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In our quest to save money, many of us often end up sacrificing quality. When it comes to business equipment, this can include buying cheap low quality equipment or clinging onto worn outdated equipment. 

While finding ways to cut costs in business is important for maximising profits, you generally shouldn’t try to skimp on equipment. Below are just some of the dangers of using poor quality business equipment – as well as some tips on how to afford better equipment.

The dangers of using poor quality equipment

Poor quality equipment could affect your business negatively in several ways. It could result in…

Reduced productivity

Low quality equipment will likely make your work slower and could result in poorer quality results. For example, a low quality tractor on a farm may not be as fast and may break down more frequently than a higher quality tractor. 

Safety concerns

Poor quality equipment may not be as safe in some instances. When buying steel oil tanks for example, you want something that’s going to be durable and not leak. Skimp out and you could be increasing the risk of a fire.

Poor public image

Using low quality equipment may have a negative impact on your public image. If customers go into your office and see you using worn outdated computers, they may assume that your company is also worn and outdated. 

Increased long-term costs

You may not even save any money by using low quality equipment. In the long term, a poor quality coffee machine could cost you more in repairs. When it comes to old machinery, you may even pay more in energy bills. 

What’s the most affordable way to update my equipment?

Most companies will put off upgrading their equipment because of the cost. While you will have to invest some money into updating your equipment, you don’t have to spend huge amounts upfront.

A good option could be to rent equipment. This gives you affordable access to top quality equipment without paying huge amounts upfront or having to take out a loan. Renting is common with everything from tradesman tools to office computers.

Another option is to find something second-hand but gently-used. Second-hand equipment is almost always cheaper to buy than new equipment, however it doesn’t have to be old and worn. You’ll find many companies that have been forced to close selling equipment in nearly-new condition at an affordable price. Take your time looking around on sites like Gumtree and Craigslist in order to find this equipment. 

Borrowing money to buy high quality equipment is common. If you do go down this route, make sure to shop around for loans so that you’re not getting ripped off by high interest rates. Some sellers of equipment may provide finance. In other cases, you may have to find your own loan elsewhere. Bank loans can have pretty good interest rates, but may have stricter requirements to be approved, so bear this in mind when applying.