All businesses require the use of some form of equipment in order to perform their services to the public. Accountants need computers. Bakers need ovens. Construction workers need a wide selection of tools. You get the picture. Think about the various pieces of equipment needed to run your business. No matter how well you maintain them, they’ll need replacing at some point.
Has that point in time come? How do you know when it’s the right time to replace your company’s old equipment?
When its functionality has declined.
You know that the oven used to heat up within two minutes of turning it on. However, these days, it takes closer to ten minutes. This scenario significantly cuts down on your productivity as a baker. The longer it takes to fulfill orders, the more frustrated your customers will get. Not to mention, the added time required to prepare each of your baked goods can cause you to be unable to fulfill all of your orders at the end of each day. Three words: bad for business.
The good people over at Your IT Department in the U.K. feel the same way about IT equipment. “It may seem that keeping old equipment running saves money, but if computer performance is seriously degraded it will be reducing efficiency in the business,” says their site, “If you’ve got software that won’t run properly because of the limitations of your hardware e.g., not enough RAM, this is another sign that it’s time to renew.”
When it requires multiple repairs.
How many times have you had to get your computer serviced because it freezes or operates too slowly? How many times have you had to replace parts in your printing machine? With every repair an important piece of equipment requires, the closer you are to having to get it replaced. This is especially true if the piece of equipment in question is fairly large.
The construction experts at E&C Crane Engineering in the U.K. contends that “it may seem cheaper to avoid the larger outlay of replacing your crane altogether, but older cranes require more upkeep and repairs. Besides the repair costs themselves, the impact of the increased downtime while you await the repairs can make a huge dent into your revenue too.”
When the technology becomes obsolete.
Have you ever shown a video to your staff by way of a television and VCR? This was once a commonplace practice at places of business and schools all over Canada. Today, the internet enables us to stream just about any visuals we deem valuable for viewing. Some technology simply isn’t necessary anymore. As Adrian Willings reminds us on Pocket-Lint.com, the fax machine falls into that category.
“The humble fax machine was essentially a modern version of the telegram,” he explains, “For many years, it allowed people and businesses to transmit scanned documents from one phone number to another. The recipient would have the joy of a printed copy of the document bursting forth from their machine. This was all done by a transmission of audio frequency tones that were deciphered at the other end.”
If you’re looking to replace some of your company’s old equipment, Synergy Merchants can help with attaining the extra working capital necessary to afford it. For information about our unique merchant cash advance program, please don’t hesitate to call Synergy Merchants at 1-877-718-2026 or email us at firstname.lastname@example.org. You can also apply online for a free, no obligation quote!