The rise of agritech over the past few years has given birth to advanced technologies and frictionless platforms to make the lives of traditional farmers easier. No wonder why more discerning business owners are seeing the potential returns of applying for farm equipment loans.
Should you also jump on the bandwagon, and upgrade your old farming machinery? Farm Mortgage Loan and other experts list some reasons that the answer should be a resounding yes:
1. Boosting Productivity
High-tech equipment promises greater yields. Having planters and sprayers with automation features promise operation efficiency. Better ease of use of any piece of equipment is only going to help you accomplish more with less time. Adopting fresh innovations can satisfy your need for capacity.
2. Minimizing Costs
Old machines don’t just depreciate fast; they’re also costlier to maintain. In the long run, the time and money spent on upkeep would add up and lighten your coffers more frequently.
3. Reducing Downtime
Aging machinery becomes less reliable, too. If you fail to plant or harvest crops at the optimum time, it would translate to yield losses. The “timeliness costs” associated with out-of-date pieces of farming equipment can hurt your business significantly since they hold you from enjoying the full growing season.
4. Ensuring Compatibility
Computers can’t talk to the machines they don’t recognize. The disconnect between software and hardware can rob you of precious equipment data. In turn, you can’t harness the potential of analytics. If your old tractors don’t mix with your current computer systems, maybe it’s time to retire them.
5. Regaining Pride of Ownership
The most underrated intangible of having advanced farming equipment is prestige. Having modern machinery can help improve the way you and your employees feel about your business. Equipment upgrades can enhance morale across the board.
Getting new farming equipment can be a difficult decision, especially if you’re already set in your ways. However, advanced agritech adoption is necessary to stay competitive and solve the common pain points you deal with in business.