With the advancements in technology witnessed within the last decade, the apparent use of technology in business has led to billions of dollars being invested into business and technological integration.
Technology is often at the heart of every modern business. With the persuasions of going environmentally friendly and leaving a positive carbon footprint to the effective forms of communication and delivery with customers, it is almost impossible to fault the integration of technology in business.
According to a report titled 2016 Snapshot of the Australian Workplace by Dr Lindsay McMillan OAM, “over 40% of workers are relying on technology to perform over 75% of their work.” Reference to technology is made in relation to both hardware and software and include desktop computers, laptops, printers, servers, telecommunications systems, and software programs.
The type of technology required to operate a business will naturally vary from one to another. For example, an accounting business may require the loan of laptops, a server, networking equipment, a printer, as well as an accounting software and other customer relationship management software.
In contrast, a small moving company may only require a desktop computer, networking equipment, a printer, and a customer relationship management software. It is recommended that consultations should be made with a technology expert to help determine the most effective and appropriate technology equipment for your business and situation.
Regardless of the size of your business, it is a known fact the business environment is an extremely volatile one. With costs of operations ranging from manageable to relatively demanding, having an option for technology financing can help alleviate any unnecessary stress on your business.
Essentially, a technology loan is a form of financing that is specifically tailored for technological equipment. In some cases, companies may specify that the loan is for business purposes while others may not.
In order to gain the most out of a technology financing solution, it is recommended that the technology loan is tailored to suit your needs. A technology loan company that is willing to assess the current situation of you and your business to help tailor your specific needs is not impossible to find. In fact, some technology loan companies are cooperative enough to look past a bad credit history in attempts to work together with genuine business owners.
You will also want to ensure that the technology loan provider you sign up to stocks the latest technological equipment to ensure that your equipment is current with modern technology. Other points to look out for in a good technology loan provider include the option of up to 100% financing without any upfront costs, whether any add-ons are included on top of your technology such as GST, and if there are any tax deductions on interest and depreciation.
Before you decide to commit to a technology loan, be sure to read the fine print to determine the ownership of the technological equipment once you purchase it. You will want to ensure that ownership of the equipment belongs to you once a purchase is made.
Article provided by Positive Lending Solutions
Analysis: The misnomer of bank regulation and loan costs
By Adam Zuchetti
Analysis: Bank ‘misconduct’ a woeful understatement
By Adam Zuchetti
Analysis: Banks wrongly targeted as business custodians
By Adam Zuchetti