Generate Cash Flow: 5 Top Ways to Save on Your Business’s Equipment

Every business needs the right technology to get things done properly. Whether it’s something as small as stationary or grand as a grader, every company relies on their staff and what they have at their disposal to thrive. It’s for this reason that it’s important to save where possible on your products, just to ensure you’re not throwing out your cash flow!

With this in mind, here are seven essential ways to save on your company goods:

1. Shop second hand

You may be looking at that swish new dishwasher and thinking, “surely this is the ultimate in its class, the best in the business, the creme de la cutlery cleaning”, but in reality you would get the same service from a second hand dishwasher of the same (or similar) functionality!

You don’t always need the newest product possible, and can truly benefit from spending a little less on your goods, especially if there is a massive price difference between the two products.

2. Consult a finance broker

The best equipment finance team will help you save money on your new technology by brokering a deal that you can pay off when you reap the benefits of the original investment. What’s more, if you are struggling to find the money for technology right now, they can help secure a loan that will help you invest in valuable assets right now, when you need them!

3. Shop for discounts

Depending on your industry, you may be able to find fantastic discounts on the products you need to advance your business. All across Australian industries you can find better deals on a range of products pertaining to your needs, and this is another great way to save on technology. So, be sure to keep your eyes peeled and your ears open about any fantastic savings in your industry.

4. Try leasing

Commercial equipment leasing has long been a favoured strategy for businesses who need specific technology but may not need it when, say, their business scales up. For example, you may have recently opened a commercial kitchen, and require a four-burner stove to cook for your current clientele.

However, if you’re looking to expand your enterprise, create a bigger diner area and bring in more customers, then it is likely you are going to need a bigger stove in the near future. However, you don’t want to get stuck with a used four burner stove and not many options for getting rid of it!

So, what is the best thing to do? Hire the four burner, of course! This way, you can keep it for the lifespan in which you need it, with the ability to return it to the hire company when you need to level up your burner game.

5. Know when is the right time to repair

Just because something seems like it has gone completely kaput doesn’t mean it actually has! It may be that it is in need of simple repair. After all, it may seem like an easier idea just to buy a whole new piece of technology if your current machine is playing up, but you shouldn’t rush into it, especially if equipment finance is of concern.

These are the five best ways to save on equipment, ensuring you can get the best of what you need for the very best prices available! Keep your eye out for deals, shop second hand and only replace something when it is absolutely necessary!

It’s the best way to do it…