In the catering business, the quality of your equipment can dictate the survival and long term viability of your company. If done properly, the purchase of new equipment can bolster a company’s efficiency and enable it to get more customers.
Certainly, the acquisition of new equipment should be balanced with a few key considerations, chief of which is the catering business’s cash flow.
Before acquiring new equipment, careful consideration should be made, especially on matters related to budget, sourcing, and long term planning.
By taking these into account, your business can acquire much needed equipment without sacrificing other facets of your operation.
What is the best way to purchase new equipment for a catering business?
1. Create a budget
Before thinking about which equipment to purchase, it is important to create a realistic budget. Ideally, you should create a separate account which will be used for the sole purpose of buying much needed tools and equipment for your catering business.
Creating a realistic budget can also help you determine how much money needs to be set aside every week or month.
2. Set a timeline
One of the most common mistakes catering businesses make is believing that acquiring new equipment in one go is the best option.
Instead of upgrading your catering business’s equipment all at once, it is highly recommended to create a timetable for the purchase of these.
The creation of this timeline will help ensure that much needed upgrades are acquired without compromising your company’s finances.
3. Weigh your options
Another common mistake that many catering businesses commit is to purchase equipment on a whim without carefully studying available options.
As you list the new equipment that your business needs, it will be helpful to identify the brands you can choose from, the different maintenance options, projected improvements in efficiency, and potential suppliers.
Catering businesses should also look beyond a favoured brand and consider the offerings of other manufacturers which can deliver the same quality at a lower price point.
4. Compare prices
Catering companies should take full advantage of the benefits of researching available options through online research.
Go online and compare the offerings of different brands based on a few key points like price and user reviews.
Other important factors to consider before purchasing new equipment include warranties, long term viability and financing.
Ready to purchase new equipment for your catering business? Portman can help you get the necessary equipment your company needs while helping you avoid common pitfalls through catering equipment finance.
Contact us today and discuss affordable finance with one of our account managers.