Three Things to Consider When Making a Large Business Purchase

Whether it’s investing in a new vehicle or buying three new computers for your employees to purchasing office space, large purchases are something a business should consider carefully before making the leap. Depending on what you purchase there are different things to consider, but overall, there are three main things you and your business should think about before purchasing.

Is this purchase the best deal for my needs now and in the future?

When considering large purchases, most businesses need to make sure the purchase is the best fit for your current needs and for the future also. Sometimes we have a current pain in our business that causes us to think we need to make a large purchase. Your office printer broke down and you need to get that report printed as soon as possible. Your ten-year-old car started making that metal on metal grinding noise and you are scheduled to drive five hundred miles to give a workshop.

These immediate needs are certainly things that need to be taken care of, but when you’re considering making that large purchase, take into account whether or not the product you’re buying is going to last. Do your research because the least expensive item may not be the item that lasts the longest. Looking up the item you’re considering on Consumer Reports, is a great research option. Even though the need may be immediate, taking the time to research the best deal for you and your business will help you save money in the future.

Will my business be making payments for this?

If you’re making a much larger purchase than you’re currently able to pay for in one lump sum, you’ll need to get financing and probably make payments. Are you able to make the monthly required payment? Is your purchase within your credit capability? Many new businesses are trying to build credit and just like your personal finances, your business needs to stay within its means to stay afloat.

If something does happen and you need help to refinance, there are options for small businesses including a debt relief order. In any case, making sure you can handle the payments and the debt is reasonable for your company are important things to consider.

What is the return policy of the large purchase?

Most large purchases come with warranties, etc. Make sure you know everything about the warranties, returns, etc. Sometimes, businesses require you to keep the original packaging and return the item with all pieces that were included. For example, in regards to tablets and smart devices, many companies require that the original charging cords be send back as well as all documentation. You could lose thousands of dollars by not knowing exactly what the requirements are to return your product or if it needs repair. The larger the product, the more detailed the returns and warranties usually are.

Don’t hesitate to reach out to your lawyer to review any policies before you make the purchase. You are an advocate for your business and you will want to know all the details of what your rights are, should something go wrong.

If you consider these three things when you are making a large business purchase, you’ll likely end up with the best deal for the most value. In addition to getting the best price, making sure it lasts and will be a benefit to your company for years to come are important factors to also consider.

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