Upgrade equipment, grow your practice
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National Leasing Ontario Regional Sales Manager Mike McInerney outlines why regular equipment upgrades for your practice will increase efficiency, patient care and return on investment.
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Upgrade equipment, grow your practice
- 1. Upgrade equipment, grow your practice Mike McInerney, National Leasing
- 2. Why upgrade? Best level of care Efficiency Return on Investment Grow your practice
- 4. Advantages of leasing #1 Upgrade your equipment regularly Reasonable monthly payments No down payment or large cash outlay
- 5. Advantages of leasing #2 Potentially write-off your lease payments Ask your accountant for more info
- 6. Advantages of leasing #3 Structure your payment plan to fit your business
- 7. Your borrowing option takeaways Regularly upgrade technology Potentially write-off payments Match your cashflow
- 8. Thank you! ?
Editor's Notes
- Welcome, I’m Mike McInerney from National Leasing. Thank you for taking the time to be here today. I promise to keep this short and sweet so you can enjoy your lunch. Myself and my colleagues at the back, Mike Dale and Daniel Zitnansky are happy to answer any questions you have. Let’s get started. Today, I’m going to talk about the benefits of regularly upgrading your equipment and how financing can help you through that process.
- Successful veterinary practices regularly upgrade their equipment. The buying process is involved, there are lots of considerations; Will our customers benefit by the level of care that we can offer with the new equipment? Will the new equipment allow us to accomplish more in less time Is the equipment going to provide the return on investment that we expect Here is an example of a vet out in Vancouver who did just that.
- There is a lot of state-of-the-art equipment in that video. But the journey to get there can be difficult. A lot of research and analysis is normal when making the decision to purchase certain types of equipment. It can be an exhaustive process, though the time is well spent as you can purchase with confidence and avoid any buyers remorse. Once you’ve decided on the equipment that you need to acquire, and its time to make a decision about whether to lease or buy the equipment. This is a critical stage in the overall process since there are a number of questions to be answered that will ultimately lead to best decision for your practice;
- Here are some thing you should consider to determine if leasing or buying is right for your practice A lease can allow you to avoid the risk of obsolete equipment- equipment upgrades typically will not impact cash flow when you acquire new equipment via a lease. If you were to buy, new equipment likely requires a large cash outlay causing you to delay or avoid purchases and obsolete equipment can impact revenues. Financing leverages your buying power like buying can’t. With a lease, you are more likely to acquire the right equipment that will support your business more effectively versus focusing on the cash price. Look at financing through a month-by-month perspective. Your monthly payments cost only a fraction of the total cost of your equipment. Because your equipment will increase efficiency, it will produce revenue instantly, offsetting your monthly cost and increasing profit. And, if you really want to own the equipment, there are end-of-lease purchase option available.
- Do you need a tax strategy for your business? Yes. With leasing, you have the option to write off your payments as a tax expense rather than claim your equipment’s depreciation over the useful life. Before making any equipment acquisition, always talk to your accountant to learn about your best tax option.
- Ultimately, it’s about cash flow. 3. Structure payments to match your revenue Financing’s flexibility means you can tailor your payments to match your cash flow. Most leasing companies have different payment structures. In National Leasing’s case, we can structure your payments monthly, seasonally, bi-annually or annually. There are also step-up or step-down payments available so you can increase or decrease payments along with your practice’s varying revenue.
- Leasing is a great solution to overcome the financial challenges of acquiring new veterinary equipment. The key takeaways…. Regularly upgrade your technology, Potentially write off payments as a tax expense Tailor payments to match your practice’s revenue
- Make sure you pick-up our brochure at the back. It turns into a helpful poster that takes you through the thought process of leasing vs. buying And stay tuned to your email for a special offer from us next week. Thanks and I’m happy to answer any questions you have.