How often do you file claims through your warranties for your business? Do you have warranties you’ve never used, or are you unsure if you even have warranties to start with?
Whether you’re running a small business or you’re an entrepreneur, you’re going to deal with warranties at some point. The sooner you create a tracking system, the better.
If keeping track of warranties seems difficult, know that the moment you start, it’s going to help your business. Here’s what you can expect when you implement a warranty tracking system.
1. You’ll save money
The most important benefit you’ll get from a warranty tracking system is that you’ll save money. When you’re running a business, every dollar you can save counts. Thankfully, a warranty tracking system can save you a significant amount of cash.
You’ll save the most money by tracking your warranty reimbursement opportunities with software. When you have a team of people working for you, it’s important that they know how to spot a reimbursement opportunity. This requires a system where they can flag repairs for warranty claims.
Identify missed opportunities
With a tracking system, you’ll also identify opportunities you would have missed otherwise. For instance, if you’re only focused on high-value warranty claims, a tracking system will show you where you can save money with smaller claims.
Although it might seem pointless to submit small claims, you’d be surprised to learn how much money you can save by pursuing small repairs through your warranties.
For example, if you can save $100 on each small claim, after ten claims, that’s $1,000 saved. If that doesn’t seem like much, consider that you could use that money toward more PPC ads or SEO.
2. Your team will be more efficient
It’s difficult to explain to your team how to manage warranties without an actual system in place. You might have a definite procedure, but if it’s not tied to a structure or system, people will forget the details. For instance, if you’re running fleet maintenance, you need a system for tracking inventory of parts and flagging repairs that can be reimbursed via warranty.
When you create a warranty tracking system with a well-documented procedure manual, you’ll have an easier time getting your team on the same page. They’ll learn the system with some training and it will eventually become second nature. People perform at their best when they have a structured system to follow because it helps them get into a routine, which makes the process somewhat automatic.
3. You’ll know what equipment to eliminate
Depending on how large your company is, you might not always deal with repairs directly. If you’re not handling everything, you might not know how often certain equipment needs repairs, and if you aren’t aware of this, you won’t know when it’s time to switch brands.
Certain brands might make better equipment, but if you’re like most business owners, cost is usually the deciding factor. When you’re on a strict budget, you don’t have much room to play.
If you chose the cheaper brand and it’s costing you in repairs, you may want to think about investing in the better option. If you’re dealing with frequent repairs, you’re going to spend more time, money, and effort in the long run. You may as well upgrade your equipment.
4. You won’t have to deal with repair shops
When you file a repair claim through your warranty, the company will send out a technician as soon as possible. All you need to do is file the claim and wait for your appointment. If you get regular service calls from the company, you may not even need to be there for the job.
When you need to call in a repair outside of a warranty, it can be a process. First, you’ll need to find a repair shop that can send a technician out to your location. Then, you’ll need to schedule the appointment and make sure you’re around when the tech shows up.
If you can’t get a technician to come out to your location, you’ll need to bring your equipment to a repair shop. This works well for small electronics, but not so well for things like copy machines, cash registers, and refrigerators.
Track your warranties – keep your cash
When you implement a warranty tracking system, you’ll save money on repairs and maintenance. Although you probably already file big claims, don’t ignore the smaller opportunities to file repair claims through your warranties. Each claim will add up, and over time, you’ll save more money than you realize.