Whatever equipment you’re looking to purchase; whether it’s better office computers, more tracks for your delivery convoy, or modern machinery, then you should consider doing it as it will prove quite valuable to your businesses.
No doubt it will! But if you still can’t tell how upgrading to new equipment will help your business, this article will break it down for you.
1-You experience increased productivity
An upgrade in equipment means your team can work much faster and more efficiently. According to Brad Chacos of PCWorld, computer processor power doubles after every year and a half. So after three years of operation, you may need to purchase a new computer, or you risk suffering slow productivity.
2-Better Workplace Safety
No matter the level of maintenance your give to your 5-year old equipment, they may still present a significant level of safety risks at your workplace. And because you don’t want to lose one of your workers to injuries or pay millions in compensation, it’s best to always buy new equipment so to improve safety in your workplace.
3-You remain relevant to Consumers
By now you must have learned that tech, engineering & manufacturing trends are never constant. Developers work to make upgrades on a monthly basis. Therefore if you’re operating with obsolete equipment, then your business may lag behind and look irrelevant to customers.
That’s why it helps to ensure that your firm should is operating on top-of-the-line equipment all the time. Plus, new tech and equipment will help improve speed and efficiency.
4-You get to own Your Equipment
Don’t fall for the “hiring is cheaper” idea unless they can convince you about that. Don’t lease equipment because you fear taking out a micro-business loan or spending your savings on new equipment.
But have you thought of the fact that it becomes yours entirely when you own it? What’s more, you can always sell to fund the purchase of a newer version, and you don’t have to worry about leasing company’s rules.
5-You level the playing field
When counterpart businesses upgrade their equipment, and you remain archaic, then you risk losing your customers to them. Everyone wants to trend, so the last thing you want is to look out of date especially if you’re targeting millennials.
6-You Augment Your Security
The more updated you are, the more secure your business is. All software, hardware, and machinery should be updated. Developers add new anti-theft & data security features every time they come up with a new version to tighten security. Security is primary, take out a merchant cash advance to ensure you get everything you need to protect your firm.
2018 is the year to get out of the leasing habit and make plans to buy your equipment.
Author bio: As an account executive, Michael Hollis has funded millions by using alternative merchant cash advance solutions. His experience and extensive knowledge of the industry has become a true asset for First American Merchant.