When your company relies on heavy equipment to provide services to clients, it’s important to keep that equipment up to date. It can be tempting to put off purchasing new equipment. You may be concerned about heavy equipment financing, or you may be wondering whether the cost is truly worth it. There are many reasons not to hesitate when it’s time to upgrade your company’s equipment.
1. Make Your Workplace Safer
Working with outdated equipment often means working with fewer safety features and increased accident risk. Your company may save money in the short term by continuing to work with old equipment, but the potential for injuries and workers’ compensation claims is not worth it in the long run. Providing a safe environment for employees should be a top priority, so if your equipment does not have the newest safety features, start considering equipment financing options to upgrade to newer, safer equipment.
2. Reduce Operating Costs
A heavy equipment breakdown costs your business time and money. Using the latest equipment can pay off in the long term by reducing maintenance expenses and improving productivity. New equipment is generally more fuel-efficient as well. This can lead to significant savings when fuel prices are high.
3. Improve Your Company’s Image
Investing in new technology shows that you are serious about growing your company. Your newly upgraded equipment will inspire confidence in both clients and employees. You invest a great deal of time and money in training your employees, so you should ensure that they have the right tools to put their skills to use. With newer and more efficient equipment making it easier for your employees to do their jobs, both productivity and morale will improve.
4. Finance Your Purchase
The cost of new equipment can be daunting, especially to small businesses. However, there are many equipment financing options to help your company get the equipment it needs. If you are concerned about your company’s ability to qualify for a traditional loan, you might consider an alternative like asset-based financing, using your current assets as collateral. With a variety of financing options available, upgrading your equipment does not have to be a huge financial burden to your business.
In order for your business to thrive, having the right equipment is essential. Although the cost is significant, it is generally outweighed by the benefits, especially when you take advantage of your equipment financing options. By investing in new equipment, you can reduce your everyday operating costs and enjoy a more profitable business.
Here at Dorra Financial Group, we are confident we have a commercial finance solution or other small business loan product that will fit your needs perfectly. We structure our business loans to meet the needs of both established businesses and businesses that are less than two years old. Our goal is to provide you with the financing you need even if your bank won’t.