Equipment renewal gives your business a boost

Why it's important to renew your equipment and how you can do it

Developments in all sectors of the economy, society and technology are nonstop and it’s important that your business be ready to meet today's needs, both in terms of infrastructure and know-how. One factor that can affect your business's competitiveness is the equipment you use. 

Renewing your equipment has a positive impact on many levels, including your productivity, results and the goals you’ve set for the future. 

Enhance all-round performance

By renewing your business with modern equipment, you meet the needs and demands of your customers more effectively, while at the same time acquiring the means that give you the ability to innovate and stand out among competitors, and significantly reducing your operating costs through economies of scale. You also achieve better production or service times and therefore higher efficiency and stronger performance. 

An example in recent years is the rapid growth of start-up companies, which, armed with modern technology, create original apps or other pioneering products whose chief hallmark is speed and flexibility. 

Equipment renewal gives your business a boost

Save energy

A common global goal is the formation and consolidation of a sustainable green economy, with low emissions and continuous actions to deal with climate change and phenomena such as the energy crisis.

By making the right moves, such as installing photovoltaic equipment to generate energy for own-consumption or replacing your company's vehicles with hybrid or electric vehicles, you actively contribute to supporting the green economy while reducing your fixed expenses.  

Modern professional equipment products bear EU energy labels, providing a clear indication of their energy efficiency. This makes it easy to choose the right equipment that enables your business to function on a greener basis and at the same time lower your operating costs. It's no coincidence that the European Union estimates that legislation on energy labels and eco-design should lead to energy savings of around 230 million tonnes of oil equivalent (TOE) by 2030, generating extra revenue of €66 billion for European businesses.

A source of inspiration, best practices and innovative solutions

Refurbishing the equipment you and your staff use can inspire fresh ideas for creating innovative products or renewing existing ones through the new capabilities this can offer while upgrading your people’s expertise and know-how. 

According to the Institute of the Hellenic Confederation of Professionals, Craftsmen, and Merchants (GSEVEE), the renewal of a company's equipment is a key element in the development of innovative processes which, in turn, lead to enhanced productivity and further refinement of the end product. In other words, it is an important additional driver in the growth of your business.

Buying new or used equipment?

The equipment of your business is one of your most important investments. You usually have the option of choosing between new and/or used equipment, with the latter always seeming the most cost-effective choice. But is this really so?  

In practice you may find that this is not the case, since by purchasing new equipment you automatically reduce or avoid costs related to the following key factors:

  • Possible machinery break-downs. A new machine is unlikely to break down soon after it’s acquired. But, even if a technical issue arises, the manufacturer's warranty will usually cover the cost of repair.  
  • Energy. Modern equipment also provides higher energy efficiency. This saves you significant costs, while you can also explore your green financing options. 
  • Expertise. Modern state-of-the-art equipment also enables you and your staff to acquire the corresponding know-how and skills. In contrast, the use of older technology tools means your staff lacks the incentive to acquire skills and expertise relevant to the modern market, while your competitors will likely be gaining the upper hand in this area. 

Available solutions

With careful market research, you can discover available financing solutions that will help you make the right choices, with terms tailored to your needs, or find suitable alternative financing for fixed equipment, such as leasing.

Leasing can be an extremely profitable tool, as it gives you access to sophisticated equipment, to which you are not committed for its entire lifespan. This is especially important nowadays, with the rapid development of technology. In addition, depending on the type of equipment you need and the terms of the lease, it may also include a tax break.  

Come and talk to one of our Business Banking RMs at your NBG branch, who can guide you through all the available options for you and your business.