Technology moves fast these days, and as a small business owner in the fast-growing tourism industry, you need to make sure your equipment can keep up with the demand, and the busy periods, whether that is during the summer months or harvest.
Now you may think that most business owners turn to an equipment loan to finance new or upgraded equipment such as heavy machinery, trucks, cars or industrial kitchen fit outs. However, you can get a lot more innovative than you think about how you use equipment financing to suit your growing business needs.
So, what is an equipment loan?
An equipment loan is when you have purchased an asset through finance and use the equipment as security. Usually, no deposit is required, and you may be entitled to claim GST depreciation and interest expenses plus there are flexible and tailored repayment structures depending on your cash flow needs.
- Turn your business Green –Make green thinking a part of your business culture and invest in sustainable solutions for your business, and for your environment.Being environmentally friendly is a trend that, fortunately, many businesses are jumping on board with, and we think that you should too. Take the time to think about how you can make the biggest impact by making a small change?Could you invest in solar panels to power your business? Or simply switch your equipment for energy rated tools which can significantly reduce your energy bills in the long term?
- Upgrade your POS system –A smooth checkout process is important for your business efficiency but also for your customer satisfaction, and every business requires a different solution.Whether it is ‘Square’, the smart contactless card reader for your flexible working needs that can be linked to any Apple product, or an integrated POS that knows the intricacies of your menu, and the complexities of your inventory set up; an upgrade can always improve the efficiencies of your staff and the profitability of your business.
Why purchase equipment with finance?
Even if your business has enough to purchase outright, there can still be advantages of using financing. Alongside having enough capital to fund your regular operations it will also leave enough to pursue other growth opportunities when they arise.
This competitively priced product provides access to capital while being able to manage your cash flow more effectively, which is very important now that we are coming into the winter months.
So, who can you trust to get your equipment financed?
The experts in equipment finance are none other than the teams in your local Bendigo Bank branches. As the fifth largest bank, they have the most satisfied customers of any Australian bank (Roy Morgan, 2018) and are who Geelong locals are turning to, to help grow their businesses.