3 Signs It’s Time To Buy Your Company Some New Equipment

Why is the fax machine not working? Is the photocopier still on the fritz? Who jammed the printer full of so much paper?

If we’re being honest, none of the above questions should be asked in any modern place of business. Certain types of technology are simply outdated and no longer necessary in a 2024 workplace. If you’re working with obsolete equipment, it’s certainly time to get some new gear. But what are some other signs it’s time to buy your company some new equipment? Here are three:

1. It is always breaking down.

Although this should be an obvious sign, many business owners take to the repair route before considering replacement. This is understandable if the repairs are minor and seem feasible to complete in a timely manner. However, if your equipment is constantly breaking down and requiring repairs, it is likely reaching the end of its lifespan. The frequent breakdowns are only costing you more money, not to mention creating downtime and reducing productivity.

It’s also important to take notice of any decline in the performance of your equipment. Not all faulty gear stops working completely. In some cases, you may detect slower processing speeds or lower output quality. In such cases, it is probably time to consider an upgrade. Newer equipment is often more efficient and can help improve your company’s overall performance.

2. The maintenance costs are getting out of hand.

Have you ever heard the phrase “It’s too expensive to buy cheap”? Purchasing inexpensive equipment generally means you’re compromising on quality. Inevitably, this will require you to pay for repairs and maintenance, making the product very costly over time. Often, it’s best to purchase quality equipment at higher prices so that you don’t have to spend on constant maintenance.

Of course, most aging equipment will end up needing some repairs. However, the costs of maintaining said equipment increase over time. If you find yourself spending more on repairs and maintenance than you would on a new piece of equipment, it may be more cost-effective to upgrade.

3. Your gear is no longer safe.

Depending on your industry, you may have to replace outdated equipment for safety reasons. The last thing you want to do is pose risks of injury to your employees. Does your current equipment situation entail exposed wires, malfunctioning safety features or frequent accidents? There’s no reason to keep such equipment around.

“A safe workplace should have procedures for reporting and investigating equipment malfunctions,” insists Kayla Matthews of Industrial Safety & Hygiene News (ISHN), “Regular training informs employees about which channels to go through for sounding the alarm. It’s essential to look into issues that employees bring up. Firstly, proactiveness could signal when it’s time to replace equipment by highlighting patterns.”

Could your business use some help with the costs of buying new equipment?

Get in touch with the Synergy Merchants team! Learn all about how our unique merchant cash advance program can get you the funding you need within 24 hours! Please don’t hesitate to call us at 1-877-718-2026 or email us at info@synergymerchants.com. You can also apply online for a free, no obligation quote!