When running your business, one of the most important decisions that you make is when and on what should you invest in. This applies to programs, products, and everything in your business and the choices can be overwhelming. For a gas station owner, there are many questions to consider when deciding to upgrade gas pumps and dispensers. Here are some factors to contemplate when making a decision.
How Will the Investment Impact My Sales?
New gas pumps and dispensers are generally accredited with an increase of volume between 3 and 7%. The increase at the pump can also mean an increase in-store sales as well. If you have enticing deals or promotions, your inside sales may in fact even outnumber your pump sales. If you don’t upgrade how much business will you lose over the next few years?
Will My Business Costs Change?
When making any investment, you will need to analyze if it will make things more efficient or add additional monthly costs. With new gas pumps and dispensers purchased, you will have a new warranty on the products that will add efficiency and possibly lower maintenance costs. A pump upgrade will mean a volume increase without having to add more employees. As a result, any profit margin generated should fall straight to the bottom line site profits.
The Cost of Delaying
There are several factors to consider if you are thinking of delaying the upgrade. Interest rates and equipment prices keep increasing, so waiting will only make your upgrade more expensive.
Maintenance savings again apply to this question. Having equipment under warranty provides the added cost savings that you will get immediately. It also affects having to pay the increased rate of service technicians, as they are currently in demand and scarce in numbers.
Will it Improve Business Value?
Whether you are planning to sell or keep your business, its value is important. Increasing your store’s fuel and inside sales should translate into a higher value being placed on your site. Your sales market value will be leveraged from this increase.
Can I Upgrade with A Reconditioned Gas Pump and Dispenser?
Absolutely! An affordable option for upgrading can be purchasing a reconditioned gas pump and dispenser. A reconditioned gas pump or dispenser gives your gas station an edge over the competition at an affordable price.
When choosing to buy a reconditioned gas pump and dispenser, find a reputable company that provides the highest standard of aftermarket petroleum equipment. Does the company test the units? Do they offer warranty policies? Examining the company and the details will help you decide if this is a viable option and will help you get an affordable upgrade that will increase your bottom line.
Improve Your Return on Investment
The return on investment can be significant. At Graffco, Inc. we pride ourselves on being a reliable resource for gas station owners. We can help you find the best solution to upgrade your gas pumps and dispensers while improving your business value.