During uncertain times, businesses coping with an unstable future are juggling between whether to buy or rent their equipment. With less work on, fewer employees available to conduct and oversee major tasks, and the need to diversify, hiring your equipment may be your most cost-effective option. To retain your ability to conduct business, it’s important to understand the benefits that come with renting advanced equipment instead of buying it.
The Impact of Uncertain Times
Whether amidst a pandemic, natural disaster, economic crisis, or just through factors that are out of your control, businesses will have to adjust to new conditions. Working against the pandemic has made it difficult to oversee a full staff and acquire new clients.
With less cash available, businesses need to direct their efforts towards saving should operations dry up. As such, processing major investments and getting locked into long-term payment plans over new equipment is something you should avoid.
Why You Should Consider Renting Over Buying
The most obvious advantage of renting equipment during times of crisis is the ability to stay within your budget. Here are a few reasons why you might consider renting equipment instead:
1. No Capital Investment
Purchasing a piece of equipment doesn’t only force you to commit to a large sum of money—it also hurts your savings if you’re not going to need it the following months or year. If you’re experiencing a loss of business, you may not even have the ability to shoulder a down payment in the first place.
2. No Need to Pay for Maintenance or Repairs
Without the risk of unexpected repairs or need to cover part replacements, working with a dealer who can mitigate maintenance procedures for you can help your business stay within its budget. In most cases, you won’t even have to pay technicians who are already equipped with replacement parts or allocate staff from your workforce to oversee their duties.
3. More Flexibility
To make ends meet, you may need to diversify services or work with clients you normally wouldn’t collaborate with. If you’ve invested capital in specialised equipment without the proper means to run them, it can be difficult to branch out your services.
With rental equipment, you can easily swap out machines to meet specific client demands. No longer need your road dryer? Just return it. Have no use for your heavy earth-moving machinery? Retire it.
4. Fleet Minimisation
If you’ve purchased a machine that isn’t getting regular use, you may be spending more than you need to on storage, transportation, maintenance, fuel, and disposal costs. By keeping your fleet lean, you can make good use of equipment that you may only need once or twice.
5. Better Technology
To keep up with an ever-changing environment, equipment hires outfit their machines with the latest technology and features. Instead of purchasing these costly add-ons yourself, a high-quality hire can provide it to you instead.
With less cash available in your business pocket, paying a hefty sum for a piece of equipment you aren’t sure you’ll need in the foreseeable future will only hurt your operations. Without the need to perform regular maintenance and repairs or find ways to store a machine, rental equipment is the way to go.
At KEE Hire, we pride ourselves on being the most reliable machinery hire company in Perth. Whatever you may need for your civil, mining, or infrastructure project, KEE Hire can provide at the drop of a hat. Included in the hire, we offer full maintenance provision and a knowledgeable coordinator at your service 24/7.