If you’re looking to replace your office equipment or perhaps purchase equipment for the first time – you’re probably wondering whether it’s best to lease or purchase the equipment outright. While there are good reasons to choose either option, here are the top 5 reasons to lease your office equipment, rather than purchase it.
Why You Might Want to Lease Your Office Equipment:
#1 KEEP YOUR TECHNOLOGY CURRENT
Technology changes at an astounding rate. Even in the course of just one year, a piece of technology you purchase could go from being cutting-edge to obsolete. That being said, technology has never been a more important part of an efficient business. The many advances in business technologies have allowed us all to do more with less. That’s why businesses can’t afford to be left behind by being stuck with old, outdated technology. From your computers, to the software you use to your copiers and printers – your technology can become outdated every 3-5 years, slowly dulling your competitive edge. When you lease your office equipment, you have the opportunity to upgrade and refresh your technology on a regular basis, making you more nimble and productive year by year.
#2 PAY NOTHING UPFRONT
This is a big one. Everyone knows the old saying “You have to spend money to make money.” While this is true, it’s also important to keep money in your business’s bank account. Leasing your office equipment can mean the difference between taking thousands of dollars from your pocket to invest in equipment that will soon become outdated OR getting the equipment you need and paying a low monthly price. This means that more of your capital is available to help cover other business expenses, especially the unexpected ones.
#3 PREDICTABLE MONTHLY EXPENSES
Which brings us to #3. When leasing your equipment and paying a monthly price, your expenses become much more predictable. When you purchase equipment outright, the cost of the equipment is only part of the total cost of ownership. Things like maintenance, repair and consumable supplies need to be considered as well. Many times the cost of things like service and supplies is built into the monthly cost of the equipment lease for a certain amount of time or a certain number of pages so that you don’t have to pay on an as-needed basis during that time.
#4 GET NEWER, MORE SOPHISTICATED TECHNOLOGY
It’s true what they say, you get what you pay for. That can be a struggle for some businesses, especially those that are small or just starting out. In a lot of cases, business owners have to make a choice between having the best technology for the job or having the technology they can afford. Sometimes the cheaper option can hold you back from making good progress or getting your work done with less error and in less time. When you lease your equipment, you have more freedom to choose more productive, more sophisticated technology because you don’t have to come up with all of the money at once.
#5 IF YOU LIKE IT, YOU CAN PURCHASE IT
Good news, if you get to the end of your lease and you decide you love your equipment and don’t want to upgrade it, you can purchase it! Usually you can purchase it for a very good price. Many businesses that lease equipment will purchase the end-of-lease equipment in addition to leasing new equipment. This is a great way to purchase equipment you know you like very inexpensively while adding newer, more efficient equipment to your collection. This is an especially good option if you are consistently growing and need more equipment than you did before.
Les Olson Company offers a variety of business products that can help make your office workflow more efficient including Sharp Copiers and Digital Presentation Boards, HP Printers, Document Management Software and much more. We are also proud to be able to offer our customers the option to lease their equipment through our in-house leasing company, Revco Leasing.
Benefits of Leasing Through Revco
- You can seamlessly upgrade or add equipment to your lease through Les Olson Company
- Profit and productivity is achieved through the immediate availability and use of the equipment
- Working capital can be conserved and invested in your business
- Purchase option can be exercised at any time
- Accounting and depreciation is simplified
- Today’s prices can be locked in