How Much are your Forklifts Costing You?

Your forklifts have costs associated with operation and it's important that you know how much each one costs you per hour of operation.

A few of the factors that determine the cost of your machine over its lifetime are:

• Routine and preventative maintenance costs
• Repair costs
• Costs of replacement parts and components
• Operator error/accidents

CALCULATING THE HOURLY OPERATING COST

Determining the hourly operating cost of your forklift is straightforward: divide the total cost of repairs by the number of hours the forklift has been in use.

For example, if you have a forklift that has been in operation for 1200 hours, and you’ve spent $1800 on repairs and maintenance, your hourly operation cost would be $1.50.

Regularly monitoring these costs is essential, particularly as your equipment ages. The more you spend on repairs, maintenance and parts, the more expensive your hourly operating cost will be. By keeping a close eye on these expenses, you can better decide when it might be more economical to replace an aging forklift. The operational costs of a forklift will rise over time, so it’s important to recognize when it crosses the threshold of becoming more costly than beneficial.

REDUCING COSTS WITH BETTER OPERATOR TRAINING

Tracking your machine’s operating cost is just the first step. The next is finding ways to reduce these costs and get the most value from your forklifts. One of the things you can do is to consistently provide professional training of your operators so that less stress from accidents and mistakes is put on the vehicle. With fewer accidents and better driving habits, you gain additional life of the forklift while keeping your hourly operating costs much lower.

TrainMOR™ Offers a comprehensive Powered Industrial Truck Operator training program that’s flexible and fully OSHA-compliant. Proper operator training can save your company thousands in repair costs, enhance employee safety, and prevent expensive OSHA fines related to operator accidents or violations.

IMPROVING COSTS OVER TIME THROUGH PREVENTATIVE MAINTENANCE

Another way to improve your operating costs is through preventative maintenance. Although this sounds counterintuitive because it involves spending money, preventative maintenance can save you money in the long run by avoiding the unwanted “surprise” and downtime of costly repairs caused by negligence or unmaintained equipment.

Daily pre-trip inspections are a simple but effective way to monitor wear and tear on your machines. For example, checking the condition of your forks and tire tread can help you identify early signs of wear that might require maintenance. . Inspect your forks; are they starting to wear? Review the tread on your tires; are they balding in certain areas? Indications like excessive wear or tire balding may signal the need for preventative maintenance. Once you notice the first signs of wear and tear on your machine, bring it in to be serviced.

The Morrison SA, or Systems Analysis™, is a comprehensive, customized program that goes beyond the standard PM or Planned Maintenance program. When you invest in material handling equipment for your business, you need a partner you can trust to do way more than average to help you manage and protect that investment.

Systems Analysis™ (SA) provides the most comprehensive and cost-effective planned maintenance program available. Fully customized to your application and usage, the SA eliminates over or under maintenance and heads off costly repairs and downtime.

Whether you use your own PM program or take advantage of our SA program, making sure that you track and schedule your preventative maintenance is vital to the longevity of your equipment. If you are unsure how often to perform maintenance, ask us! We are happy to help you determine the needs of your specific machine.

LEVERAGING DATA FOR BETTER DECISION-MAKING

Once you’ve begun tracking your operating costs and maintenance schedules, you can use this data to your advantage. By analyzing trends across your fleet, you can identify patterns that may be causing increased costs over time. Is it operator errors? Are certain machines simply too old for the tasks they’re performing?

By gathering and reviewing this data, you’ll be in a better position to make informed decisions, such as when to retire old machines and invest in new ones. By retiring machines when necessary, you could be saving your operation thousands of dollars per year. That’s a lot of money to leave on the table!

Consulting with experts is critical in maximizing your investment. Don’t let machinery costs blindside you: We’re here to help you monitor and manage your forklifts, ensuring you’re always aware of how much they’re costing you.