When it comes to buying equipment for your construction company, there are several steps in the process. However, with these steps also come some pain points.
This article talks about identifying and overcoming the pain point so the construction equipment financing process—no matter how larger or small the purchase—is easier.
- Pain point number one is getting started. Where do you begin the journey, especially when you’re in a rush?
- If you already own equipment, do an inventory to see what you have available and if it’s a contender for sale–quickly.
- If selling current equipment isn’t an option, start with forecasting. Look at your financial statements to see if you have the cash flow to manage a monthly loan or lease payment. If so, for how long? Ask yourself if it’s a viable option for the long or short-term.
- Determine if you need to buy outright, upgrade, or expand.
- Decide if new equipment is required or if used equipment will work.
Once you have the answers, you can begin to formulate the financial plan.