Is your business looking to increase cash flow? One technique, which has benefited large, established businesses for years, is now seeing a huge growth in popularity among startups and smaller companies. It’s called technology leasing. Technology directly affects the flow of business. According to a study from Techaisle, 52 percent of small- to medium-sized businesses report that “technology helps drive the direction of their business.” But rather than purchasing a new round of devices every year or two, an option worth considering is leasing the technology you need.
Most technology leases last between one and three years, so your company will always have the most up-to-date devices each lease cycle—without having to buy a whole new fleet of equipment. Another upside to technology leasing is that the monthly payments are predictable and controllable. As long as you don’t add or take away equipment from your lease, the payments will be the same each month. This makes it easy to incorporate upcoming cycles into your budget. Most leases also require little to no down payment, allowing for minimal upfront costs, unlike other purchasing options.
The Rewards Outweigh the Risks
There are some risks inherent with any lease, such as being locked into paying for equipment that you no longer use. But many technology leases include upgrade options that ensure you have access to the latest and greatest tech for your business.
While buying new devices may seem like a good way to stay in full control of your equipment, it requires a lot of money upfront. And a few years down the road, when a better and more useful device hits the market, you could be stuck with equipment that’s difficult to get rid of. For many businesses, purchasing new equipment every year is unsustainable; but, leasing makes the cycle manageable.
Technology Leasing Offers Long-term Savings
Technology leasing ensures you have access to the best tech solutions that will help save you money. Plus, updated security measures will protect your data from costly cyberattacks and data leaks while modern devices will help your team work more efficiently, newer services such as VoIP will reduce phone bills and long distance fees, and cloud-based services will cut down on software licensing costs.
In short, it pays to avoid technology obsolescence—and technology leasing is a way to do just that, without paying too much. Have you used technology leasing in your business? We’d love to hear about your experiences in the comments section below.