Time and Money

Time and Money

Robert S. Michaud, P.E.

May 18, 2020

What could we do with just a little more time and money? We have all had that thought before. The reality is that it is typically more of a balancing act – if we are lucky enough to have either in abundance, it is typically one or the other but seldom both at the same time. We usually do our planning in one direction better than the other. For instance, when we are are doing well with earning money, we might plan ahead for a special vacation or even retirement when we will then use that money to afford the recreation and relaxation we have earned.

However, sometimes we are not as effective in planning for the other direction. Meaning when we have excess time on our hands, planning ahead for ways that will earn us more money in the future. This is unfortunate, because is it equally important to plan and prepare in when we have time on our side.

During this Corona virus pandemic, many of us are facing a period of time when we may not be able to conduct business as usual and as a result, and as a result, we seem to have some additional time on our hands. That doesn’t mean there isn’t work to be done or that we can’t be have a positive impact on our business. In fact, quite the opposite is true. This is exactly the time to do those things that are going to best prepare our business for re-opening and / or a more normal business flow. Planning now can propel your business to a much more successful re-start. Let’s look at some of the ways you can get your business ready:

1. Conduct a thorough facilities inspection of your buildings and equipment. Use this information to prioritize a list of capital and maintenance repairs, replacements or upgrades as needed. Begin addressing those needs when feasible to do so.
2. Perform an inventory of your building equipment. Capture information about the equipment such as installation dates, warranty information, spare parts information, etc. so that when maintenance or repair work is performed on the equipment, the necessary information is readily available.
3. Develop or review your maintenance program for your facility and equipment. If you don’t have a maintenance program in place currently, use the information collected during the inventory to start the development of one. If you do have one in place, review its effectiveness and evaluate the scope of it to determine whether or not additional systems or equipment should be added to it.
4. Work towards a reliability centered maintenance (RCM) model that uses data and information to help you make more informed decisions for your facilities and equipment.

These are just a few of the steps that can be taken now that will drive not only maintenance cost savings to your bottom line, but will help you realize a more efficient and effective operation with less downtime. If you are unsure how to proceed with any of these tasks, reach out to a maintenance professional. There are consulting and contracting services available to fit every need.

Most importantly, remember that the time is coming when businesses will be returning to a more normal operating condition. Don’t be caught flat footed when that time comes – use this time wisely to save and make more money then.

© Michaud Engineering Inc. 2020