.
What are the benefits of upgrading your construction machinery?
Machinery is the main asset of a successful construction business. But its useful life doesn’t last forever, which is why it’s better to think about renewing it when the time comes.
This update should not be seen as an expense but as an investment that will pay off in the long term and that, in addition to increasing your income, will bring other advantages to your business:
1. Fewer accidents
According to the Bureau of Labor Statistics, in 2019, there 195,600 workplace injuries were reported in the construction industry. Many of them could probably have been avoided.
Obsolete machinery has poor safety mechanisms or lacks the simplest monitoring instruments. If we add malfunction and failures due to wear and tear, we get the perfect recipe for disaster.
As the owner of a construction company, it is your duty to do everything in your power to avoid serious or fatal accidents.
The latest construction machinery comes equipped with enhanced safety features, which can prevent incidents that could affect your staff and third parties and which could eventually lead to court.
2. Increased Productivity
Obsolete construction machinery will translate into delays and missed deadlines, plus wasted time and money. If you update the equipment in your business, valuable resources are saved and optimized.
In this way, productivity is increased. In addition, the work is executed correctly, and you prepare to meet the demands of new and more ambitious construction projects.
3. More efficient work
Old machinery tends to fail. This creates delays since you have to look for spare parts that, in the best of cases, are only available second-hand. Plus, you need to think about the tech’s rate, if they’re available at all.
Given this scenario, it is advisable to change your old construction machinery for new models. Modern equipment is more durable, uses less fuel, is more efficient, and easier to operate.
Although you might need to spend time teaching your employees how to handle the machinery, the costs do not compare to the losses incurred by a suspended project.
4. Improved employee morale and well-being
If you buy a new car, you will be eager to take it out on the road and test its capabilities. The same thing happens to your workers when you buy equipment. Competent construction professionals will want to work with machines that are at the level of their capabilities.
Plus, free from the burden of operating old and obsolete equipment that needs constant repair, employees will be motivated and willing to work diligently.
Also, recent engines have cleaner combustion, which reduces harmful emissions that affect their health.
5. On-time projects
Have you ever had to request an extension in the deadline to deliver a project?
Although the reasons can be several, some of the most common delays are caused by damaged machinery.
Finishing a job on time is one of the main concerns in the construction industry. The new machinery guarantees that you meet the deadlines avoiding delays due to continuous repairs, but it also streamlines tasks that you can execute in up to half the time that old equipment takes.
Signs that show it’s time to update your machinery
If you notice one or more of these signs, it’s time to say goodbye to your old machinery:
Maintenance is the norm
If your machine is always hanging at the workshop, this is a sign that its useful life is over. These repairs are time-consuming and costly.
No spare parts available
Manufacturers stop producing spare parts for old equipment. At some point, finding these parts will become almost impossible.
They have lost capacity
If a team cannot satisfactorily perform a task because its performance has decreased, your profitability will suffer.
Fuel costs are higher
When it comes to finishing the same task, old equipment spends more fuel and is not as efficient as new equipment.
Upgrading your construction machinery is a smart decision
Buying new construction machinery makes sense if you want your business to continue to grow and prosper. Plus, you’ll be able to increase your profits with a business capable of meeting future demand and competing on an equal footing with other companies.
The benefits are obvious. There will be fewer occupational risks for your employees, and their morale will grow. Also, the work will be more efficient, and you will never have to ask for extended deadlines because of broken machines.
Even if you have to apply for a loan to finance your new machinery, the investment will pay off.
At Camino Financial, we never leave businesses behind, and we can help you with the financing you need for your company to succeed.
Learn more about our small business loans!