Is It Time To Replace Your Business Equipment?
April 6, 2021
Replacing business equipment can be expensive but sometimes necessary. Below are a few questions to ask yourself that could help you determine if it’s time to replace your business equipment.
Is it broken?
No business should be using broken equipment. If your equipment is damaged or faulty, you need to decide whether to repair or replace it.
Repairing equipment could be the better option if the equipment is still relatively new. You should also consider the cost of repairs – if repairing is likely to be cheap, then it may also be the better option. When looking into repairs, shop around for quotes. You may be able to save money by looking for parts yourself such as stainless steel tubing for an industrial machine. Consider whether any equipment came with a warranty and whether you can use this to get free/discounted repairs.
If equipment is past its average life and broken, then replacing it may be a better option. For instance, if a PC is between five and eight years old and has been used heavily every week, it’s probably nearing the end of its life anyway. You should consider whether you’ve already had to get repairs as this could be a sign that things are starting to naturally wear out. If the cost of repairing is also more than half the cost of a replacement, you should probably opt for a replacement rather than wasting your money on expensive repairs.
Is it still efficient for your needs?
It’s possible that old equipment may still be working but may no longer be efficient for your needs. This is an instance where you may also want to consider replacing it.
How do you know if equipment is no longer efficient for your needs? One clear sign could be that you’ve expanded your business and you’re now finding it difficult to keep up with demand. For instance, if you’ve graduated from an office with five employees to an office with twenty employees and you’re all regularly using the same printer, you may find that a simple printer is no longer fast enough for your needs. Of course, buying a second printer could be another solution.
Alternatively, you may have seen that competitors are using better equipment that is helping them to perform the job faster. This could be another reason to replace your equipment so that you’re not losing business to your competition.
If old equipment is no longer efficient for your needs but still working, you should be able to sell it. This gives you some money to put towards a replacement.
Does it look old?
Sometimes equipment can be worth replacing simply because it looks old. For instance, if you’re still using chunky computer monitors from 2003, it may not reflect well on your company image. Customers may assume that your company is out of touch and therefore not as credible. Employees may also be demoralised if they’re having to use very old equipment – it might suggest to them that you don’t care about giving them decent tools.
If something looks old, it most likely is very old and in need of updating. In fact, it may be beyond the point of selling (although you can still sell it for parts). Unless there’s some retro appeal in still using it, get rid of it.