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The importance of homework

By: TRistaino, 3/09/15

None of us liked being assigned homework when we were in school but in hindsight homework helped us deepen our understanding of certain conepts that were being taught. Also, it gave the teacher an insight into how well we learned the lessons that were taught. Homework is important in the laundry industry as well.

No one would ever buy a business with doing a lot of homework, often called “due diligence”. This exercise allows you to investigate the financial, legal, environmental well-being of the business. Also, it enables you to determine if the business or market segment it serves will grow or is declining. Accountants, attorneys, industry colleagues are great sources of information as you do your homework.

Once you own your business homework continues especially when purchasing laundry equipment. While several manufacturers build equipment to be sold under different labels most laundry equipment are engineered with important differences between brands. Warranties, frame construction, water consumption, extraction rate, cycle time, energy consumption are all factors that require homework. Maybe they do not hold equal importance to you but they will factor into your buying decision to some degree. Occassionally, you get the response ” All these machines are alike” or ” There is no real difference between our machine and their’s”. Do your homework. You may find he hasn’t done his and that there are diffferences, important differences, between his machine and the one you are considering.

Homework was never easy but usually enlightening. This time it can put more money in your pocket.