How to Budget for Commercial HVAC Repairs and Maintenance
Small businesses have their fair share of expenses. It is challenging figuring out a budget to include all of your operating necessities. Some items may slip through, and unexpectedly cause a dent in monthly expenses. Unforeseen heating or cooling repairs and maintenance can demolish a monthly budget, and set your business back financially a few months. So how to do you create a budget for commercial HVAC repairs and maintenance?
- Establish a Budget
Gather your past repair and maintenance invoices. Add each year’s expenses to figure out an average spent through the cumulative time. Use that average to forecast future HVAC costs. Whether you spend more or less, you will at least have base funds as a buffer. While a bit time consuming, it is worth it.
- Create an Emergency Fund
While there may be little cash left over at the end of the month, consider stashing it away in case of emergency. No one expects expensive HVAC repairs. Every little bit helps, plus you can utilize the contingency funds for other issues should they arise. Over time, you could have quite a nice amount saved, which will be a relief in the event of a major problem.
- Schedule Regular Maintenance
The Severn Group offers scheduled maintenance contracts so that our customers know what to budget yearly. In truth, regular service can save you money. Consider like oil changes for your car. It is a minimal charge, periodically through the year. But if neglected will lead to a significant repair expense costing both time and money. No one wants to have to shut production down due to a heating or cooling malfunction.
- Use Budgeting and Tracking Tools
There are many types of budgeting software and other resources to track expenses, quite a few you can even download for free. They allow you to compare estimates to actual costs. Keeping an accurate financial record is smart business. Therefore, you can refer to it and keep budgets in check. Use charts to monitor HVAC use and encourage employees to care for equipment properly. If all staff work together, it will save money, plus ensure everyone is comfortable.
If you need more tips how to create a budget for commercial HVAC repairs and maintenance contract, do not hesitate to contact us. The Severn Group understands how important it is to service your HVAC system. Out technicians will work with you to figure out the best maintenance plan to fit your budget.