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May 19, 2020
What To Do When Making An Equipment Purchase For Your Business
What to do when making an equipment purchase for your business
- Plan ahead – It is important to look at patterns in your business expenses and income from month to month. By doing this you should have a good idea when is the best time to make that purchase. Then create a budget that will work best for your business.
- Cash Flow
– Think about how your new/used equipment will fit in to the businesses cash flow. Remember a business’s cash flow is measured by how much cash is generated during normal business operations while still maintaining enough cash for everyday operating expenses.
- Cost of the Equipment
– Know your limits. Know what are you willing to spend for that piece of equipment. Weigh the pros and cons for paying cash or leasing to own that new/used equipment.
- Other Expenses
– Remember to plan for other expenses when purchasing any equipment. For example, there might be an extra charge for Installation, Training, Taxes, Maintenance, Shipping and/or Delivery Charges.
- Select a Vendor – Select the vendor of your choice or if you would like a recommendation, we can put you in contact with a qualified supplier in your area. Remember finding a vendor you feel most comfortable to work is important, especially if any issues arise after purchasing your new/used equipment.
The Bottom line is you need to make a purchase that works best for your business. Remember no two businesses are the same. Taking the time look at your businesses budget, cash flow, and financing options before making any big purchase will help you from making mistakes in the long term.
Before you make your next equipment purchase give Tri-Lease a call at 866-590-2220
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