The Importance Of Replacing Old Equipment

In the year 2018, consumers expect expeditious service and unforgettable customer experiences. Part of your company’s ability to please its client base is to employ a staff made up of hard-working, dedicated and friendly individuals who believe in your brand’s overall mission statement. Another important part of being successful is ensuring that your company is also equipped with all of the best tools and supplies to allow its staff to complete tasks effectively.

But what happens when your equipment becomes outdated or broken down? As MicroMain.com explains, when your equipment breaks down, “everything from your productivity to your bottom line is disrupted”. It’s important to quickly consider whether or not you need to repair the old equipment or invest in a brand new replacement.

Consider the long-term costs.

In many cases, buying new equipment may present a larger immediate cost. However, if you consider the costs of having to make constant repairs, you will likely see that a replacement will save you money over time. It’s important to not only take advantage of updated, more efficient equipment to help run your business but also to avoid the constant hassle and expenses that come with having to fix your old gear.

“Replacing equipment is the larger investment, and this can lead some managers to choose to repair the equipment instead of replacing it,” says MicroMain.com, “But the costs that go along with frequent breakdowns — lower productivity, defective output, rising labour costs, and unmet production schedules — can sometimes be greater than the cost of just replacing the equipment.”

Always try to outperform yourself.

As all business owners know, growth is determined by assessing how well a company did over the course of the previous year and then finding ways to better those accomplishments in the year to come. Is your current office equipment enabling you to keep up with your competitors? In some cases, your equipment may not need any repairs, but its functionality simply can’t keep pace with the growing demands from your customer base.

“At least once a year you should be looking at what you’ve achieved, what your next goals are and how your business is performing,” advises the Business Development Bank of Canada, “If you’ve grown lately or expect to grow, will your current equipment meet the new demand? Maybe you need a new machine to complete a specific project. Check your needs against the current state of your equipment and see if you have any gaps.”

Never neglect safety.

“Safety first” is an adage that should never be forgotten or ignored by any business owner. Perhaps, this is the point we should have made first. At the end of the day, you want to ensure that each and every member of your team is working in a safe environment. It’s imperative that the equipment used at your place of business is in keeping with all safety regulations. Ensuring employee safety is the most important reason to replace old equipment.

“Standards are changing all the time and manufacturers are always making their equipment safer,” notes the BDC, “A major safety improvement in a piece of equipment you use regularly may mean it’s time to upgrade.”

At Synergy Merchants, we’re well aware that purchasing new equipment for your business can be costly. Our unique merchant cash advance program makes it easy for Canadian business owners to afford such large purchases. Find out how much you can be approved for! Call us at 1-877-718-2026 or email us at info@synergymerchants.com today!