Save Money: Follow the Tools

You know the mantra: follow the money.  But here at ShareMyToolBox we say follow the tools.

Follow the money? Let me save you the trip. If you’re a contractor, I can tell you exactly where the money leads. According to Modern Contractor Solutions, “More than $1 billion in valuable tools, commodities, and consumables are lost each year.”

Dare I ask, how much of that one billion belonged to your company?

You want to save money? Follow the tools.

Tool tracking is a prime area for saving money, yet according to our tool tracking survey, 50% of contractors have given up tracking small tools and equipment at all. And that’s a damn shame. Why have half of us given up on tracking? Well, it sure as hell better not be because it’s hard. (For one, if you give up on hard things, you’re in the wrong damn business. Secondly, with the new technology available, tool tracking isn’t even that difficult anymore.)

So, if half of us have given up on tool tracking, and it’s not because it’s hard to do, then it must be that half of us just don’t recognize why it’s important. I’m happy to clear that up for everybody in 3 points:

Follow the Tools: What

Tool tracking starts with creating an inventory. The math is simple: when you have a tool inventory, you know what you own. When you know what you own, you buy fewer duplicates. When you buy fewer duplicates, you save money.

Follow the Tools: Where

An effective tool tracker doesn’t just track what you own. You must also track where a tool is — and if it’s being used. When you can find and identify idle tools, you can borrow from other jobs instead of buy more. When your field personnel borrow instead of buy, you save money.

Follow the Tools: Who

The “who is responsible” piece of tool tracking is key. Assigning responsibility to a person — and giving that person the ability to accept the responsibility — injects accountability into the tracking process. When everyone knows who is responsible for each tool, you reduce loss and “mysterious vanishing.” When tools stop disappearing, you stop chasing and replacing them. When you stop chasing and replacing tools, you save money.

To learn more about tool tracking technology that helps you follow the tools and save money, visit www.sharemytoolbox.com/tool-tracking.

More Tool Tracking Tips available.