When your small business is on a growth streak, you feel all your hard work is paying off. Everything is moving in the right direction, and every day is an opportunity to find a new customer, discover ways to grow, and improve your bottom line.
There is no doubt that adding equipment increases revenue potential - but when should you make your next move and how? Equipment financing can help you get equipment as soon as possible with a low monthly payment.
If you're thinking about buying equipment, here are four ways your business is telling you it’s time to expand.
Four Indicators It’s the Right Time to Add Equipment with Financing…
- You are declining opportunities due to lack of equipment or enough staff.
- Your business expanded into a new location or added more staff.
- You’re looking to enter a new market or tired of outsourcing.
- You can win new contracts by decreasing your turnaround time.
Reason #1: You are declining opportunities due to lack of equipment or enough staff
No business wants to be forced to turn away customers. But if you’re not equipped to handle a high volume with enough equipment and staff, this problem will always remain. Your business is indicating it’s time to capitalize on that demand!
Every time you have to turn a potential customer away is lost revenue – let’s fix that. It’s time to start looking into if you need to add equipment or upgrade it.
Depending on your industry, here are some recommendations on what to consider financing:
- Decorated Apparel Industry: Does your current unit produce one garment at a time? Maximize your volume by upgrading to a machine that can produce many at once. For example, multi-head embroidery machines and automatic screen printing machines can produce 6 + identical garments simultaneously. Talk to Beacon Funding about the advantages of trading in your current machine when you finance.
- Commercial Truck Industry: Unfortunately, it’s still impossible for one truck to be two places at once. To say yes to more calls, your best bet is to finance an additional truck to keep up with higher demand. When choosing which model to add, consider the customer calls you are receiving. Find the truck that services that market.
Schedule a talk with a financing consultant today to see how you can add equipment fast with financing.
Reason #2: Your business expanded into a new location or added more staff
If you expanded your enterprise, you need equipment to operate it. You don’t want your new location to be less effective than your old one.
Plus, if you have more employees, make sure you have enough equipment to keep them busy. Otherwise, you could be missing out more opportunities that could be growing your revenue stream.
- Decorated Apparel Industry: If your business recently added a new shop location, it’s expensive to fill your location with new equipment. Consider financing equipment for your new shop to decrease your upfront capital investment. This will make it more affordable for you to spend your cash on operating expenses like supplies, such as threads, garments, and other items you can’t finance.
- Commercial Truck Industry: If you just added a new location to expand your service radius, you’ll want to make sure you have enough trucks to keep your drivers busy. Equipment financing can be an affordable way to get your new trucks without spending all your hard-earned savings. That way, you can use your cash for paying your new drivers.
If you’re unsure about how you can get new equipment, schedule a time to talk with a financing consultant today.
Reason #3: You’re looking to enter a new market or tired of outsourcing
Do you lack the equipment to increase your capabilities? Stop losing revenue by getting the equipment you need to offer your new service inhouse.
- In Decorated Apparel Industry: Are you currently outsourcing your folding and packaging? Taking it inhouse could increase quality control, decrease lead times, and improve product quality. Financing a specific machine that fulfills that requirement is a great way to quickly complete your product chain.
- In Commercial Truck Industry: Are you having to refer people elsewhere because you don’t have a truck that can handle bigger vehicles. Entering that market by financing your next heavier duty truck could increase your revenue.
Want to know your options? Schedule a time to talk with a financing consultant today.
Reason #4: You can win new contracts by decreasing your turnaround time
Do you think your business can do better? Are customers complaining on how slow your services are? Maybe you see an opportunity to become more efficient. That’s where more (or even better) equipment can help.
- In Decorated Apparel Industry: If you get last minute, large orders that need to be done quickly that you can’t fulfill – then now is the time to get equipment. Customers want orders sooner than later and expect finished orders as soon as possible. By delivering their product quickly, you can be their hero.
- In Commercial Truck Industry: When a customer calls, you want to get to them sooner than later. It might be time to establish a new location if you keep getting calls out of your service radius. This can help you capitalize on customers you didn’t even know about.
See how easy it is to upgrade your equipment. Schedule a time to talk with a financing consultant today.
See How Much Equipment You Can Afford by Getting Pre-approved
Any of the above scenarios sound familiar? Now could be the right time to add equipment. Apply today to get pre-approved for equipment financing and see explore how affordable it is to expand.
There’s no cost or commitment to getting pre-approved. Within 24 hours, you’ll have the answers you need to shop with confidence. Learn your:
- Maximum lease or financing amount
- Monthly payment estimate
- Maximum lease or financing term
- Total initial cash required
- End-of-lease purchase option
By getting pre-approved, you make your next move by adding equipment you can comfortably fit in your budget.