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How Equipment Maintenance Helps Reduce Construction Costs

How Equipment Maintenance Helps Reduce Construction Costs

If you already managed to purchase construction equipment and feel comfortable about having it last a long time, then you might be in for a surprise. 

Too often, construction business owners forget that construction equipment has expiration dates, even though they might be marketed as having “long-term durability.”

Nothing lasts forever. That’s why equipment maintenance is essential for any construction company to prevent future financial blunders. As a business owner, you wouldn’t want your most necessary construction equipment to break down when you’re at the peak of project completion.

Most small business owners ignore construction repairs and postpone their maintenance tasks. By securing a construction business loan, they can cover current costs and thus avoid future expensive repairs.

This article will discuss the benefits of equipment maintenance and the availability of advanced systems such as equipment logs and tracking software for construction managers.

Why is Equipment Maintenance Important?

Preventative equipment maintenance is a great way to save money and time in the long run. Preventing issues before they happen is essential because you know your equipment will last longer with little need for repairs or replacements down the road!

Here are some reasons why equipment maintenance is beneficial:

Increase Your Equipment’s Efficiency

What’s the similarity between a bulldozer and an excavator?

They both are heavy oil-run machines that are used in the construction industry.

What is the difference between them?

Their efficiency might not be the same. If you use your bulldozer more than your excavator, chances are that your bulldozer will degrade faster than your excavator. So you’ll need to keep an eye out for any signs of equipment breakdowns and establish preventative maintenance measures.

Heavy equipment maintenance should be at the top of your list when you set a maintenance schedule. When maintenance suffers, so does project efficiency, so routine maintenance, especially for heavy equipment, is necessary to prevent cost overruns.

Fix Smaller Equipment Problems to Prevent Bigger Ones

Your equipment might be running smoothly one day, but a month later, odd noises start to appear. The noise might be tolerable and visual inspection doesn’t reveal anything wrong. There might be early signs of equipment failure you might have ignored in the first place.

By practicing preventative maintenance early on, you will avoid future costly repairs that might be out of your budget.

Boost Your Equipment Resale Value

According to Fortune Business Insights, the global construction equipment market will grow from $141.99 billion in 2021 to $222.14 billion in 2028.

You might plan to trade your piece of equipment, take advantage of all those newer models, or go the private sale route. Whatever you decide, getting detailed records showing heavy-duty maintenance will help ensure the highest possible dollar amount when making any decision throughout these processes.

Keeping detailed records of your equipment maintenance that answering the following questions is advisable:

  • Is your equipment reliable?

  • Was the equipment maintained properly thought its use?

  • If it has a defect, how serious is it? And how much will it cost to repair the damage?

Reduce Worksite Injuries and Fatalities

The construction industry is at the top of the U.S Department Of Labor’s list for most injuries on the job, with 17% due to contact with objects and equipment. If your equipment isn’t being serviced regularly, there’s a chance it could be faulty - meaning more workplace accidents are likely to happen.

That’s why preventative maintenance scheduling of equipment is needed to avoid fatal job site accidents. Ensure to fix faulty equipment that might cause an accident to prevent potential lawsuits that can bring down your company’s newly-built reputation and cost you a lot of money.

Maximize Warranty Coverage

If you’ve invested the money in purchasing a newer piece of equipment, it makes sense to keep its routine maintenance up-to-date. But that’s not all you need to do.

You also require detailed service records and receipts for any repairs needed to mark off neglect or abuse. The company covering your warranty would want to know if equipment damage occurred by accident or through negligence.

It is worth noting that equipment manufacturers require proof of routine maintenance. This shows they value your investment and want you to use it without fear of costly repairs, as long as the proper care has been taken in maintaining them.

Track Repairs with an Equipment Maintenance Log

The equipment maintenance log is a simple document that contains all the actions taken on your machine. The paper generally is divided into two sections:

  • General information to identify the asset

  • List of performed equipment maintenance actions and who performed them

General information typically covers:

  • Name of equipment

  • Model

  • Serial Number

  • Location

In some cases, the Purchase date and Purchase price might also be mentioned.

List of performed actions typically covers:

  • Date (when the step was performed)

  • Action description (the specific action that was done)

  • The person (who performed said action)

You can download various free templates of equipment maintenance logs if you are still using pen and paper to track your maintenance records.

The 3 Main Benefits of Equipment Maintenance Logs

Keeping an accurate equipment maintenance log is essential for any business owner who wants reliable data at their disposal.

The main benefits of having proper equipment maintenance logs are outlined below:

Facilitate Preventative Maintenance Scheduling

You can compare specific maintenance repair data throughout your project or between your current and the next.

For instance, if equipment A took you two weeks to repair, and a few months later, the same type of equipment breaks down, you can make correct estimations of equipment maintenance time.

If you want to make better scheduling decisions on your future project, you’ll have the data in front of you ( time, date, hours) in your maintenance records to help you make better and more informed choices.

Diagnose Equipment Failure Faster and Improve Safety

Documenting your equipment’s maintenance records will not only help you identify expensive repairs earlier but also act as an all-encompassing record for how often and when those repairs are performed. 

Scheduled maintenance records create a valuable asset that identifies and points out negligence. This makes it possible for you to keep an eye on those operators who don’t take good care of your equipment and the ones who do.

How to Track Your Equipment Maintenance with Software

Using a CMMS(Computerized Maintenance Management System) instead of a traditional pen and paper can help you overcome maintenance tracking problems. If you’re using a CMMS, your workforce should know how the tool works and whom they can contact if they face issues.

In a CMMS, your data is interconnected, so there will be no need to enter the same information in multiple places such as work orders, work center scheduling, and equipment reliability analysis.

It also means that if you add a field (attribute) to an object, such as a piece of new equipment or work order, that field is instantly available in your CMMS. When new fields are added, interconnection enables access to all pertinent data through various points. 

Invest in Advanced Systems for Long-term Gains

Once you establish a proper equipment maintenance workflow, you will help your business operate at the highest efficiency and thus improve your bottom line.

It can be challenging to transition from traditional methods of tracking equipment maintenance, but investing in advanced systems can facilitate your operations in the long run. CMMS and Equipment maintenance logs are tools every successful construction manager seeks to have.

If you have problems securing additional funds to invest in such systems, our experts at Select Funding offer loans for construction businesses that are available to help you accomplish your goals!

Check if you qualify for funding