This might seem like a strange type of article to be on the blog of an accountant. However, since we’re talking about Black Friday as it applies to business expenses and capital equipment, it seems like fair game from our perspective.
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Of course everybody knows what Black Friday is. For those that don’t, it’s the day after Thanksgiving when many companies across the country decide to have major sales of some of their products. Some companies even so go so far as to start on Thanksgiving itself, but not all that many.
What you see happening for some items is people actually leaving their house early afternoon on Thanksgiving and then waiting outside of whatever establishment has the item they want so that they can be one of the first people in there. The reason they do that is because, at a lot of these stores, the deal is only good as long as they have the product. Once they run out of the product, that particular sale is over and it leaves a lot of people disappointed.
You’re in business though. Unless your business is a restaurant that has a lot of games or an internet cafe, it’s probably not likely that you’ll be standing in line waiting to get the new Xbox or whatever product is out there. Still, looking for a deal as it applies to equipment your business might need for the next year is never a bad thing.
What you need to be doing is a little bit of research. Right now, it’s hoped that a lot of people know how much things they’re hoping to buy actually cost. It is not uncommon for some retailers to do some tricky math and offer something at a 35% discount that just three weeks earlier was that exact same price.
Of course, not all items that are needed by businesses will be on sale during shopping days like this. But there will be some things that will be on sale that businesses might need. For instance, if you need technology like computers, laptops or tablets, those will definitely be on sale. If you need items for communication like phone systems or smartphones, those types of items will be on sale. Maybe you’ll need something small like a new shredder; trust me, those will also be on sale.
It behooves the savvy owner to try to get whatever works for their business at the best price possible. It’s true that you can write all that stuff off your taxes, but it’s better to save money up front than try to beat the system by writing things off later on. Still, the smartest thing is to be diligent in your research to make sure you’re not being taken advantage of by any retailer.