As the old adage goes, you have to spend money to make money.
For a lot of small businesses this means resources that are not only useful and valuable but critical and instrumental for the business to grow and carry out its day-to-day operations: equipment. New equipment – whether that takes form in computers and technology, or industry specific machinery – can sometimes seem like an unnecessarily extravagant expense.
But when the productivity, efficiency, and revenue of your small business relies on it, the question truly becomes – can you really afford not to?
In this article, we at Business Fuel are not only dropping down some of the key reasons as to why investing in new equipment for your small business is so important, but also how you can use it to your best advantage in the long term.
Efficiency
One word that covers so many aspects of your small business: efficiency. Through equipment financing you can improve productivity, minimise project timelines, and increase the output of your business without needing to hire additional resources. That means you can have higher output in less time, leaving opportunity for more clients and additional revenue.
Efficiency also applies to the long term. If you can invest in equipment that will see your small business through the next 10 years, not only will that improve your security and leave you less vulnerable to financial risk, but you will limit the long term liability of your small business with a relatively small upfront investment that will pay for itself over and over again.
Tax benefits
Depending on the size and structure of your small business, you could be eligible for grants, write-offs, and deductions that see you benefiting more from investing in new equipment than if you don’t.
With technology and industry specific equipment thoroughly catered for by the ATO, every small business stands to gain from aspiring towards growth and innovation in their field. What does that mean? It means you’re not in it alone, nor do you have the bear the lion’s share of the cost when it comes to bringing your small business to the next level.
Your business
Workplace satisfaction is hugely influenced by the type and quality of the equipment offered to employees. Without the right tools to work efficiently and safely, employee morale and productivity inevitably sours. With technology so constantly evolving, it’s impossible to ignore the improvements that are made with every new release of any given product, and falling behind on upgrades can send you even further behind your competitors.
By maintaining not only the aesthetics of new technology, but the increased capabilities that new equipment provides is vital for any small business looking to attract the best talent, the best clients, and the best opportunities for the future.
If your small business is ready to invest in its future, let Business Fuel help you get the capital you need through fast, efficient and quality, equipment financing.
