The global construction equipment market size is estimated to be almost 90 billion dollars in the year 2020.
Taking care of equipment is not only essential for the productivity and life of a machine, but it’s also mandated to prevent injuries from misuse.
If you are due for a new part or new equipment, making an equipment purchase can be daunting because it’s expensive. Keep reading to uncover four tips that will aid in your decision-making.
1. Assess Why You Need It
What do you need your new purchase for? Is it to increase sales? Is it to drive productivity? Is it something you can wait on or something you can’t live without?
Are you able to upgrade or repair instead of buying something new altogether?
Figuring out the answers to these questions will help you determine how much you can spend, whether or not you want to rent instead of buying, and what kind of quality you’re looking for.
2. Shop Around Before You Commit
If you have time, check out some trade-shows so that you can look at different options before you commit. Ask around and research your suppliers. Ask for quotes and pricing so that you can compare your options.
Don’t let costs make or break your decisions. Things like a supplier’s reputation, what they’ll do for you after the sale, and warranties can be more beneficial for your business in the long run.
3. Think About the Training
If you’re thinking of purchasing something new altogether, remember that you’ll have to offer and implement extensive training so that your employees can adequately learn how to use the latest equipment.
Make sure your finances account for potential downtime and training costs.
If you can extend the life of your current equipment by upgrading or purchasing new parts, it may be better for business. That being said, if you’re looking to grow and you have the time and money to spare on training, don’t hesitate to buy what you know will be best for the future of your company.
4. Determine Whether You’ll Buy or Lease
If you’re looking at equipment that continues to be obsolete as new technology continues to reign, then leasing is probably your best bet. Depending on the terms and structure of your lease, you could save a lot or end up paying even more than if you made the purchase.
Buying is an excellent option if you have the funds and are buying something that will serve your company well for years to come. Many companies offer to finance, and some even account for training costs.
Research Your Equipment Purchase Before You Make It
Whether it’s big or small, take the time to do your research and assess your business needs before you make an equipment purchase. It’s better to wait than to wish you made a different decision once it’s too late.
Do you have questions about what you should do or about different equipment? Give us a call or fill out the contact form and we’ll get back to you right away!