Walking through a trade show is a bit like window shopping… so much to see, so much to dream about, so much opportunity to spend money! But not enough cash in the bank account to take it all home.
It’s so easy to become enticed by the latest and greatest, to become intrigued by a technology that would increase your production and efficiency. There is so much potential out there!
The Value of Upgrading
As a forward-thinking business owner, you are well aware of the value of investing in new technology. You recognize that your current older machine is limiting your ability to quote competitively and may be killing your productivity. Or maybe you know that a new machine or an upgrade can increase your bottom line by dramatically increasing your efficiency and capacity.
A growing business has continual increasing costs. Anything from materials to tools to staff can be of the utmost importance and the absolute best use of the company cash. So if the cash must be used for additional costs like these (costs that cannot be financed), where will the money for upgrades come from?
Adjust Your Focus
Rather than looking at that big price tag (the large dollar signs that have given you “sticker shock”), look at that beautiful machine from the perspective of monthly cost. Instead of trying to find a machine that fits into a seemingly snug budget, find the machine that will give you the level of productivity, efficiency, and profitability you are looking for and determine what it will cost you each month even as it works for you.
For example, if your “dream machine” has a price tag that’s $50,000 higher than another machine you feel you could “live with”, you may be tempted to “settle” for the machine with the lower price. However, if you can get the dream machine at a cost of only $955 per month, that dream can become your reality!
Put simply, adjust your focus:
- Monthly Cost instead of Total Cost
- A machine that gives you want you’re looking for instead of a machine that fits your budget
- What your dream would cost per month instead of what you’re willing to settle for
- Potential increase in efficiency and production compared to the monthly cost of lease financing
When you compare the increase in efficiency and production to the monthly cost of lease financing your equipment, it becomes easier to justify the purchase you really want to make.
If equipment lease financing is new to you, check out the following posts to understand more about how we can help your business thrive.
To Keep or Not To Keep: The challenge of determining when to upgrade old equipment
