Saving money on your business equipment in 2020 is possible, but you need to be smart about it. Below you’ll find 5 foolproof ways to save money on your business equipment that nearly always work – although you may need to use your better judgment on which of them are right for you.
Take a look and see how you can save money on business equipment in 2020:
1. Buy Second Hand or Refurbished
Look into buying second hand or refurbished equipment before buying brand new equipment. There’s no real reason you need brand new equipment, especially if you’re on a budget.
Many second-hand items or refurbished items will work just as well but you’ll save a huge amount of money – especially if you’re buying something in bulk.
2. Be Honest About What You Need
Be honest with yourself about what your business needs. Buying unnecessary things may be a false starter – it doesn’t mean you’re going to have a better business just because you have more/better equipment.
Maybe you need a bundle of prescription safety glasses, but do you really need the fanciest chairs you can find?
Chairs should be comfortable and ergonomic if people will spend a lot of time sitting in them, but there’s no reason they should be the most expensive or lavish.
3. Create Strong Relationships With Your Suppliers
Creating strong relationships with your suppliers right from the get-go can make a big difference in how much you save over time.
It’s always worth looking into reputable suppliers that like to build relationships with their clients as you’ll often be able to negotiate better deals with them later on. You can find great suppliers by asking around or even by searching on LinkedIn.
Great customer service and a high-quality product are crucial but remember you might need to stick with a supplier for a little while before they will cut you an amazon deal. It’s also worth noting that it can be worth paying more for a service when you know you’re going to get incredible customer service.
One business may provide a cheaper product but have non-existent customer service.
4. Hire Freelancers and Contractors
Hiring freelancers and contractors as often as possible can help you to save on both equipment and office space.
Freelancers and contractors will have their own equipment and many may be able to work at home depending on the job, so this can help you to save on equipment costs as well as your overheads if you do it right.
You may need some full-time employees, but do you really need to hire in-house for every position?
5. Practice Negotiating
Your negotiation skills can have a huge impact on the kinds of deals you get. This can be intimidating at first, but the more you practice, the better you’ll get at it.
Don’t be afraid to walk away from a deal if you reasonably think you can get a better one elsewhere – you might just get a call later on agreeing to your original proposal.
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