Downtime Is Extremely Expensive – Can You Actually Afford It?

Computer Network Downtime

Downtime is bad for business.

Whether you agree or not, it’s a fact – just a couple years ago, small businesses with up to 50 million in annual revenue reported that just a single hour of downtime cost them $8,600.

Computer Network Downtime

Why Does Downtime Cost So Much?

The main cost of downtime is not the fix itself, it’s the halt in your business’ productivity. If an IT-related or natural disaster occurs and takes critical systems offline, employees will be unable to complete their tasks, yet your normal business expenses will carry on.

During that time, you incur all the expenses of running a business without the revenue you would usually generate. Even if downtime does not grind everything to a halt, some of your staff will have to divert themselves from their normal work to mitigate the problem – again reducing productivity. Furthermore, while your systems are down, you can’t deliver services or sell products to current and potential new clients.

Not all of the costs associated with downtime have a tangible price tag. The trust of your clients and the reputation of your company are invaluable assets that can erode with prolonged or frequent downtime issues. A diminished reputation can negatively affect your future business opportunities.

Some downtime is inevitable, but much of it can be prevented and mitigated.

What Are The Primary Causes Of Downtime?

  • Power Outage: If your power source fails, that can lead to a long list of complications like servers going down and lost, unsaved data.
  • Cybercrime: Cybercrime has increased in recent years and is still on the rise. All it takes is one employee opening a malicious attachment and your business data could be held hostage.
  • Human Error: Accidentally unplugging key equipment, overloading the system, and improper installations can all cause downtime, but maintaining certain policies and procedures can cut down on human error.
  • Natural Disasters: Hurricanes, tornadoes, floods, and earthquakes happen. Having a plan for getting back to business if the unthinkable happens is the fastest way to recover.

What’s The Best Way To Prevent Downtime?

…by stopping it in the first place.

The best way to approach downtime prevention is proactively – you need to keep an eye out for system issues that can spiral into total stoppages. You need to implement backup technologies and best practices to prevent outages. You need to enhance your cybersecurity to protect against cybercrime.

Unfortunately, that’s a lot for you to handle on your own, especially when have other work to see to. That’s why a managed IT services company can be so helpful. They’ll provide 24/7 active monitoring of your systems, business continuity best practices and cybersecurity services that will keep costly downtime at a minimum.

 

Which Cloud Storage is Right For Your Business

Cloud Storage

Don’t Be Confused When It Comes to Cloud Storage Options

Cloud storage helps your employees share and collaborate like never before. Check out these three popular cloud storage solutions to find the one best for you!  

Cloud Storage

Businesses are making the switch from physical servers to cloud storage to increase productivity and streamline file-sharing capabilities. This short review looks at three of the most popular cloud storage options, OneDrive, Dropbox, and Google Drive, comparing their storage capacity, file-sharing capabilities, and pricing.

All three of these cloud storage solutions offer various plans for both personal and business use. OneDrive and Google Drive also have options to bundle cloud storage along with access to online versions of standard office applications. In this review, we will look only at the lower-priced standalone cloud storage business solutions available from OneDrive and Dropbox and the Business and Enterprise solutions from Google Drive that do include access to GSuite applications.

OneDrive from Microsoft

OneDrive has two tiers of dedicated cloud storage. Plan 1 costs $60 a year and gives you 1 TB of cloud storage. You can opt for Plan 2 at $120 per year if your business has five or more users, and you need unlimited storage. OneDrive does not offer per month pricing. There is a 15 GB limit per individual file.

When it comes to collaboration, OneDrive shines. It is easy to access stored files directly from the Microsoft ecosystem of products, or use the built-in search and discovery tools to find the files you need. Share individual files securely with a link and set permissions to prevent unauthorized changes. Plan 2 also comes with upgraded security, including data-loss prevention, to help you to monitor and protect your confidential information.

Dropbox

Businesses with three or more users can choose either the Standard or Advanced business plan from Dropbox. The Standard plan comes with 3 TB of cloud storage and costs $150 a year or $15 monthly. The Advanced plan is $240 a year, or $25 monthly. With a file transfer limit of only 2 GB per file, Dropbox’s Standard plan may not fit your needs, but its Advanced plan does allow up to 100 GB transfers.

Many, but not all, popular business applications are already configured to connect with Dropbox. Users have the option to share files through a secure link or to use Dropbox Spaces to allow other employees access. Administrators can create private groups for members to share their work.

Google Drive

Google Drive offers a Business plan for $12 a month and an Enterprise Plan for $25 a month. Both come with only 1 TB of storage unless you maintain five licenses. Then you receive unlimited storage. The maximum size of an individual file is 5 TB.

Both plans let you share files with links, and admins can set security controls to manage file permissions. The Enterprise plan offers data loss protection and improved security options.

For most businesses, OneDrive makes the most sense. It is already optimized to work with the Microsoft applications you probably already use. The only major drawback is the 15 TB limitation on file transfers, but this restriction won’t affect most businesses.

5 Ridiculous Ways Technology Transforms Your Industry

Technology Transformation

Incredible Ways Technology Has Changed How We Do Business

How has technology transformed your industry? Explore 5 important ways technology has recently changed how we do business, delight customers and grow businesses  

Technology Transformation

It doesn’t matter which industry we’re in. Technology is a must. It makes things faster, safer and better when used right. It can propel our businesses and leave competitors in the dust. But many businesses are simply unaware of what’s out there and just how accessible it is to any size business. Here are five incredible types of technology that are completely reshaping how we do business.

1. Big Data Revolutionizes Data-Driven Decisions

As business leaders, we’ve always made decisions based upon the available data. But more recent advancements in data collection and analysis have made it easier and more cost-effective to gather data and put it to work. We can make smarter decisions about the direction of our companies where we once had to rely solely on gut instinct.

We can enhance customer experiences to not only increase sales but to raise that net promoter score, building trust, loyalty and powerful word-of-mouth.

2. We Reach Customers in More-Effective Ways

87% of purchases now begin online. This doesn’t mean they buy online, just that they found the product or service online.

Digital marketing technology is a business technology that has transformed how we connect with customers. We can now more precisely target audiences to enhance the relevance of our ads to specific customer bases.

Thanks to the pay-per-click model, we don’t pay for advertising that doesn’t work. And thanks to optimization tools we continually improve strategies to find what does work.

Digital marketing allows us to reach customers where they find new products and services through:

  • Search engines
  • Social Media
  • Review Websites
  • Influencers

3. Virtual Reality Gives Employees Real-World Training

From healthcare to aviation to manufacturing, virtual reality (VR) and augmented reality (AR) are helping schools and businesses train employees in very lifelike situations. Employers can help employees become more comfortable in likely scenarios by allowing them to experience it in an artificial environment first. They can learn how candidates may perform at their jobs before sending that job offer to get the best people into important roles.

4. Enhanced Business Continuity Tools Reduce Down-time

From more effective ways to keep business and customer data safe to data backup to re-routing of important functions to remote locations, advancements in technology are making it easier for businesses to both avoid disasters (physical and virtual) and keep moving when disaster strikes.

Developing a strategy, deploying tools effectively and putting a plan into action, of course, take know-how, but those involved in business continuity planning now have a wider range of tools for the business continuity tool belt.

5. Better Technology for Less Cost

It’s not news to anyone that technology gets cheaper the longer it’s in use. And by now many amazing technologies have been around long enough that they’re getting very affordable, even for small business. Yet, many businesses still aren’t taking advantage of them because they don’t know what’s out there.

That’s why it’s important to work with technology experts who can introduce you to technology you’ll find useful to cut costs, enhance productivity, delight customers and more. To learn more about how technology is disrupting every industry, follow our blog.

Communicate Consistently With Customers About Their Technology Needs and Your Value

MSP Customer Communication Leads to Deeper Long-Term Retention

Discover why it’s important that your managed services provider develops a regular communications schedule with each customer and what messages to convey.

MSP Communication

Managed services providers (MSPs) know that customer retention is a critical element of business success.

Communicating with your MSP customers is a must. But knowing how, when and what to communicate makes a difference.

How Frequently Should We Communicate with MSP Customers?

The frequency of communication is as much an art as it is a science. There may be some customers, especially those who are new, in the midst of a major project or in the throes of strategic planning, when more frequent contact and communication is necessary.

Face-to-face communication is the most effective means of communication, allowing for both a better give-and-take and a clearer interpretation of body language.

Ideally, you’ll schedule at least monthly in-person communication with your customers, meeting both with principals and other employees to understand what’s working and what could be improved. This communication, which includes a healthy dose of active listening, helps your customers feel heard, valued and respected, even if it’s an informal conversation over coffee and doughnuts.

What Brings Value to MSP Customer Communications?

Your customers look to you as more than a service provider. You’re also a valued advisor. You want your communications to have several elements that can bring value to your customers and how they perceive their relationship with you. These do not need to be a sales pitch, and usually should not be, but rather opportunities to demonstrate your expertise and insights, including:

  • Identifying solutions before you’re asked. If your client has, for example, recently had several cyberattack attempts that were the result of phishing attempts, you may want to suggest a heightened approach to employee education, including campaigns that test their responses to sample attack emails.
  • Looking forward. You want to provide insights on technology trends, emerging solutions and challenges, whether it’s a new version of software, regulatory changes affecting their business or the sunsetting of an operating system. Providing information that helps the customer consider the possibilities is a compelling way to demonstrate your value. These conversations can often unearth concerns and priorities that previously were not expressed.
  • Find synergies and partners. Look for connections and introductions you can make among your customers. You can also identify opportunities for partnerships or bartering opportunities, such as working with a printing company client to produce signage and business cards in exchange for a discount on provided IT services.

Value-added conversations that help your customers think in new ways are a powerful way of deepening customer relationships.

What Points Are Worth Repeating to MSP Customers?

One of the greatest outcomes of better customer communication is the opportunity to reinforce high-value and valuable services that are already being used or possible. Your communication should regularly reinforce some of the core values of working with a managed services provider. Driving these points home helps to make renewals, upgrades and the purchase of new services much easier.

Those key points are small reminders of why it makes sense for your customers to work with you, including:

  • Cost savings. Produce and walk your customers through how their managed services are reducing costs through improved efficiency, fewer downtime costs, lower operational costs for data centers and reduced internal IT staffing
  • Predictable costs. Customers need to be reminded that a fixed monthly cost for a range of IT services — help desk, vendor management, storage, disaster recovery, cloud hosting and security — means more budget certainty and fewer unanticipated technology expenses.
  • Less downtime. MSPs should tout their reliability and the high levels of uptime for services and systems. While these may be contractually mandated, it’s still an effective reminder of how committed your company is to their business operability levels.
  • Insurance. People and businesses purchase insurance to protect what matters most. That’s one way to frame managed services: insurance for your most critical systems, operations, processes and data.

A strategic approach to customer communications pays major dividends with regular, trusted and valued discussions.

Security Checklist for Business

Business Security Consultant

Security Essentials for Business

Cybercrime is on the rise, and businesses must be proactive with their cybersecurity programs. Learn what to look for when choosing an MSP for your organization.  

Business Security Consultant

Cybercrime is on the rise, and businesses must stay on top of their data security. A managed services provider (MSP) can help protect your organization’s data from breaches and cyber attacks. However, not all MSPs offer the services and features businesses need to stay on top of the latest threats. Below is a checklist you can use to decide if an MSP provides the optimum value in the short and long term.

Proactive Protection

Every MSP worth considering will have a proactive process in place to minimize issues and quickly resolve problems as they arise. Common red flags include a break/fix pricing model and overage charges. These usually point to an MSP that operates inefficiently and doesn’t prioritize your time, money, or security.

Below are some green flags that point to proactive MSP:

  • They provide you with up-to-date security software that you can use right from your desktop.
  • They provide round-the-clock administration of your network and servers.
  • Their help desk is easily accessible and includes a comprehensive knowledge base.
  • They communicate and implement an IT strategy that fits how your business operates.

Fast Round-the-Clock Response

Smaller MSPs may not have enough staff to respond to issues in a timely manner, let alone resolve them efficiently. Data travels 24/7, and you need an IT solution that can help you at any hour. Experienced MSPs employ a large team of IT professionals to ensure that all of their customers receive prompt service. They are also more likely to use state-of-the-art tools to detect, prevent, and resolve issues before they threaten your data.

A Team of Experts

Nearly every MSP will claim to be expert IT gurus. But talk is cheap, and failing to delve further into an MSP’s qualifications may cost you. Here are a few indicators that an “expert” MSP lives up to their advertisement:

  • They have a team of experts that specialize in every aspect of cybersecurity including software, hardware, cloud services, and networks.
  • They provide regular training and certification programs to their employees and have low turnover.
  • They document all services and processes provided.

Personalized Security Evaluation

Lesser MSPs will sit back and wait for you to call them about an issue. A reliable MSP will analyze your organization and create a strategic program that addresses its strengths and weaknesses. They will share and review these documents with you to ensure you understand the state of your cybersecurity and goals moving forward.

Scalability

A smaller MSP may provide great value for the time being, but they may fall behind when your business grows. A high-quality MSP understands the needs of small businesses and large enterprises alike. They have the tools and personnel ready to adapt to your evolving needs and goals. They may offer multiple price tiers, but communicate each plan to you clearly before you sign up.

Value

Pricing alone is a poor indicator of the actual value an MSP provides. Some will undercut their competitors while providing far less value, while others may charge a premium for inflated solutions that you don’t need. On the other hand, trustworthy MSPs will offer a fair price and stick to it. Don’t let the numbers fool you. Examine the content behind the price tag and you’re sure to make a smart choice.

Reputation

You wouldn’t hire someone without checking their references, and you shouldn’t choose an MSP without reading reviews. Many MSPs will post customer testimonials on their website, but there’s no real way to verify their legitimacy. Criminals may even pose as MSPs to get their hands on your valuable data. Search for the MSP’s name on unbiased review sites and read comments on their social media pages. A strong candidate will have a high percentage of positive reviews and be active on social media to answer questions and provide assistance.

Hopefully, this guide has helped you make the best choice regarding your MSP. Don’t be afraid to refer to this list when interviewing MSP candidates. You’ll get a much clearer picture of their offerings and be better equipped to choose who to trust with your sensitive data.

Is Your Business Prepared to Take Action to Upgrade Windows OS Before January 2020?

Windows 7 End of Support

Is your business still using Windows 7? If so, it’s time to take serious action to upgrade to Windows 10 before the service cycle ends for this popular platform.  

Very early in 2020, there’s a situation occurring that has the potential to affect thousands of businesses across the US. No, it’s not a direct cybersecurity attack from a known threat vector. Instead, it’s the end of the functional lifecycle of one of business’s most beloved operating systems: Windows 7. While some businesses have been in denial that they needed to upgrade, it’s not unusual for small to mid-size businesses to still be running Windows 7 even with the deadline looming only a few months away. For the past 10 years, Windows 7 has provided a secure and stable OS for business, but regular patches and security upgrades will no longer be released for Windows 7 past January 2020 — leaving your computers open to the dangers of cyberattacks.

Don’t Put Your Business at RIsk

Hackers have been watching Windows 7 more closely as it nears the end of its lifecycle, looking for vulnerabilities that can be quickly exploited once maintenance has expired for the platform. While Windows upgrades are delivered every few years, they have a general window of a useful lifetime of 10 years. After that period, Microsoft eliminates free support and provides only very limited paid support options for your business. It’s not unusual for businesses to skip upgrading their operating systems and still be on a Windows 7 platform. As of 2019, there are still approximately 36% of computers accessing the internet from a device running Windows 7.

Steps You Can Take to Avoid the Impending January 2020 Deadline

Depending on the size of your business and how many computers are utilizing the Windows 7 operating system, there are a variety of options for upgrade. You can install updates on individual computers manually, and there are a few options for getting access to a free upgrade version of Windows 10. Unfortunately, you might find that your computers are not quite fast enough or new enough to handle an in-place upgrade and you might need to either purchase new machines or make adjustments to your current business machines to get them ready. Windows 10 has different operating system requirements than Windows 7 or even Windows 8, and might place too heavy of a load on older machines.

Don’t wait any longer to upgrade to the latest and most stable version of Windows operating system: Windows 10. With only a few months left before the end of the full maintenance cycle, Windows 7 is quickly becoming one of the most dangerous items in your technology landscape, a problem that can be quickly rectified by working with your local trusted technology solutions provider to create an upgrade schedule. If you aren’t comfortable upgrading directly in the few months that are left to your business, there are plenty of options for short-term maintenance that your proactive IT partner can help you explore.

Top Reasons to Jumpstart Your Business’s Paperless Initiative

Paperless Society

Jumpstart Your Business’s Paperless Initiative

Want to “go paperless” with your company? See the many benefits of paperless business and learn how to jumpstart this initiative for effective results.  

Paperless Society

Many businesses toy around with the idea of “going paperless,” but what’s actually in it for the companies who decide to go through with it?

To be sure, not all businesses are cut out to go paperless. Certain documents in certain industries simply must be in paper form. Therefore, depending on your industry and unique company needs, you may end up unnecessarily complicating affairs if you try to do everything digitally.

At the same time, a great many companies will benefit significantly from making this change. Below, we’ll go over the specific reasons why it might be a good idea for your company. First, though, let’s define what going paperless actually means.

What Does It Really Mean to “Go Paperless”?

The term “going paperless” simply refers to the shift from printed documents to digital documents. For example, instead of printing invoices, order forms, and tax documents, a company would issue all of these documents digitally, sending them via email or storing them as files.

What Are the Top Reasons to “Go Paperless”?

You’ll save money.

Cloud data storage is a lot less expensive than on-premise data storage. Moreover, on-premise data storage forces you to pay for the maximum amount of storage you may need upfront. With cloud storage, you can easily scale your storage capacity up or down, depending on your needs.

In addition, the products and tools needed to print, scan, and copy your company’s documents is extremely expensive. Printers and copiers alone can cost thousands of dollars, and fixing and maintaining them is expensive as well. With a paperless system, these tools become obsolete. Of course, you’ll also save a bundle on paper and ink.

You’ll have document access from everywhere.

Most businesses who go paperless store their documents in the cloud. When you do this, access to these documents is available wherever you can find an Internet connection. This makes it easier to hire remote workers, send employees on work trips, and access important information even when you’re away from the office.

You’ll save time.

Consider the time it takes to print, scan, copy, collate, organize, and store all of your paper documents. Additionally, remember that when you have a huge number of documents to contend with, protocols and systems must be developed, instituted, and monitored. Lastly, think about how long it takes to find a specific document within your files.

All of these tasks are time-consuming, and in any business, time is money.

When you switch to a digital system of document storage, you’ll be saving an immense amount of time. Documents can be digitally created, copied, sent, edited, and stored. There’s no need to run to the printer or search through endless boxes for the paper file you need. When searching for files, you can simply pop a few keywords into the search bar of your data storage system, and voilà — it will appear!

You’ll save space.

Consider how much space you currently use to store paper documents. From old tax returns and invoices to printed data and memos, an accumulation of individual sheets of paper can actually take up quite a lot of room.

Digital documents, on the other hand, are virtually invisible. As long as you have enough data storage capacity available, you’ll gain tons of physical space when you make the switch to a paperless system.

You’ll ensure better security of your data

While it’s possible for cloud-stored data to be compromised, it’s much more likely that sensitive files will be stolen or accidentally destroyed in paper form. This may happen as the result of a crime or simply because of a flood, fire, or another natural disaster.

Online data, on the other hand, can be encrypted. With the right security team on your side, you can apply layered security systems to your cloud storage protocol in order to better protect your data.

What Are Some Tips for Jumpstarting Your Business’s Paperless Initiative?

When going paperless, use the following tips to make the transition easier and smoother.

1. Start with a plan.

All paperless initiatives should begin with a plan. Sit down with your management team, and create a day-by-day, week-by-week schedule for setting up whatever paperless system you choose.

2. Go slow.

Before springing a new system on your employees, it’s essential that you predict all possible complications. You’ll also want to anticipate how going paperless will affect your employees, clients, and customers, and warn them of the changes that will be made.

3. Get help.

Lastly, don’t forget to seek professional help with the technology aspect of your new paperless system. A managed service provider can help you set up a secure, easy-to-use cloud storage system and offer extremely useful assistance for making the overall transition.

Managed Services SLAs: What Should You Expect to See?

Managed Services SLA

Key Things to Look for in Your Managed Services SLA

When you hire an MSP, you must sign a service level agreement. Here’s how to evaluate your SLA and ensure you’re getting what you expect from this relationship.  

Managed Services SLA

As if choosing the right managed service provider wasn’t enough, it’s also crucial to make sure that the SLA (service level agreement) you develop between your company and your managed service provider is sound and satisfactory.

Below, we’ll go over what you should expect to see within your managed services contract (SLA). We’ll also discuss how you should review this document with your lawyer to ensure you’re getting the proper value out of this relationship and doing what’s best for your business.

What does an SLA set out to do?

The core goal of a service level agreement between a company and the managed service provider they are hiring is this:

To outline the payment structure and service responsibilities of both parties and to specifically define and document exactly what services the MSP will offer, including what hardware and software is covered, daily monitoring services, troubleshooting services in emergency situations, response times, and more.

Of course, all service level agreements will be slightly different. Some will offer more or less information. Certain SLAs will include information about items such as liability protection for the managed services company. Still others will go into detail about expected performance standards.

What should you look for in your managed services SLA?

Your managed service provider will draw up the service level agreement. Ostensibly, this is a service level agreement they use and have used with all of their clients. It will, of course, be modified to fit the parameters and needs of your business and the unique relationship the MSP has with your business.

However, it should follow a general format. When your MSP shows you the service level agreement they have drawn up, you should expect to see the following:

Services Provided by the MSP

This section will outline exactly what services the MSP will be providing to you on a regular basis. This will often be based on the specific level of service that you have agreed to pay for.

For example, if you own a medium-sized business and the MSP you are working with has three levels of service, you may choose the mid-level of service as you don’t need the extent of services offered to larger businesses.

How Problems Are Managed

The overall services your MSP will provide will be based on daily, monthly, quarterly, etc. services. These are systematic tasks that will be undertaken regularly (such as monitoring security or providing software updates).

On the other hand, your SLA also needs to outline how troubleshooting and problems will be handled by your managed service provider. If you have an issue, for example, you’ll need a protocol for managing:

  • Responsibility: What areas of your company’s IT are they (your MSP) managing and monitoring?
  • Emergencies: What constitutes an emergency?
  • Response Time: If and when you report an emergency, what is the minimum timeframe that your managed service provider will respond within?
  • Reporting Method: How do you report an emergency? Will this vary based on the time of day or week? What information do you need to provide?

When Your MSP Is Available

Lastly, your SLA should outline when your MSP will be available on a daily, weekly, and yearly basis. What if you have problems in the evening after business hours? On the weekend? On a holiday? All availability times and any applicable extra charges should be documented.

Going over your SLA with your lawyer

Once you are satisfied with the service level agreement you have been provided with by your MSP, make sure to go over it with your lawyer. They’re on your side and will, therefore, be able to determine if any aspect of the SLA is unfair to you legally or could present potential problems.

Taking your time when reviewing your service level agreement will put your mind at ease and increase the likelihood that you and your managed service provider will enjoy a strong working relationship.

Using the Cloud to Boost Business

The Cloud Business

Boost Business with the Cloud

Using the cloud offers a variety of benefits for your business. Find out more about how you can use cloud technology to boost business.  

The Cloud Business

The cloud has grown in popularity among businesses in all industries. However, if you have not already transferred your business’s data and operations to the cloud, you may wonder if this technology is really in your best interest to expend the time and energy you will need to invest in order to implement cloud computing.

Below are some of the ways the cloud can boost business for your company, making it well worth the investment.

1. The cloud saves you money.

Implementing the cloud for your business prevents you from needed to invest in the same expensive infrastructure and programming of a company with in-house operations. This can save your company a significant amount of money over time.
The cloud can also save your company money by eliminating the need for in-house IT personnel. When you make the move to cloud computing, all of the programs and services you use will be maintained by your provider. Thus, you won’t need your own full-time IT staff.

2. The cloud boosts productivity.

The programs and processes you are able to access when you utilize the cloud are often more advanced and efficient than those you could afford on your own. In addition, if you choose the right provider, your programs will also be more reliable and kept up-to-date at all times. This leads to enhanced productivity overall.

3. The cloud improves collaboration.

With the cloud, it is easier to connect with colleagues, share information and work on projects with others. These improvements lead to more collaboration within your company, which in turn improves outcomes.

4. The cloud grows with your company.

One of the best things about cloud computing is its scalability. You pay only for the services you need, making it much more cost-effective. These services can also be scaled up or scaled down easily when your needs change, allowing for easier growth.
Moving your company to the cloud may seem overwhelming at first, but the potential benefits are clear. If you are not already using the cloud, it is time to start exploring this option and considering how it can improve your business. Before making the switch, be sure to investigate different providers so you can find the one that offers the best services at a fair price.

To Lease or Buy a Copier?

Copier Sales and Lease

Should You Buy a Copier or Lease It?

Trying to decide whether to lease a copier or buy a copier? Find out the pros and cons. See when buying or leasing may be the best option for your business.  

Copier Sales and Lease

No single piece of equipment in the office takes more of a beating than the floor-standing copier.

Day in and day out it endures transitions between high heat and frigid office temps, paper jam tug-of-war, lid slamming and endless pieces of paper traveling at lightning speed across its rollers. All of this demanding work takes a toll on the device, giving it an average lifespan of just five years in a busy office.

Eventually, you’ll find yourself needing to find a replacement and the question arises: should you lease or buy a copier? There’s no one-size-fits-all answer to that question. These pros and cons will help you make the right choice for you and your business.

Why Buy a Copier?

When you’re playing the long game, buying a copier is usually the less expensive option–when it comes to the cost of the copier. You’ll avoid finance charges and other fees. You’ll also avoid a hard credit check, which may impact your credit score. If you’re a smaller or growing business, you like to keep your credit as clean as possible.

And even if you did have to put it on credit, the printer is yours after you finish paying for it. Some high-quality floor copiers can last up to 10 years, especially if you’re not a high-volume office. So that may be a very good deal.

Okay. So it sounds like buying is the way to go. But wait! There are some cons to consider.

When Buying a Copier Isn’t Your Best Option

Since the dawn of time, technology has never stood still. And the rate of change is only getting faster. A bought printer may have everything you need today. But no one really knows what businesses may need in 10 years. That could put you at a competitive disadvantage against newer companies in the future with the latest technology.

If you needed to resell that printer because you weren’t using it like you thought or needed to free up cash, you might recoup 50% if you sold it immediately, but in 5 years, it would probably cost more for someone to move it than they’d pay for the copier.

Not unlike a car, it’s not going to hold its value.

If your rainy day fund is tapped out and you’d have to put buying a copier on credit, interest charges may make the copier cost a lot more than you think you’re saving by buying over leasing a copier.

Finally, an aging printer will also begin to require more maintenance to keep it running smoothly. And you might find yourself feeling like you have to keep it past its prime to get your money’s worth. That may cost you in employee productivity and lost wages.

Why Lease a Copier?

Leasing a copier does make sense if you need to have clear terms from month-to-month. You know upfront how much you pay each month and for how long. That’s often easier on the budget. If cash flow is tight and you’d have to finance a bought printer anyway, leasing may actually end up saving you money.

When your term ends, you’re not stuck with a printer that may now be outdated or breaking down. You can upgrade when you renew your lease. Or, depending on the lease terms, you may be able to buy the copier at the end of the lease for a minimal cost if it’s still working for you.

A newer copier needs less maintenance and functions more efficiently, increasing workplace productivity and reducing worker frustration around inadequate technology. If the leased copier needs maintenance or stops working entirely, that’s likely the responsibility of the leasing company.

That’s not an emergency expense you have to worry about.

When Leasing a Copier Isn’t Your Best Option

You will pay more for the leased copier than you otherwise would. Those pros of leasing listed above come at a price. It’s important to realize that those are what you’re paying for, not just the copier. In a way leasing is another way to manage risk. Not unlike buying insurance, you’re paying the leasing company to take on what would otherwise be your risk.

Every business has a certain amount of risk they’re comfortable managing and planning for. Leasing a copier may not make sense for you if you’re in a position where you can effectively manage more risk. That copier may last you 15 years or five. You just don’t know because lifespan is so strongly affected by how your office uses it.

Ultimately, deciding whether to lease or buy a copier is a very company-specific decision. So weigh these pros and cons and you’ll make the right choice for your business.