The ongoing COVID-19 crisis is continuing to impact the way small businesses operate putting extra strain on budget and resources. Particularly hard-hit are retailers, who have had to close for extended periods, cut staff, and completely redesign interiors to meet health and safety standards.
Many of these standards include new calls for signage to assist with social distancing, spell out company policies regarding hygiene and safety and address issues regarding cash handling and check-out procedures.
Yet, small retailers in particular are struggling to keep up with these new demands on time and resources. In fact, one study showed that the average store with monthly expenses that totaled over $10K only had enough cash set aside to last for two weeks.
The average small business is so busy trying to keep items in stock and keep staff healthy — and paid — that there is little leftover in their shrinking resources to purchase the critical pieces of office equipment they need.
Access to a state-of-the-art wide-format or color laser printer or a copy machine would increase the ability to produce eye-catching signage — including marketing collateral to increase sales — and reduce the expense and inconvenience of outsourcing these critical materials to a third party.
For these reasons, equipment leasing offers a smart way for retailers and other small businesses to get the technology they need to thrive without depleting their limited resources.
The Benefits of Equipment Leasing
Office equipment can be expensive to purchase and maintain, and, with technology advancing at a rapid pace, many machines become obsolete and outdated quickly.
If your business needs new office technology, but you don’t have capital on hand to invest, leasing is an intelligent option. Here’s why:
- You Can Keep Your Capital
The small business doesn’t have a lot of leeway when it comes to capital expenditures and purchasing office equipment can take a big bite from your budget. A lease, on the other hand, spreads the cost of ownership out over a period of time so you can put your reserves to better use.
- Say Goodbye to Obsolete Equipment
With a lease, there is no obligation to purchase the equipment at the end of the term (although some leases offer the option to do so, it is only an option). That means you can easily upgrade your equipment to a newer, better model at lease end.
- You Can Qualify for Tax Breaks
Some leases are eligible for tax breaks. According to Section 179 of the tax code, your equipment lease or finance agreement may qualify you for a deduction of the full amount of the equipment, even though you have not made an outright purchase in the full amount.
- You Don’t Have to Worry About Maintenance
Equipment maintenance and monitoring supplies can be a real headache — particularly for businesses that are understaffed or do not have the convenience of an in-house IT department.
Most leases come with included routine maintenance, troubleshooting, and supply replenishment, ensuring reduced downtime and allowing your staff to focus on mission-critical tasks.
With all these benefits, equipment leasing makes perfect sense for the small business or retailer struggling to stay afloat amidst the ongoing crisis.
First Phase Data Has the Right Equipment — and the Right Lease — For Your Business
We know how difficult it can be to run a business without the right equipment. That’s why at First Phase Data, we focus on finding smart financial solutions for our small business clients.
One of our most popular cost-saving solutions is equipment leasing. We have compiled a wide array of cutting-edge equipment from leaders in the industry such as Xerox, Lexmark, and Oki to bring you the state-of-the-art resources you need to help your business thrive.
Our choices range from Fair Market Value Leases that offer the lowest monthly rate, to Capital Leases that allow you to take ownership of the equipment for just $10 at the end of the lease.
Both choices allow you to get the equipment you need without taking out loans or drawing down precious capital resources.
Get the right lease — and the right equipment — for your business needs. Contact First Phase Data today and let our team of leasing professionals outfit your enterprise with the technology you need at a price you can afford.