Whether you need better computers for your office, more vehicles for your delivery fleet, or better machinery in your warehouse, purchasing new equipment for your small business can provide plenty of value. Some companies take out small business loans to finance their acquisitions, which allows them to take advantage of newer, better equipment without putting their own liquidity on the line. Whatever your business needs may be, Seacoast Bank has a brand promise to use our expertise and experience to get you comfortable with the right products for your needs and comfortable with your local team of advisors.
If your equipment is ready for an upgrade, consider these benefits of buying new replacements.
Stay Relevant to Your Customers
When you have new equipment and technology, you can better serve your customers and clients.
Technology, engineering, and manufacturing trends change on a monthly basis. If you're working with five-year-old equipment, you risk becoming irrelevant to your customers. They need businesses that use top-of-the-line equipment to meet their needs as efficiently and effectively as possible.
Increase Your Efficiency When you upgrade your equipment, your team can work faster and increase their productivity. For example, according to PCWorld senior editor Brad Chacos, computer power doubles every year and a half. After three years, your computers are lagging significantly behind the current benchmarks. The same goes for other types of equipment.
Improve Your Workplace Safety Old equipment, even when well-maintained, presents certain safety risks. If an employee injures him or herself on the job, you could face significant expenses in worker's compensation and other costs. Purchasing new equipment for your small business keeps your workplace as safe as possible.
Take Ownership of Your Equipment Some companies decide to lease equipment because they don't want to take out small business loans or dip into their savings to finance new equipment. When you buy equipment outright, however, you own it. You can sell it when it outlives its service to your business and you don't have to abide by a leasing company's rules.
Keep Up With the Competition
A business with access to better equipment can compete more effectively in the marketplace.
When your competitors upgrade their business equipment and you lag behind, you risk losing customers to the competition. That's the last thing you want, especially if your industry depends on up-to-date gear or machinery.
Gain Access to Vendor Support and Warranties Older equipment has likely outlived its warranty and its guarantee of support. When you buy replacements, you get a new warranty as well as access to vendor support. When you have a question or encounter a problem, help is a phone call or online chat away.
Increase Your Security In addition to the safety benefits described above, security also improves with new equipment, especially when it comes to hardware, software, and machinery. Manufacturers introduce new anti-theft features, improve data security, and create tougher packaging that reduces the risk of loss from environmental factors.
Take Advantage of Tax Incentives While you might have to spend more money to purchase new equipment, you can also take advantage of tax incentives. The state and federal government might give tax breaks for buying eco-friendly equipment, for example. Plus, businesses can take advantage of the IRS's standard deduction for new equipment purchases.
Financing New Equipment Now that you understand what you can gain from buying new equipment for your business, how do you make it happen? Small business loans from Seacoast Bank offer a convenient way to obtain financing. An equipment loan or similar arrangement provides you with the cash you need to buy equipment, and at a reasonable rate.
If your business needs new equipment, we're here to help! Small business loans allow you to move your business forward without risking your financial stability.