Is it Time for Better Business Equipment?
Periodically, you should stop to evaluate the equipment of your business. There are times when equipment becomes obsolete or unnecessary and can damage the productivity of your company. When attempting to determine if it is time to replace your business equipment, there are a few simple questions you can ask regarding the item in question.
Would New Equipment Help Your Tasks?
If you rely on technology for your business, but you are using computers that are over ten years old, it would be beneficial to upgrade the equipment. Similarly, a new phone system could help you better connect with customers and suppliers. Old equipment that is preventing you from doing your job effectively should be replaced. If you are lacking in funds to replace the needed items, equipment leasing is a solution.
Are Supplies for Repairs Available?
An old copy machine may be in great working condition. However, if it were to breakdown unexpectedly, you need to consider whether supplies to make the necessary repairs are available. If the machinery is no longer being produced, it would be wise to upgrade to better equipment so that you can easily make repairs or replace parts when the time comes.
Is Your Productivity Negatively Effected?
With each piece of equipment, consider how it affects the productivity of your company. For example, if the machinery you use to produce the product is often out of commission and needing repairs, that is a negative effect to your company. You are losing time on production which costs you money. If purchasing a new piece is out of your budget, equipment leasing could help increase your productivity.
Is There a Tax Incentive Available?
Periodically, there will be tax incentives available that makes purchasing new equipment for your business sensible. Even if there is still some life left in your existing equipment, it can be worthwhile to take advantage of the tax incentive. Speak with your business accountant as there are deductions available for both purchasing and leasing equipment.
When you reach the determination that it is time to make some upgrades, but you find your business low on cash, equipment leasing is an affordable way to get the equipment you need. There are no down payments required and approval can be much easier than trying to qualify for a loan. Leasing your equipment also provides you with the opportunity to easily upgrade to better equipment at the end of your agreement.