Investing in New Hardware: When to Upgrade Your Tech Equipment

If you run a small business, you know that the lifeblood of your business depends on your company’s technology.

You need to make sure you upgrade your tech equipment when needed. Your tech equipment helps you improve the productivity and efficiency of your business operations.

Conversely, without the latest tech equipment, you might see a hindrance in your company’s productivity and efficiency.

So when do you know that it’s time to upgrade your tech equipment?

Here’s what you need to know.

You Can’t Update Software

Are you unable to upgrade to the latest software on your computers?

If you find that your computer’s hardware doesn’t work with the latest software, you might want to consider an upgrade.

If you have a large staff, you might want to consider buying them new laptops. Laptops are often easier to handle new software programs.

It’s also easier to upgrade the hardware of a laptop to make it compatible with new software.

Of course, the latest software isn’t always important. You want to assess if you need the latest software to complete your tasks more efficiently. It’s best to consult a service such as Visual Edge IT on such matters. 

Financial Decisions

Money will always play a factor in deciding whether you should upgrade your tech equipment.

You have to assess if it’s wise to break into your budget when you need to upgrade your tech equipment. For example, let’s return to the previous example of updating your software.

You want to ask if the new software applications have features that will make significant changes to your workflow.

For example, if you run a video production company, you might always want the latest version of Adobe Premiere or Final Cut Pro.

As such, it’ll be wise to upgrade your tech equipment to accommodate this software. But what if your computer cannot handle the latest version of Microsoft Office?

There are so many alternatives to Microsoft Office that it might be a waste of money to upgrade. You might not want to buy new laptops just to have the latest version of Microsoft Office! 

If you’re running a startup you should always wait to upgrade your tech equipment. It’s imperative to build as much capital as possible during the early stages of your company.

Once you have abundant cash reserves and steady cash flow, then you can consider upgrading your tech equipment.

Replace or Repair?

The next consideration is whether you need to replace your tech equipment or repair it.

As a general rule, you want to try to repair your tech equipment rather than replace it. However, there might be times where the cost of repair is greater than the cost of replacement.

For example, does your IT equipment come with a warranty? If the warranty expires, you can expect to pay high fees for repairing the equipment. If your IT equipment is old, it might cost a lot to buy replacement parts.

In such cases, you might want to invest in new tech equipment. For example, if you have a MacBook from 2010 it’s unlikely that you’ll find the parts to repair it. In such a case, it’s best to upgrade to the latest model of a MacBook.

It’s also imperative that you consult your IT equipment vendors on how to maintain your tech equipment.

The best option is to teach your staff how to care for their tech equipment so that repairing or replacement can get postponed.

Less Is More

You don’t need to splurge on many items when choosing your tech equipment arsenal.

For example, most companies won’t need to invest in external speakers for their computers. Only if you run a video production or audio production studio should you buy external speakers.

If you buy new laptops, make sure that screens are between 13 to 15 inches. This takes away the need to buy an external monitor.

You want to also consider what external services you can use in lieu of buying IT equipment. For example, instead of buying new servers, you can use a third-party service for your network servers.

You might even take this approach when it comes to hiring. For example, let’s suppose you need a graphic designer on occasion. It’s unwise to hire an in-house graphic designer and provide them with a new laptop.

It’s best to outsource this service to a freelancer who provides their own equipment.

You also want to think about how you can save on storage without buying several products. Instead of buying 2 hard drives with 2 TB storage, buy one with 4 TB storage.

See if you can avoid small flash drives as these can get lost easily. These can also add up in costs. You should only upgrade to new tech equipment when you really cannot complete tasks with minimal equipment.

Find Digital Alternatives

Another way to save on buying new tech equipment is to find digital alternatives.

For example, instead of buying Microsoft Office, you can use Google Suite for free. Or you can pay a monthly fee to use a premium version of the software.

Instead of buying lots of external hard drives, you can consider using digital storage. You can use cloud storage services such as Google Drive, Box, Dropbox, etc.

You can also buy web hosting and upload your files and data through an FTP service. If digital alternatives don’t suffice, then you can upgrade to new tech equipment.

If you find that you can’t always save your files on cloud storage, then you can upgrade to buying external hard drives. 

Upgrade Your Tech Equipment

Now you can decide if you need to upgrade your tech equipment for your business.

Make sure you first assess your computers to see if they can work with the latest software applications. You want to make sure that the tech equipment can get easily maintained or repaired as well.

Please share this guide with your fellow entrepreneurs. Make sure you encourage them to upgrade their tech equipment when the need arises.

You can find more great tech news and articles on our website!