This week Michael Lockwood, President of TEQlease Capital, wrote an article for Up and Running Blog titled “10 Things to Consider before Replacing Business Equipment“. We are including an excerpt from that article below. You can read the entire article at the link referenced above.
With the end of the first quarter in sight and with economic indicators continuing to look positive, many businesses may finally be ready to pull the trigger and replace their worn business technology equipment. Regardless of whether you are looking to move your business computing to the Cloud or to upgrade your computers, servers, smart phones or any technology equipment, before taking the plunge we recommend that business owners follow the tips below.
- Carefully research the technology you are considering. Make sure to invest the time into reading reviews of the equipment you are considering from analysts and professional reviewers such as CNET, PC Magazine, Small Business Computing, eWeek and Consumer Reports.
- Remember the cheapest solution may not be the best fit. If you are planning on keeping your technology for three years or more, make sure you opt for the “best solution” for your needs. Determine what it will be worth in 3 to 5 years.
- Choose your equipment vendor wisely. With all the easy comparison shopping that is available online make sure to compare costs and warranties across multiple vendors. No one wants to pay a high cost and neither does your financier.
- Understand Section 179 benefits. Section 179 allows businesses to deduct the cost of qualifying businesses equipment placed in service in 2012 up to $125,000. In 2013, the deduction will drop significantly to just $25,000 unless Congress acts.
- Carefully investigate your financing options. To learn more about equipment leasing and its benefits, you can read our post “Eight Equipment Leasing Tips” or contact us .