Buying something new is always exciting. A new purchase is a reward at the end of all the careful research you did to make sure you selected the best product on the market and it feels good for a while!
Three years into the life of your forklift ownership that new equipment smell has likely worn off and you are left with a forklift with declining efficiency. Or worse, one that no longer meets the needs of your growing business, and your returns are diminishing. That is not what you expected when you made the purchase or is it?
For many companies large and small, leasing your fleet is an excellent option that can offer much better returns than purchasing without a substantial capital investment. I have thought of a few good reasons you might consider leasing your next forklift.
When your best-laid plans reap big rewards, your business is likely to grow. Growth breeds change and ultimately you will need a forklift fleet that is flexible and can adapt to your needs.
Has any business owner ever said, “I think we are selling too much….We better rein it in.” I doubt it! When your best-laid plans reap big rewards, your business is likely to grow. Growth breeds change and ultimately you will need a forklift fleet that is flexible and can adapt to your needs. Leasing forklifts allow for automatic and consistent replacement cycles dependent on the term you choose to lease.
Preserving cash is important for every business, but especially so for businesses with strong growth potential. If your money is used in a capital investment like forklifts, you will have less cash on hand to increase your own product inventory, expand your salesforce or execute on the next important IT purchase. Forklift leasing conserves cash and requires relatively low monthly payments versus purchasing, which requires large initial outlays of cash and means less liquid capital for your business.
Technology is advancing at a breakneck pace and forklift manufacturers are no different. Even if your productivity and efficiency with a forklift you own outright is stable, there is the potential that one could be rapidly falling behind. If the competition is continually gaining the benefits of the most current technology by consistently rotating their equipment fleet with new forklifts, you could be missing out on opportunities to stay competitive. With flexible or short-term leases, you will be able to upgrade your forklifts to keep up with the latest technological advancements.
Many businesses that purchase forklifts point to a better ROI as one of the main reasons they purchase. Sometimes they’re right, but not always! Your ROI is dependent on specific needs, and forklift leasing can help increase cash on hand, which will support the reallocation of your cash investments back into your business. When considering your next forklift acquisition, consider leasing as a viable solution to potential financial challenges.