There’s no doubt about it, there are times when being cheap makes sense. However in many cases it’s worth shelling out a little more.
Kristen Cross of The Frugal Girl
, told the Business Insider
, “Buying quality items is one of my top ways to save money. Paying more upfront for an item that lasts longer makes financial sense.”
Cross is referring to household needs:
CLOTHING – “For a trendy piece, cheap may do, but when it comes to classic clothing that will stay in style for a long time, I spend more to get quality,” explains Cross. “Cheap clothing shrinks, pills, and changes shape over time,
FURNITURE – “Items that are flimsily constructed of particle board won’t last long and will be near impossible to repair, which means you’ll need to buy replacements in fairly short order.
An article in the Consumerist
backs up Cross’s claims asking a simple question – “Why do we buy a coat every year instead of one high quality coat that will last many years?” Don’t think of it as “splurging.” It’s not irresponsible to buy a quality item that you can use for decades
at a reasonable price.
These statements hold true in industry as well. Just because two companies make similar claims about similar products, it doesn’t mean the best buy is the cheapest.
Do your due diligence. Ask questions and find out what you get for your money.
-What are the materials made of?
-If they are to be used in challenging or dangerous work spaces, ask about safety certifications?
-If it does malfunction, what is the service policy?
-Find out if the company is an innovator or copier?
-Ask what you can expect from your investment. A superior product’s life expectancy will be longer, which will save you money.
-Does it have residual benefits – saving money because injuries are down, work stoppages are down.
Oil rig workers-courtesy Huffington Post
In the oil industry, public perception is a key pillar to a successful business. Opting for cheap can really be costly if the product fails, someone gets injured or there is damage to the environment.
Ask the right questions when buying new products and then turn to the company that will help your business grow and prosper as well as protect your reputation.