How to make a business case for new gear
So, your favorite brand has a new camera out – and it won’t come cheap. What’s the best way to prove to the decision-makers in your company that it should be purchased?
Some managers are more interested in ROI and financial figures, while others are more interested in performance and user experience. To convince them all, you’ll have to prove – financially, and from the users' perspectives – that the investment delivers value.
The money side
Compare purchase price vs. rental price, and calculate how many times you estimate needing the equipment per year.
Calculate depreciation; if a EUR 8k camera is “old” after 4 years, and renting it costs EUR 200 a day, you’ll have to use the camera 22 times over 4 years to justify renting vs. buying.
→ Our free ROI calculator does the math for you!
The people side
Get consensus from the bottom up by talking with the people who use the equipment. Figure out what they’re looking for in a piece of gear like this and what outcomes they value. Put their consensus down on “paper”.
Perform a test on the equipment; does it work as promised? Do your users like it? Is it easy to use? If the results favor the purchase, collect detailed feedback from the team and put it into context for your manager or business decision-maker.
Should you buy or should you rent
Buying
Why you should buy:
- Tax benefits for “fixed assets”
- Safely save presets and preferences
- Always available
- No transport needed
Why you shouldn’t buy:
- Larger up-front investment
- You handle insurance, repair, and storage
- You’re stuck with it for (its) life
Renting
Why you should rent:
- Use awesome gear for cheap in the short term
- Quickly boost short-term capacity
- Insurance/maintenance included
- Flexible choices in equipment
Why you shouldn’t rent:
- More expensive in the long term
- Can’t safely store presets
- Time wasted on transport
Pro tip: Cheqroom makes business cases a walk in the park by centralizing all information about every single piece of gear – price, warranty, times used, etc. – in one place.
If you want to read the complete AV Q&A series, click here!
Meet Hana Belbecir, our dynamic content marketer. She infuses creativity and strategic vision into the core of our brand. Hana, passionate about storytelling and has a keen eye for market trends, is devoted to creating a unified brand identity for Cheqroom. Her favorite part? Working & brainstorming with different creatives.
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