No matter your business industry, you likely have need of top-notch technology to take care of your customers and employees. Rather than think about applying for a commercial loan or restructuring your already tight budget, here at BBC Technology Solutions, we recommend that you look to the very equipment and business technology you seek to upgrade as a source of working capital.
Realize What You Can Liquidate
The first thing you’ll want to do is create an inventory of all the equipment and pieces you have right now that are obsolete. This can be anything from printers, desktops, laptops and tablets to phones, data center equipment and monitors. Once you’ve got that list, do some research to see how much you’re likely to be able to get for each item, so you know whether you’re getting a fair deal when you’re ready to liquidate. You’ll also want to see that you’ve got enough assets that a liquidation company will seriously entertain your offer.
Know What You’ll Need to Pay For
You’ve likely heard the saying that “you have to spend money to make money.” In terms of liquidating tech assets, you can expect to see fees for uninstallation, data sanitation, storage, loading, transporting and packaging. Pricing and services are something you’ll most certainly want to discuss with the liquidation company before you finalize an agreement. Get a full picture of what’s necessary, what’s included with any quotes you receive and what will happen to any data that happens to be left on your equipment once it’s left the premises.
With this tip, we recommend getting several quotes from several different asset liquidation companies so you have a well-rounded idea of overall cost. What’s more is you’re likely to get a better deal if companies know they aren’t the only ones in the running for your business.
Decide Where & How Your Funds Are Allocated
Don’t start your victory lap once your equipment is boxed up and shipped out. Because you want to use the money to improve your IT capabilities, you want to make sure your company’s IT department actually receives the money rather than another department or business account, which happens more than you might realize. For instance, maybe you can ask for a credit specifically for the IT department. That way, there’s no mistaking or arguing where or how the funds should be utilized.
Use the Money Wisely
Our final tip is simply this: make sure you use your windfall with wisdom. Rather than make a decision for your company and IT department alone, involve your employees. Bring them in and ask what kind of upgrades you’re thinking of making and which ones they’d like. Doing so allows you to reach a solid middle ground, ensures everyone is satisfied and that you don’t feel you wasted your money several months down the line.
Do you think your business can benefit from new technology and equipment? Maybe liquidating your old IT assets could bring in the influx of cash you need. Reach out to BBC Technology Solutions by calling 513-891-2261.