Hiring vs Buying IT For Your Business – The London Economic

Hiring vs Buying IT For Your Business

Need to upgrade your IT equipment? With so many business considerations to bear in mind, it can be all too easy just to go with the option you went with before. However, in doing so you run the risk of missing out on solutions that can save you not only time but also money.

So when it’s time to upgrade your IT equipment, it’s worth investing in finding the right devices to suit your business needs.

Whilst buying your equipment outright means that you own the tech, renting also provides a whole host of advantages. Let’s take a look at the main business considerations that you need to make when deciding whether to hire or buy IT.

Business Needs

First of all, you need to define your business needs. These will no doubt be steered by your overall aims and goals. For example, what do you need the technology for? If you need new equipment to perform certain tasks, you need to ensure that it’s up to the job. After all, there’s no point getting new tech in if it ticks only half of the boxes.

Also think about any obstacles that you need to overcome. Whether you have to wait for business sign-off or budget reviews before you can get your tech, they need to be kept in mind when deciding which option is right for you.

Equipment Use

The next step is to determine how you will use the equipment. Start by thinking about how frequently you’ll need it. If the answer is constantly and by many employees, you may want to consider buying or renting in bulk.

On the other hand, if you have trade shows and presentations coming up you should identify the pieces of tech that you need to make them a success before the competition beats you to it. In this instance it might be more worthwhile renting the equipment if you don’t think that you would use it immediately afterwards.

Whichever option you go for, it’s important to ensure that your equipment is available on demand.

Time Efficiency

Most IT equipment can be shipped rather promptly, but then you have the not-so-nice task of setting it all up. When you rent your equipment it will be ready to go with the latest software installed, meaning you can get started straight away.

Another time-saving tip is to research where you would stand if the equipment developed a fault or someone caused damage to it. If you opt to buy your tech, most companies offer a 12-month warranty as standard, but always make sure that you read the small print. Remember that some defects may not be covered by your policy.

The majority of IT rental companies will provide technical support as part of their package, leaving you with more time to focus on the really important matters while they get to work.

Business Expenditure

Now it’s time to get down to the nitty gritty. How much budget do you have for your new IT equipment? With the best will in the world, many businesses will struggle to operate without high-quality equipment. Inevitably, it’s going to be a balancing act between cost and quality.

If you opt to buy your equipment, it’s important to make you sure you shop around to get the best price possible. The reason for this is that, just like when you buy a car, it will depreciate in value over time so you need to make sure you’re making a good investment. It’s also worth noting that once you buy your equipment you’re stuck with it, so don’t part with your cash until you’re 100% satisfied with your choice.

The benefits of renting your equipment are that it preserves capital and can easily work within any budget constraints you have. A nifty bonus is that rental equipment is normally tax-deductible.

IT Support

Occasionally, your equipment is going to need some TLC to keep it ticking over. As much as we would love our tech to be invincible, it does have its bad days. So it’s important to make sure that you’ve got the right IT support in place.

If you opt for purchasing your electronic devices, you’re going to need reliable support staff to hand. If you decide to rent your devices instead, you’re not left to fend for yourself: most rental companies will offer a support service. Either way, you’ve someone to turn to in case of an IT dilemma or disaster.

Conclusion

Both options provide a host of business benefits. But the clear winner is renting for a number of reasons, including:

  • The flexibility it provides
  • It’s cost-effective
  • You can easily test and prove concepts

We’re not alone in this opinion. A recent industry survey showed that 63.1% of businesses hire IT equipment each year.[1]

The best option for you is the one that meets all of your specifications. To find out more about the buying vs renting IT equipment debate, visit Hire Intelligence’s interactive guide.

About Hire Intelligence

Hire Intelligence is a market leader in the rental of IT, AV and electronic equipment. The company operates in four countries and provides solutions to more than 25,000 customers.

[1] http://www.hire-intelligence.co.uk/blog/business-trends-in-it-hire-the-stats-infographic

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