We all make mistakes. Just today, I left my lunch at home. There’s no shame in occasionally screwing things up at your small business, particularly if those mistakes are small ones.
There’s nothing small about a mistake made when small business equipment buying, however.
Whether it’s a desktop computer or a huge piece of construction equipment, it’s rarely a cheap investment for your average small business. Considering the profit margins for your average SMB are so small, spending too much or getting faulty equipment can serve to do real damage to your business.
- – No financing where financing would have been useful. If you’re crippling your cashflow, dipping deep into your savings and leaving your company on a razor-thin edge financially, you’ve made a business mistake.
- – Paying too much. Equipment vendors want and need profits as much as anyone else. The key for you, the small business owner on a shoestring budget, is to find the vendor that’s willing to cut out the fat from a deal and get you your equipment at a reasonable rate. This is challenging, and it is a common mistake.
- – Working with a shady vendor. There’s a lot of great equipment vendors out there who care about their customers and care about quality. You should investigate ahead of time to make sure you don’t accidentally blunder into the unfortunate minority of sellers who engage in unscrupulous practices. It’s a huge mistake not to do your homework.
- – Buying used when you have a long-term need. Sure, it may save you some money in the short-term, but a piece of equipment prone to breaking down later in life doesn’t do you a whole lot of good if you’re going to need that new bulldozer for eight years.
Avoiding these mistakes will help you ensure that any equipment you buy or lease will last you a long time and not break the bank for you. As I said above, there are no small mistakes when buying equipment, so it’s better not to make any at all.
How do you avoid mistakes?