It’s the age old question, should you rent or buy equipment in your business? On the one hand, leasing can save you money in the short term. But in the long run, it could cost a lot more. There are a number of different factors that can impact this decision but before we look at these let’s assess the overall advantages and disadvantages of each option. We’ll start with leasing.
The Pros For Leasing Your Business Equipment
By leasing your equipment, you can keep your business up to date, efficient, modern and fresh. Since you haven’t committed to a purchase, you can update whenever you like. Think of this as getting a phone on a contract rather than buying one outright. On a contract, you can get a new phone once the contract expires and stay up to date with this tech. The same is true leasing equipment. Once the lease agreement expires, you can check the market to see if there’s any upgraded equipment that could be beneficial to your business.
No Charge At First
Since you’re leasing, you can avoid those heavy fixed costs of buying the equipment from day one. Let’s say that you’re using a cloud server. If you buy your own cloud server, you could be looking at thousands for installation charges alone. By leasing, you’ll only be paying around fifty dollars each month to use a server that is already set up and operational.
Go Beyond Your Means
Don’t forget, by leasing technology, you will be able to access more expensive, arguably unaffordable options. For instance, automated software is slowly trickling into every business industry, but it’s not cheap. Leasing out this tech., you can give you the upper hand over your competition without costing your company a fortune.
The Cons For Leasing
Unfortunately, leasing does tend to mean you pay more in the long run. Depending on how long you use the tech for, you could end up paying thousands for that cloud server, but it will be spread out over a longer period. You might not notice the expense, but it will be there, dragging your business down.
You might also find yourself paying for equipment that you no longer need. If your business model is flexible, it’s possible that you’ll reach the point where you no longer need the equipment you’ve leased out. But you’ll still have to keep paying for it until the lease ends.
Don’t forget, you’re also not getting any fixed advantage from the equipment. You don’t own it, so you won’t be able to sell it on and make some of the money back that you spent once you’re finished using it.
The Pros For Buying Your Business Equipment
Simple As Can Be
Buying is easy. Once you decide what equipment you want you find the supplier selling it at the right price and arrange an order. Leasing is a tad more complicated with paperwork that you need fill out and then there are the lease agreements. You’ll need to decide how long you can use it for, how you can use it and a variety of other factors that often come into play with these contracts.
Since you own the tech or equipment you’re going to be using, you can do whatever you want with it. You’ll also find that repairs are a lot easier because you won’t have to worry about waiting for the leasing company to fix it for you. Instead, you can get your business back on track as soon as possible if the equipment does break down and avoid downtime.
Since you own it, you can add your purchases to tax deductions. These can make those heavy costs we mentioned a lot easier and ensure buying equipment doesn’t drain your accounts completely.
The Cons For Buying Your Business Equipment
The disadvantages really do depend on the type of equipment we’re talking about here. For instance, there’s the cost. The cost of buying business equipment can be expensive, but it depends on how long you’re planning to use it for. If you know it’s going to be part of your business model for a few years it might be worth the high first fixed costs. But, it could still mean you need to take out an expensive loan, and that could play havoc with your credit rating.
Then there’s the issue with depreciation and outdated equipment. Certain pieces of equipment are going to depreciate faster than others. For instance, computers will lose nearly 25 percent of their value after the first year. That also means that you could be stuck using outdated equipment that cost a fortune in a couple years of time.
For this reason, there are a number of questions you need to ask yourself before making this decision.
What Are The Tax Benefits?
We have already discussed the tax benefits of making deductions on any equipment that you buy. But there are also tax deductions available for leasing. For instance, you can may able to put the entire first cost as a deduction when leasing equipment. But, it does depend on the specific equipment and the lease in question. As such, you will need to investigate this carefully.
How Often Does The Tech Change?
In the computer world, tech changes every month, but in the agricultural industry, it can take years for tech to advance. As such, in the IT industry, it might be beneficial to lease equipment and keep up to date with changes. While for agricultural companies, a long-term investment could be the best decision and that’s just one example.
What Can You Afford?
On top of this, you need to consider what is the more affordable option for your business. It’s possible that you have the money in your accounts to buy the expensive equipment. Or, you could have the credit rating to easily handle a loan. On the other hand, you might not be in a strong financial position and if that’s the case leasing is always going to be the best possibility.
Which Is Best?
Ultimately, you will need to take all these factors into consideration when choosing whether to lease or buy. Think about how quickly technology changes, how much it will cost and the other benefits that leasing or buying could bring for your business. What you don’t want to do is make a bad business decision with your liabilities especially if your business is in it’s infancy.
Energy Up: Developing a Healthy, Competitive Work Culture
Employees are burning out at increasing speeds at work. Work-related stress has increased significantly over the last several years. The stress increase is undoubtedly caused by higher expectations at work, increased work hours, and a toxic competitive culture. How can you, as a business owner, develop a healthy competitive culture that motivates workers and allows them to have a good work-life balance?
Burnout is precisely what employers should always be looking to avoid. A burnt-out employee is one who is stressed, possibly depressed, and of course, exhausted from work. As a business owner, it is essential to identify workers who are suffering from this condition, and the only way to do that is to communicate.
Identifying and Communicate
Sally is generally cheery at the office and brings baked cookies every Friday, yet since the three-weekend project you assigned her, she has not been herself. Sally’s suddenly quiet demeanor would be easy to spot and address, but not all employees manifest their signs the same way.
Burnout manifests itself in many ways, even catching some people by surprise. Before they know it, they are exhausted, cranky, unable to go on. You’ll notice a burnt-out employee will start to miss days at work, the quality of their work will decrease, and they may make mistakes they otherwise would not.
When you approach a burnt-out employee about their behavior, be sure to do it carefully as there can be varying reactions. While most will be happy to discuss their exhaustion and find solutions together, others may become angry by the assumption and flat out deny it. Being understanding is a top priority because it opens the door for answers.
Solutions to Burnout
Finding solutions to avoid potential burnout in your employees comes down to thinking proactively. You want to be sure that you can create an environment that is productive and competitive without asking too much of your employees. Below you will find some tested strategies to increase productivity without causing burnout.
It can be easy to lose track of scheduling when assigning projects. If you yourself are juggling various projects at a time, you may be inclined to attribute as many to your employees. Everyone works at a different pace, and everyone demands a different level of attention. If you create a schedule based on the needs of your current team and consider the capabilities in each person, soon you will have a productive and competitive environment.
Everybody needs incentives; it is just the way that humans work. By pushing performance-based contests, you can have your employees eager to work on the projects you are assigning. A reward system can ease stress because it gives the employee a clear sense of what they are working towards and a goal to be reached. Incentives can help you eliminate burnout at work while harvesting healthy competition.
Once again, we return to communication. By leaving your office door open, you are letting your employees know that they can come to you with any concerns they may have. When employees know they can communicate with their supervisor, they are far more likely to work diligently and voice any concerns along the way so that they can be addressed right away. Open and eager communication is an excellent way of fostering a healthy work environment.
Make work not only fun but also productive by providing your employees with all the tools they need to succeed. Clear outlines, reliable resources, and constant updates can help your team be in the loop of what is happening at the company. When an employee understands the mechanics of the workplace, he or she is less likely to suffer from stress and feel like a more valued part of the process.
A Positive Environment
Last but not least, a positive environment can make a world of difference at work. You and your employees should all have a can-do attitude to succeed. Why is this attitude so important? A can-do attitude is essential because positive thoughts help the brain release endorphins, thus reducing stress and boosting concentration. A group effort can take a team a long way, and it is up to you to make the necessary changes to promote it.
If Burnout Does Happen
Against your best efforts, burnout is still likely to happen. You can’t control how much your employees choose to work outside of the office, so it is inevitable that an overachiever will hit a wall. When this does happen, it is important to approach the situation respectfully and humanely.
Remember that even if you did your best to prevent this, the current situation is what’s important, and they are a human before they are your employee. Try to put yourself in their shoes and think about the internal conflict they must feel like an overachiever having to force themselves to take a break.
It probably feels totally wrong and foreign to them, but it is important that you convey that they will perform better after they give themselves a break, and will be even more productive. Once your employees see you taking the steps to care for their colleague like this, they will be comfortable approaching you in the future if it happens to them.
The burnout might come with terrible timing – right before quarter close, the holidays, the beginning of the year – so it would be important at that point to discuss a scaled-back version of their role. A total break might not be feasible immediately, but emphasizing that a break will come soon can give them a light at the end of the tunnel.
Burnout No More
If you follow some of the tips listed here, you will find that harvesting a healthy competitive environment at work is not as difficult as it seems. Everything comes down to finding a balance and managing correctly. Remember that your employees look up to you and seek your guidance. Creating an environment where everyone can thrive is as simple as promoting an open and collaborative space.
Do’s and Don’ts When Taking Business Headshots
Whether you’re in Phoenix, AZ, or anywhere in the world, corporate headshots, or “business headshots,” are one of the essential elements of a business profile. Whether you’re at a start-up company or a business empire – there is always a need to use business headshots.
Different companies in Phoenix use this business tool to promote or direct a client into giving in to what the business produces. However, there is more to these headshots that matter.
Why are business headshots important? Business headshots in Phoenix are a glance of what the business is. Approachability and trust can be attained with the help of photographers that provide business headshots Phoenix. The professionalism of an individual or company will be the first thing a person will think just by looking at a business headshot.
Do’s and Don’ts
As powerful as it is, using business headshots is tricky. There are the do’s and don’ts in using a simple but technical headshot. Phoenix has a wide variety of corporate studio that provides excellent business headshot services. Most of these are their shared preference for taking the best headshot:
1. Dress appropriately for what the business promotes
First of all, dress accordingly to what the industry is associated with. It’s not about how formal or casual the outfit is. It is in the business’ description of what should be worn appropriately.
Most local photographers in your area may be able to provide props and business clothes. If your company is operating in Phoenix, you can look for expert photographers for business headshots Phoenix. There’s no need to look far, as local photographers will help you save on cost and effort.
2. Do wear a solid color outfit
The color of the outfit is also critical in terms of impression. Taking a solid color or minimal-toned outfit is considered as the best for business headshots.
3. Do focus and look into the lens
It is essential to always look into the lens. Make your best professional face impression, and remember to look into the lens, as if you are looking to someone. This will build trust in anyone who takes a look at the image. Focusing on the eye also gives confidence to both you and the business you are collaborating with.
4. Do pose in different profiles
Try to give a front, left, or right profile. Take the best shot on a profile you are confident with. This will provide multiple options, and you can go with the pattern that you think looks the best.
5. Don’t over-accessorize
Abstain from wearing any accessories as this divides attention. If you want to accessorize, make sure that it will fit in the color tone of the outfit that you will put on. It isn’t the accessories that will signify who you are.
6. Don’t wear an uncomfortable outfit
As mentioned before, wearing any outfit is okay as long as it is based on what the business represents. Whether you are comfortable wearing it matters as well. Comfort translates confidence, and it will positively reflect on the photo.
7. Don’t use old headshots
Refresh headshots. Most of the best studios in Phoenix recommend this critical factor. Updated headshots will reflect on what you are at the moment. This will develop a permanent professional bond for a business or an individual to other people or clients.
Make Your Best Business Headshot Shine
A business headshot is one critical factor when it comes to collaboration. This will not only reflect on yourself but also the business you represent. Therefore, remember to deliver the best business headshots.
Implementing a Solid Feedback Culture in the Workplace
A research survey published in the Harvard Business Review said that more than 7 in 10 employees surveyed believed that their productivity suffers due to the lack of feedback. Surprisingly enough, employees are more than willing to get what may be construed as negative feedback than false praise.
These days, the term feedback has lost its luster because it’s been used to describe a remark, comment, or opinion. However, as a mechanism, feedback is very crucial to determine the strengths and weaknesses of an organization, employee satisfaction, as well as the gaps in the processes.
Institutionalizing Feedback in the Workplace
Successful organizations have long known the importance of employee feedback to make sure that everybody’s still on-board with the vision.
Nobody should be spared from criticism, even the CEO and top managers. This is the only way they can gain a new perspective about themselves as leaders and the type of leadership they deliver.
Quick Tips for implementing a feedback system
Here’s a list of tips that can help you integrate the feedback system at your workplace.
- Harness technology. One useful tool is the 360 Feedback. The tool is designed to get the most out of the answers from a series of controlled questions. The best part is that the results are anonymous, so employees can really speak their minds.
- Framing the right questions. The answers, of course, will depend on how you frame your questions. This is crucial because you might have false results because the questions are vague. Focus group discussions will help give you an idea about the core issues hounding the organization. Going back to 360 Feedback, the company behind it has extensive experience running surveys, so each question is assessed and reassessed on whether it achieves the desired purpose.
- Train employees on giving feedback. One thing that holds an employee back is the fear about how they are going to be perceived for being honest. This tendency to be compliant is ingrained in employees right from the moment they start working at different organizations. It’s hard to break that habit. In this case, the company should guide the workers on how to give feedback within the system employed by the organization.
- Guarantee no reprisals. Some supervisors can be petty, and any negative comments can be taken in a bad light. Everybody should understand that any sort of feedback should be welcomed so people working in the organization can improve themselves as employees, colleagues, and contributors to the company. With that said, anonymous systems like 360 Feedback will really open the floodgates of honest opinions devoid of a filter.
- Set clear parameters. Feedback without action is useless. Once the employees see that their feedback generated a positive change in the company, they would be more willing to give their opinions in the future. Management should guarantee that each feedback will be evaluated and vetted, and suggestions will be adopted as long as they’re good for the company in the long run.
Implementing a feedback mechanism is not easy. There are many ways on how to go about it, and you can expect some hiccups at the outset. Nevertheless, it’s one good way to help the organization assess itself through the eyes of its employees. But the benefits generated depend completely on whether the company would want to bring about changes with the help of the feedback.
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