What would you do with your business
If you had fewer budgetary restrictions and concerns and had more money? Would you expand your advertising platform ad methods to gain new customers? Would you make your product available in another country? Would you launch an entirely new product line? Would you hire more employees to accommodate your growing business?
Chances are if you had more money you would invest it in your business which would be helpful to your local economy as well as the global economy. But where do you just find the extra money? There are two ways that salvage can help your business find extra money and help the economy.
Buying salvage: When you buy the equipment your company needs from an online salvage auction, you could be saving your business thousands to tens of thousands of dollars each year. And don’t worry about the specialized niche nature of your business, online salvage auctions have a wide range of salvage that can be put to innovative use.
Selling salvage: If you have used and damaged equipment and supplies on hand, you could meet with a salvor and have the items valued. They could be sold at an online auction and you could help your company find money that it didn’t even know it had access to.
So not only are you creating potentially limitless, no-strings-attached capital when you buy and sell the salvage for your company, you are also utilizing an innovative way to expand your company and help the global economy recover. Many companies that deal in intangibles would be envious over this kind of capital generation. When they need liquid assets to expand their business, they have no choice but to dilute ownership shares or take loans putting their companies further into debt and reducing their financial interest in the firm.
Salvage gives your business the power to stay out of debt, raise capital without diluting ownership shares, and help save the economy by expanding your business.
The Art of Salvage
The word Salvage means different things to different people. To some, it means small pieces of industrial goods that they can recreate into a work of art. For others, salvage means an opportunity to buy a unique good or piece of equipment that will benefit their business at a low cost. Still, others see salvage as an increase to their bottom line and a decrease in the money spent on insurance claims.
No matter what the word salvage means to you, chances are it has both a meaning and a benefit to your business and personal life. But how much more meaning could it have if you looked at it more artistically? More creatively? Could you find even more money in salvage if you could learn how to create value with your imagination?
Salvage is only as valuable as ingenious salvors allow it to be and they are only called in when insurers, banks, and other companies believe they have something worth salvaging. That leads you to wonder how many perfectly salvageable items have gone unsalvaged because no one could think of a way these items could be valuable. How many millions of dollars in savage are sitting, unused and losing value each day?
As an example, you might not find any use for textiles that were damaged in a flood. They’ve lost their color, their visual appeal, and they are not something that anyone would want to buy and wear anymore. But many manufacturers are using recycled textiles to make environmentally friendly insulation. It is possible that, if there is no mold or mildew on the textiles, one of these companies might like to buy the textiles at auction and use them.
Remember, the value of your potential salvage is limited not by the damage it has endured, not by the usefulness it has lost, but by the limitations of your imagination which keep you from seeing its potential value. And the best medicine against this kind of limitation is education. If you are an insurance company or business, call a salvor if you think there is even the smallest chance of your “trash” becoming salvage and let them educate you.
If you are a salvor, educate yourself about the needs and duties of various industries and allow your mind to be inventive when looking at potential salvage. In a single transaction, Salvage Settlers gave a benefit of more than 25 million rupees to a private Indian general insurance company through salvor service.
Many people underestimate the value of salvage. They may consider it trash or useless wreckage, but no matter which description they use, they consider it worthless. For others salvage is as valuable as the cash in their pocket-as a matter of fact, the cash in their pocket may be a direct result of their ability to see the value in salvage.
These forward-thinking and imaginative individuals understand that salvage is not trash-trash is useless. It has lived out its destiny and has no further application either because its damage is too extensive to allow for any repurposing or because it was not built to withstand damages well enough to be useful. Salvage, on the other hand, is given an entirely new lease on life and a brand new purpose once it is found and valued by a salvor.
One of the most common uses of salvage is for parts. Whether you are thinking about automobiles or heavy equipment, much of the salvage you find can be purchased inexpensively and used to repair or replace parts on many of the different vehicles, tools, and mechanisms you use every day. It can even be used to make structural repairs on buildings-which can save the salvage buyer a substantial amount of money.
But salvage use is not limited to parts. Some salvage doesn’t involve parts but instead, formerly edible substances like grain. While this type of salvage may no longer be fit for human consumption, livestock can be fed for weeks from the supply. And what about cartons damaged in shipment? Some salvage is in such good shape that it can still be used for its original purpose, but can’t be resold in its current condition. So the salvage buyer benefits from something as simple as ugly or damaged packaging. No matter what use you can find for the salvage you buy, chances are you will be surprised by the flexibility and quality of the salvage you have access to.
Author
Mr. Anshul Gupta
Published in The Insurance Times, April 2010
