My pal Kenny Polly has tools. Lots of them. He's got a tool for pretty much every job. Specifically designed implements for specific jobs. He's got a lot of money tied up in tools. He never hesitates to invest in tools. They make his business more productive and, therefore, more profitable.
It's possible to cobble together a job with scant tools. Sometimes we have to make do. But - if one has the money - proper tools can help in several ways.
Time - The right tool saves you time. Time is money (or so most people say). If you find a tool that saves you time, buy it. I'm thinking of computers and tripods and follow focus rigs. These things are expensive and they are not, according to some, "necessary," but they help so much with productivity, I think they are necessary.
Precision - The right tool makes your work more precise. A Japanese trim saw is expensive, but the cut it makes is measurably superior to a cheaper saw. I grew up editing audio on tape (yep, physical tape that you had to cut with a razor blade and splice by hand). I now edit in logic. 100% digital. Non destructive. Precise. Video is the same, digital video allows for fine tuning and precision.
Beauty - The right tool allows you to focus on a pretty end product. Making that trim fit perfectly. Making that video pop with the perfect color correction. Making that audio edit seem - well - seamless.
I've been working on a few new projects. I'm going today to buy a new tool. Hello new Macbook Air, I'm coming for ya.