I had a rare opportunity to tour a local manufacturer that Direct Capital works with today. Be sure to check back here for reports from that awesome visit in the near future.
Regardless, talking to the CEO and Vice President of this particular company, I was struck by the thirst for new equipment this extremely successful business had. This is obviously an extreme example of need—manufacturers need machines like an engine needs oil—but it raised a question in my mind. How many businesses large and small are going without equipment they need?
You should know if your business has enough equipment, straight out. If you think the answer is no, it’s not something I’d encourage you to shrug off. If you need that extra oven for your restaurant’s kitchen, the extra backhoe to help get that construction work done or you’re just down to a handful of laptops for a couple of dozen employees, waiting won’t help you. Whether through your own coffers or a business loan, you should upgrade.
Waiting will probably hurt you. If there’s a quick rule of thumb with equipment, it’s that it rarely lasts as long as you want it to, and it usually breaks down at exactly the wrong time. If you’re already a little short on the equipment you need, by the time you need to replace other pieces, you’re in serious trouble.
So don’t play the waiting game. Instead, work with your team to determine what you can reasonably afford and what you can get by without. Then hold your nose and get the equipment. Chances are good that if it increases productivity, cuts cost or allows you take one more orders, it will pay for itself and more before much time has passed.
And if you’re looking for equipment financing, be sure to give Direct Capital a look. It’s not easy to buy that backhoe on your own, after all.
Photo credit to iStock