When to Move on from Old Equipment and Buy Something New
There comes a time in every business when equipment begins breaking down and repairs are costing more that it’s worth. Or your tools work well but they have become outdated and less efficient. That could mean it is time to upgrade your gear. Here are some factors you should consider when it comes to replacing and upgrading your machinery.
Jocova Financial, October 24, 2022
There comes a time in every business when equipment begins breaking down and repairs are costing more that it’s worth. Or your tools work well but they have become outdated and less efficient. That could mean it is time to upgrade your gear. Here are some factors you should consider when it comes to replacing and upgrading your machinery.
Safety:
First and foremost safety is of the highest concern for business owners. Not only for yourself and employees, but depending on the business, the safety of your customers. When looking to finance or lease new equipment, make sure to compare the safety features of multiple models and that they are at least the same, or better, than what you currently have including the proper certifications if applicable.
Reliability:
Will the new machine or piece of equipment allow you to meet deadlines? If you are dealing with repairs, machines can be down for days at a time, costing you money, time, and your reputation. Clients will not want to work with a company that keeps missing deadlines. Working with new equipment allows you to have peace of mind, knowing that breakdowns are less likely and removes unnecessary stress and allows you to focus on the job and growing your business.
Perception:
Clients tend to feel better seeing new machines on a job site rather than rickety old ones. Trust is a huge factor in the consumer/business owner relationship. A good way to start earning that trust is by having newer equipment.
Not only that, industries are always looking to create newer, safer products that help get the job done faster – outdated equipment may be holding you back from taking on additional opportunities to increase your revenue because each job takes longer than it needs to.
Necessity:
Sometimes getting a brand new machine straight from the factory isn’t the best choice for your business. A new coat of paint and basic maintenance can go a long way in maintaining a professional appearance and functionality. Make sure you do need the new equipment before committing to purchasing and do your research before leasing or buying. Some manufacturers are content with offering high initial quality with no regard for longevity, anticipating you will be back in a couple years for a trade in.
If new equipment is in your future, be sure to explore equipment financing and equipment leasing options as a means to easily acquire the equipment on low monthly payments.
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Have more questions on how Jocova Financial and our financing solutions can help your business, email us or call today.
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