Much like any investment we make in our business, we have to be smart about how we spend our money and calculate how much return we get on it. Essentially, this means that we need to hire professionals that understand the industry and how to use the new equipment we plan to buy or hire.
For instance, if you’re operating a design business and want to upgrade the computers that your staff use, then you’ll need to ask them or an IT expert to learn what tools are the best value for your money. At the very least, you need to learn about the equipment yourself and ask for advice to make the best decision for your business.
Does the equipment suit your business?
There’s no use buying something like a high-spec computer if all your workers do is type up word documents and fill in spreadsheets. Expensive equipment isn’t going to make your business run more efficiently, but it does open up more possibilities if used correctly.
For instance, if you operate a workshop that works with wood and metal then your possibilities are extended with each new tool you get. For instance, without a dust extractor or vacuum, your staff are going to waste a lot of time cleaning up after each job, and without milling machines, detailed cuts and designs won’t be possible.
In short, you need to understand what each tool provides you from an investment standpoint. Don’t buy equipment that won’t be used, and focus on tools that expand your available options and pave the way for new products, better employee satisfaction or increased productivity.
Hiring or buying
In many cases, it’s possible to hire expensive equipment instead of outright buying it. This is helpful for startups that are a little low on money or companies that wish to experiment temporarily before investing in the machine itself.
If you’re unsure what a specific tool or piece of equipment can offer you even after doing ample amounts of research, then consider contacting a business to rent a machine first. When you rent the machine, it’s important that you test it as rigorously as possible.
Make sure every use case scenario is tested, ensure that all your employees get a chance to try it and give their opinion, and make sure you record how positive or negative the overall addition is.
Don’t be afraid of cheaper solutions
In many cases, you can avoid paying a premium for expensive solutions by instead looking at cheaper alternatives. The amount of money you can save will depend on the type of equipment you plan on buying, buy if you’re a startup, any savings you can make will add up in the long run.
For instance, if you are building a software design team and you need to invest in your design and marketing department, you might consider buying a screen tablet device so they can use programs such as Photoshop more easily. However, the most reputable manufacturer of these devices, Wacom, charges several thousand dollars for a single device.
This cost can be mitigated by making smart investments in alternate solutions such as Huion or Ugee who sell similar devices, albeit at a slightly lower quality, for a much lower price. Enabling your design team to work on a pen display device opens up many new possibilities, but as a startup, they don’t need to industry-standard and absolutely best tools to work.