One of the make or break decisions for any business is investing in new equipment, which is why MSD offer the option of buying used tube filling machines. Crucial for day to day operations or for an expansion, investing money into anything can be a risk. But there are tips to help make smart purchasing decision for your business and reduce the risk.
Before anything, it is important to be very certain that your business can afford the planned purchase. Will you be able to make more money by buying this item? Maybe it is part of a new range or for a new premises you are purchasing. Maybe it will improve productivity or make the workplace safer, which has other benefits as well as possible financial ones. Whatever the reason, make sure you can both afford it and it is going to be beneficial in a clearly defined way.
Some industries can speak to an external specialist who can help carry out an assessment of the new idea and equipment to see if it is viable. For example, manufacturing uses asset utilisation ratios to help decide if the new equipment is going to be a worthwhile investment. Other industries have their own versions of this and can help you get a neutral, impartial view of the idea you have for your business.
It is also important to look at the long-term plans of the business when you are considering investing in anything new. Is this new purchase helping build towards the overall long-term goal for the company? Or is it heading off in a different direction? That’s not always a bad thing but make sure you adapt plans and still keep doing what you want when incorporating this new direction into it. Look at your business plan and see if it needs to change with this new development.
Buying new equipment is great but isn’t always necessary. With the quality of refurbishment available from specialists today, it is often better to buy some or all of the equipment second hand, especially for a new venture, a new expansion or a product range. That way, if it doesn’t pan out, you haven’t invested as much in it. There are so many things you can get in second hand condition from commercial kitchen ovens to used tube filling machines so regardless of your industry, there is a used supplier out there.
When you are buying anything, new or second hand, consider the whole deal. For example, is there a warranty offered with the item? Do you get certain guarantees with it? Price is always important, but it can be worth paying more for a better all-round deal that protects you and your business going forward. Post-sales service, supplier’s reputation and reviews can all help you pick the right company to make a purchase with.
When you invest in new equipment, there may be new training needed to ensure staff can safely and efficiently use it. This needs to be factored into it when you are costing the project – how much training will be needed and how long will this take? Staff need to be trained during working hours and won’t be doing their normal work while doing this, so you need to ensure you can cover this.
You might also need health and safety training for the new equipment depending on the nature of it. This might also mean new assessments for the HSE to ensure everything is up to standard and staff are safe to work around the new equipment.