If there’s one thing that’s constant in the business world, it’s change – and this is even true when it comes to office equipment lease agreements.
Sometimes the needs, structure, and budget of a company can change quickly. This means they may need to update the terms of the agreements they have for their business technology and office hardware.
But sometimes these contractual terms can seem so tight and restricting that they make companies feel trapped. This isn’t just bad because of the feeling itself – an outdated lease can leave a leaser with a device that doesn’t fulfill the company’s needs efficiently.
Luckily, no one has to be stuck with an office equipment lease that no longer serves them.
Business Technology Changes – So Should Lease Agreements
Consider how fast the pace of technology moves in 2022, and it’s dizzying at a glance.
New tech trends emerge on a monthly basis, and many of them find their way into the offices of major companies within a short time.
Because of this rapid evolution of business technology, it’s easy for companies to get behind when it comes to their office hardware fleets. One year a company leases a high-end device, and before they know it, it’s inferior compared to other models on the market.
So the first question is – how can companies get out of their lease?
There are a few ways. Sometimes leases have auto-renewal clauses that renew every month, every quarter, or every year. If the opportunity to cancel comes around soon enough, it may be worth it to cancel the renewal and thus break the lease.
There’s also the option to pay off the remaining balance in a lump sump or a series of higher payments. This strategy is perfect for the company that can still use the current piece of equipment in question, and the company that has the resources to buy out a lease at once in order to end it.
Finally, companies can consider the refinancing option to get out of their lease faster – or to keep the lease terms with a newer piece of equipment. This option is superior if the contract and supplier are both good but the device itself is the only downfall of the deal.
Upgrading to New Equipment is a Smart Business Move
For companies to take these steps, it has to make sense from a business perspective. To pay more money, engage in additional negotiations, or seek out new partners means more work for the organization. How can it be ensured that this extra work will deliver a return?
Consider whether upgrading to a new device could be beneficial. For example, maybe a company now needs more from their office hardware. Maybe their printer now needs scanning, faxing, and copying functions?
Maybe the cybersecurity protections on the current device are outdated, and upgraded models provide the safeguards designed for today’s top threats? Maybe the ink usage is lower, and falls in line with the company’s evolving sustainability goals? Or the servicing is better, which could help in environments where workflows are picking up?
There are many situations where upgrading to a new office equipment lease can be helpful – and it isn’t always just about the device itself.
The Right Terms Make an Office Equipment Lease Much Better
Leasing equipment is as much about the lease itself as the hardware. Some lease agreements are stricter than others, and companies may find that they’ve outgrown terms even if they haven’t completely outgrown the device.
Since the device is still property of the lessor, there can be a number of conditions on how it must be maintained. Some device suppliers require special servicing conditions. This can include a strict maintenance schedule, restrictions on the type of supplies used with it, and much more.
Getting better terms can give a company more flexibility and even improve the performance of their devices. Reassessing a print environment can lead to some interesting discoveries – and when a company finds that their terms no longer serve them, it’s time to pursue one of the strategies for escaping a lease.
Imaging companies also provide some deals to help companies get out of their current lease and find a better one. Any company that is looking should look no further.
At Perry proTECH, we offer office equipment lease options and top-notch devices tailored to the needs of our clients. To reach out and ask about how you can get on the perfect leasing agreement for your organization’s current and future needs, contact us today.