No one wants to spend money before they have to. At the same time, you don’t want your business depending on a piece of gear that has long outlived its usefulness. So how do you know when it’s the right time to invest in new equipment?
Trevor Fillo, Senior Account Manager with BDC, says the key is to regularly take stock of your needs and check that your equipment is still meeting them. It’s a practical approach that doesn’t require sophisticated formulas or costly predictive software.
“You know for sure it’s time to upgrade if your equipment is costing you money instead of generating revenue, causing downtime or both,” says Fillo. “But there are some other things you want to think about as well.”
He offers five tips for making the right replacement decisions at the right time.
1. Assess your needs regularly