5 Reasons you should replace business equipment before it breaks
Using equipment to the end of its life cycle has many unforeseen costs. Here are 5 Reasons you may want to replace your equipment before it falls apart.
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Over time Maintenance adds up
As equipment ages it needs to be maintained more often. Over time these costs are going to rise and it is going to cost more in order to keep the commercial equipment running properly. As maintenance costs rise so will downtime costs because typically you will experience downtime when the equipment is being repaired or parts are being replaced. Equipment maintenance costs may be more than replacing right now through equipment financing
Downtime is expensive
If you wait until the equipment no longer works you have a period of time where the equipment is not operating. For revenue generating equipment, every minute it is not operating is a loss in revenue. The time crunch you are put into will also bring about additional administrative costs. You or your employees may have to put other tasks on the back burner while resources are focused on replacing the equipment.
Efficiency goes down
As equipment ages it tends to become more inefficient. This is due to the wear and tear on the equipment. Also as time goes on technology advances and new models that are released become more efficient.
Poor Equipment Choices
If your equipment fails you are going to need to replace it quickly. This will not give you enough time to research different models and alternatives. You will typically go with the quickest solution which may not always be the best solution. You end up purchasing an alternative that you would not have if you had sufficient time to do research and testing.
Substitutes Can be Expensive
If you are not able to operate your equipment you can either outsource the job it did or rent the equipment. Renting Equipment and Outsourcing are much more expensive than the cost of Financing the equipment. These costs take a huge investment on commercial equipment and have a negative impact on your companies cash flow.
Do you have any equipment you could replace? Equipment Financing allows you to obtain the new or used equipment you need at a low monthly payment.
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