Though business owners understand the reality of unexpected repairs or unplanned expenses, determining how much room to leave in the budget for these costs can be challenging. In particular, expensive equipment repairs, such as with the HVAC unit, can be unpredictable. However, there are several ways you can prepare your budget for these needs.
Review Past Expenses
You can get a basic idea of expenses by looking at all of your past maintenance and repair invoices. Some years may have had better performance than others, but take an average of the years you have had the unit against the total costs you’ve incurred during the lifetime of the unit. This is a simple base estimate for a yearly expectation. Ideally, spending less is a better outcome.
Create Emergency Funds
Whenever possible, move surplus funds each month into an emergency fund. This fund doesn’t have to be earmarked for HVAC costs, but it is a way to supplement the budget should an unexpected repair come up. Over time, this could amount to a significant balance and prove lifesaving if the business encounters a major problem.
Invest in Regular Maintenance
By paying for regular, professional maintenance, you can ward off serious problems before they happen. The team at Sun Mechanical Systems has over 60 years of combined experience, giving us the ability to identify potential concerns. By having routine inspections and maintenance tasks done, you avoid a complete unit shutdown and financial surprises.
Use a Tracking Tool
Today’s business operations have the benefit of working with budgeting software and expense tracking apps to keep a closer look at the finances. Many of these resources are free, which is an added budget bonus on top of receiving real-time financial recording keeping and expense updates. Encourage employees to monitor HVAC use and care for the equipment to help keep the budget on track.
Rely on Professionals
When you want the best service for your HVAC system, turn to Sun Mechanical Systems. We cover the Chicagoland commercial market and are waiting to give you a free consultation. Contact us today to learn more!