Some managers assume that buying access equipment is the best way to get the machines that they need. However, material lift rental is in many cases a better alternative for a wide variety of reasons. The pros and cons can differ depending on the project, budget and other circumstances, but it’s always worth checking if hiring would be a better option. Let’s take a look at four key benefits to hiring access equipment for your next project.
Improving Your Cash Flow
Many businesses are now operating on tight budgets, and it can be difficult to control your cash flow. This is especially true in the construction industry when you could be waiting for a payment for a significant period of time. A start-up or smaller business may find it easier to raise a business loan if they don’t purchase their equipment. When you hire any equipment, it isn’t recorded on your balance sheet as a liability. This will give your business a more favourable ratio of assets to liabilities that will help to facilitate any borrowing that may be required.
Reducing Carrying Costs
When you rent your equipment, you reduce any carrying costs that would typically be associated with retaining large amounts of inventory. Purchasing, maintaining and storing large quantities of equipment will use up a large portion of your available resources that could be better used elsewhere. When capital is freed up in this way, it can be used to gain higher returns, improve your cash flow and boost your profitability.
Getting Access to New Features
When you purchase equipment, you’re stuck with it until it’s sold at a later date. There will be no way to upgrade or improve your equipment, and any improvements will pass you by. The access equipment industry moves quickly, there are consistent developments that will boost efficiency and improve safety standards. When you rent your equipment, you can gain access to these technological developments on an ongoing basis. It’s easy to update and upgrade your equipment as required to meet your latest project needs and get the latest features. This will keep you ahead of the technology curve and give you the edge over the less efficient competition.
No Maintenance or Repair Problems
When you own your equipment, it can be a real problem to schedule servicing and repairs around your projects. This can also be expensive, and the downtime can lead to delays. This isn’t a problem when you hire your equipment from Access Hire. We have an ongoing maintenance repair program and if an extensive repair is needed a replacement will be provided. This will reduce the amount of disruption and downtime to keep your project on track and avoid costly delays.
As you can see, there are some great reasons to hire rather than buy your equipment. This is a cost effective way to gain access to the latest equipment without tying up resources that could be used elsewhere. This will allow your business to be lighter and more flexible for planning and resourcing your projects. If you’re interested in a material hoist rental contact Access Hire and we can help.