To lease business equipment or purchase it?
Business owners often ask that question. While leasing equipment may seem like a more affordable option, buying new tools can benefit your company on multiple levels.
Here are five benefits of equipping your company with new tools.
1. Ensuring Employee Productivity
New equipment is critical for boosting employee productivity. Appropriate business tools will automate many manual and repetitive aspects of your employees’ jobs. They will be able to perform tasks faster, safer, and with better quality.
New and updated equipment requires less maintenance and resource usage. Since it reduces employee interaction and supervision, it minimizes the risk for human error.
2. Maximizing Workplace Safety
Even when maintained and inspected regularly, used equipment still poses a safety risk. For example, machinery that uses heat could cause scalding or burns. Tools that transmit vibration into the hand or the whole body could cause long-term disability.
The lack of physical safety in the workplace can impact your company in many ways:
First, it decreases employee morale and productivity. Being continuously concerned about their safety, your staff members will not be able to perform at their best.
Second, injuries in the workplace can compromise your company’s budget. You would need to pay worker’s compensation and cover a wide range of additional costs.
When investing in new equipment, you will reduce health risks in your organization. Still, risk assessment and prevention should remain your top priority. Here are a few additional steps to ensure employee safety when buying new equipment:
- Invest in first aid supplies and update them regularly.
- Provide personal protective equipment.
- Ensure the equipment is suitable for the intended use.
- Install safety guards on parts of the equipment that may cause injuries.
- Provide employees with guidelines on how to reduce safety risks.
3. Reducing Cybersecurity Risks
The Internet of Things is evolving at an astounding pace. According to Statista, the number of devices connected to the IoT will have reached 75 billion by 2025. That includes your company’s computers, tablets, smartphones, webcams, routers, manufacturing equipment, vehicles, and security systems.
Unsurprisingly, with the growth of the IoT, cybersecurity threats have risen exponentially. More connected devices mean greater risk, making your company vulnerable to data breaches. And, when it comes to online security, your old equipment is the weakest link.
Outdated devices, such as computers or servers, cannot support the latest cybersecurity software solutions. As such, they can leave your organization at greater risk of data breaches, malware, and damage.
New equipment, on the other hand, incorporates more sophisticated security solutions. It provides you with the latest software updates and patches, helping you minimize cybersecurity threats.
4. Boosting Employee Satisfaction
For any modern business, attracting and retaining top talent is a priority. To do that, you need to keep your employees satisfied and engaged. According to research studies, 69% of employees would work harder if they were better appreciated.
That is where purchasing new equipment plays a vital role.
Namely, by providing your staff with new equipment that aligns with their responsibilities, you will simplify their day-to-day tasks. They will stop wasting time doing repetitive and dull tasks and focus on the creative aspects of their jobs.
Better equipment also means your staff will perform tasks faster and more efficiently. That is a chance for them to boost daily performance, manage their time more effectively, and balance private and professional life more successfully.
Finally, purchasing new equipment indicates that you are investing in your employees’ needs and future. That will boost their morale and productivity.
5. Taking Ownership
Leasing business equipment seems like a simpler and more affordable solution. However, this is not always so. Namely, when leasing equipment from a third-party company, you are at their mercy. You cannot make any updates or changes to hardware or software unless a leasing company approves that.
They are also in charge of checkups and maintenance, which may harm the safety and performance of your tools.
When purchasing new equipment, on the other hand, you have the autonomy to make changes when necessary. Even if you decide to close or sell your company one day, you can sell your equipment.
Over to You
Even though it may seem like a needless expense, purchasing new equipment should be your top priority. It improves workplace productivity and boosts employee morale. Updated equipment also enhances your company’s agility and gives it a competitive edge. Above all, it maximizes employee safety and strengthens business security.
Do you purchase or lease business equipment? Share your experiences with us!
Eve Anderson is a marketing specialist turned blogger. Interested in sports and exciting travel destinations. Love to share content that can inform people.