If you’re in charge of renting equipment for your company’s day-to-day business operations, you may need to use all of the knowledge at your disposal to make the right decisions. Purchasing a piece of equipment that’s too expensive or one that’s not right for the job could cause your company to bleed money.
Ways to Save Money on Business Equipment
Learn how to save money on the right business equipment by considering the following aspects next time the decision approaches.
Understand Rental Costs
Before you blindly sign a rental contract, you need to make sure that the equipment fits into your budget. It’s always a good idea to shop around between equipment suppliers and get a few estimates before committing to any particular service. While most prices will be competitive, some providers might be willing to give you deals for choosing them.
Trends show that the cost of equipment rentals is increasing across America. The price to rent a compact truck loader shot up 925 percent from 2011 to 2014, while renting a forklift increased by 90 percent. Account for these increasing costs and keep in mind that even if rental costs seem drastically high, they tend to be much less expensive than buying equipment.
Leasing equipment allows you to get the support you need if things go wrong, obtain the newest model of the product and upgrade when your lease is up. The costs upfront are lower than purchasing the equipment, plus the cost is spread over the life of the lease. There are good deals out there if you opt to buy one of the best business laptops or printers. Just make sure you understand return and exchange policies and warranties and only buy from reputable companies.
Purchase Used Equipment
The most important factor in choosing business equipment is making sure it’s right for the job. Whether you need moving, construction, heavy or office equipment like printers, you can often find used options at a fraction of the price of new. Perform an online search for used equipment and also business auctions, going-out-of-business sales, overstock and repossessed business equipment. Small businesses rely on product quality, so make sure you purchase equipment that can deliver high quality products. Used equipment will range in condition; so don’t be quick to purchase an inexpensive item without trying it out first.
Sign Up for Business Memberships at Warehouse Stores
In addition to competitive discounts on office furniture, equipment and supplies, warehouse stores like Costco, Sam’s Club and BJ’s offer their business members exclusive benefits. Not only can a membership save you cash on tangible items that help your business operate each day, but you can also save on cash-back credit cards, financial services and gain access to low-cost business loans.
Pay Attention to Deals and Codes
It’s a smart idea to sign up for emails from retailers that offer office furnishings and supplies. Staples, OfficeMax, Overstock and Amazon are just a few places that regularly promote deals of the day or week. Check out coupon sites like Coupon.com or FatWallet for coupon codes that save you money on online purchases. These sites tend to be consumer-focused, but you may find discounts on electronics and office furnishings.
Reducing business costs in your small business can be tricky, and slashing the costs of equipment is one way you will notice a big savings. It doesn’t have to take a lot of time or effort. As long as you’re informed and make smart choices, you can reduce your business costs and improve your bottom line.
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