Quick Answer: How Do You Maintain Profitability?

How can maintenance increase profitability of company?

Applying effective maintenance aims to enhance company’s profitability and competitiveness through continuous cost-effective improvement of production process efficiency, effectiveness and productivity, which can be achieved via maintaining and improving the quality of all the elements contribute in the production ….

What are the 4 types of maintenance?

Four general types of maintenance philosophies can be identified, namely corrective, preventive, risk-based and condition-based maintenance.

What will happen if machine maintenance is not done?

Your Equipment Works Harder When you don’t schedule regular maintenance for your business, you can wind up straining your equipment without even realizing it, and this can lead to a lot of problems. When your equipment isn’t performing at peak efficiency, the system will have to work overtime to complete normal tasks.

Why is it important to maintain equipment?

Regular maintenance of equipment is an important and necessary activity. It has a vital role to play in reducing the risk associated with some workplace hazards and providing safer and healthier working conditions. …

What is a maintenance activity?

Maintenance activities include partial or complete overhauls at specified periods, oil changes, lubrication, minor adjustments, and so on. In addition, workers can record equipment deterioration so they know to replace or repair worn parts before they cause system failure.

What does maintenance mean?

noun. the act of maintaining: the maintenance of proper oral hygiene. … care or upkeep, as of machinery or property: With proper maintenance the car will last for many years. means of upkeep, support, or subsistence; livelihood: to provide a comfortable maintenance.

What are the benefits of having maintenance of tools and equipment?

5 Advantages of Proper Equipment MaintenanceIncreases equipment up-time.Enhances efficiency when running.Reduces overall costs.Improves the lifespan of the equipment.Maintains the value of the equipment.

How do I make my profit profitable?

Five Ways to Achieve Profitable Growth1) Introduce new products or services to the market. … 2) Expand an existing market. … 3) Increase share in a growing market. … 4) Compete for share in a stable market. … 5) Acquisitions.

How do you increase customer profitability?

4 Tips for Improving Customer ProfitabilityDevelop a Deeper Understanding of Your Customers.Know The Costs-to-Serve Component of Your Business.Evolve Existing Customer Relationship Management (CRM) Systems.Transforming Customer Profitability is an Evolving Journey.

What are the benefits of maintenance?

Better conservation of assets and increased life expectancy of assets, thereby eliminating premature replacement of machinery and equipment. Reduced overtime costs and more economical use of maintenance workers due to working on a scheduled basis instead of a crash basis to repair breakdowns.

Why do we need maintenance?

The need of maintenance is based on the actual or imminent fail. Ideally, maintenance is carried out to keep equipment and systems running efficiently during at least its usual life cycle. As such, practical functioning of equipment is a function based on time.