When you first started out doing business, you may have chosen to purchase low-cost equipment and electronics just to get your business going. That’s all good and commendable, but as you start to grow and expand, you will start to realize that your business needs and functions expand, becoming more demanding as a result.
You may choose to lease equipment to meet those needs, but you should definitely consider purchasing the technology instead of outsourcing them.
Investing in high-quality equipment, such as computers, printers, and photocopiers may be expensive at first, but if you think about it, these technologies are actually cheaper in the long run.
Here are a few examples of how big investments pay off in big business:
Traditional incandescent light bulbs are slowly being phased out. These bulbs produce more heat than light, and use up a lot of energy in the process. Compact fluorescent lighting has improved the energy efficiency of light bulbs, but there’s still more to be desired.
Enter light-emitting diode or LED technology, which has produced bulbs that not only provide the same, or even brighter amount, of light as compact fluorescent bulbs but also last up to ten times longer.
LED bulbs are expensive, but once you’ve purchased them, it may be the last time you’ll have to. Imagine not having to change a light bulb ever again!
Equipping your offices, shops, and other facilities with LED bulbs may be expensive at first, but it will surely save you money on your electric bill, plus the cost of buying new bulbs.
Investing in LED lighting is a one-time expense that will surely pay off once you see your energy bill reducing.
Construction equipment, like LED lighting, is a once-off expense that should be considered an investment into a company’s competence in performing its functions and delivering the best service.
After purchasing, the equipment is considered a fixed asset that only requires maintenance and upkeep costs on an ongoing basis. Construction equipment is not likely to become technologically outdated, making ownership a good investment.
Purchasing equipment also gives you tax incentives and the possibility of depreciation deduction. With a lease, you can only deduct the total cost of the monthly payments for that year. In the long run, it is certainly more economical to buy your own construction machinery, rather than to rent it.
Investing in cutting-edge equipment such as copiers and printers can help a business grow by opening doors for larger, more demanding jobs. The cost of purchasing may be seen as a major obstacle at first, but what business owners should realize is that upgrading their technology would facilitate their growth. Investing in digital copiers and printers is also cheaper than leasing in the long term because businesses avoid finance charges, deal with less paperwork, and benefit from increased productivity.
Buying a nanographic high-speed digital printer, for instance, provides you with the lowest cost-per-page expense among digital presses. As a business owner, you know that the more money you save on costs to run your business, the better. High-speed printing can also do wonders for your productivity, which will lead to increased profitability.
Document management software is another digital technology advancement that is allowing businesses to cut down on administration costs that reduce their competitiveness.
As you can see, buying equipment and technology for large-scale business applications may cost you a significant amount of money up front, but these big investments will surely pay off in the long run because of the overall lower total cost.