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Don’t look now but 2024 will arrive in just one month’s time! As 2023 draws to a close, many business owners are finding themselves contemplating their next moves. One strategic consideration that often yields significant benefits is investing in new equipment. While it might seem like a substantial upfront expense, the advantages far outweigh the initial costs. Let’s discuss why you should invest in new equipment before the new year arrives.
It can significantly enhance productivity within your business.
As expected, newer machinery often comes with advanced features, improved technology and streamlined processes. Together, they allow employees to work faster and more effectively. Consider a manufacturing plant that is equipped with top-of-the-line modern machinery. It can boost production rates, reduce downtime and ultimately increase output. This provides a business with a competitive edge in the market.
Not to mention, when you provide employees with updated, efficient equipment, it can significantly impact their morale and satisfaction. Improved tools and machinery not only make their jobs easier but also showcase the company’s commitment to growth and success. Employees feel valued when they have the right resources to excel in their roles, leading to increased motivation and higher retention rates.
New equipment is often more energy-efficient.
Naturally, it requires fewer repairs and maintenance compared to older models. After purchasing your new equipment, your business can benefit from reduced utility bills, decreased downtime due to breakdowns and lower maintenance expenses. Ultimately, this will contribute to significant cost savings over time.
Keep in mind that outdated equipment can hinder a company’s ability to compete effectively. By investing in newer, more advanced technology, your business can innovate and offer better quality products or services. Inevitably, this will attract more customers and help your brand to maintain a competitive edge in the industry.
December is the perfect time of year to buy.
The end of the year is an opportune time to take advantage of tax benefits related to equipment purchases. Many businesses can benefit from tax deductions, credits or accelerated depreciation by investing in new equipment before the year ends. This can significantly reduce the overall tax burden, providing additional financial incentives to make the investment.
“For most businesses, the best time of year to buy office equipment is in at the end of the year, in December,” reports Kelley Connect, “This is due to a variety of factors, but the most important one is the relationship between tax liability, income, and expenses. As the end of the year comes along, many departments and offices find themselves with unused budget to spend and an incentive to put remaining funds to good use.”
Could you use some help to afford the costs of buying new equipment?
Get in touch with the Synergy Merchants team in order to learn 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 firstname.lastname@example.org. You can also apply online for a free, no obligation quote!