This is the first in a series of four posts about equipment finance that we hope will be useful for small businesses. Enjoy!
The message bears repeating. When it comes to equipment—whether you’re riding around your fields in a tractor, tapping away at your computer or revving up your dental drill for a root canal—you can never start preparing too early. That’s true whether you plan to buy a piece of new equipment or desperately need to replace one that suddenly breaks down.
You do so by having a plan in place. Ask yourself how long your equipment is likely to last, how much it will cost to replace it or maintain it and whether you want to go with the same company or make a change the next time around. If you have a piece of paper in a drawer or a file on your computer that you update twice a year as prices fluctuate, you’re way ahead of the game.
It pays to be. By waiting until your equipment is broken, defunct or just past its useful life without a plan in place ensures that you’ll be paying more for it and going through a lot of headaches you could have otherwise avoided. If you don’t believe me, consider the last time a major appliance like a fridge or a stove broke down in your house. Was it fun trying to scramble to replace it?
So develop that plan today, in as much detail as you can muster. It’s always better to be prepared.
What’s your small business equipment plan? We would love to hear it.