Why Hiring is Cost Effective
People sometimes assume that when it comes to access equipment, their best option is to buy the machines outright even though it might be easier to hire them. The choice of whether to hire, hire-to-buy or buy depends on the individual project needs and circumstances, but it’s worth examining the benefits of equipment rental or long-term leasing before finalising any decision.
Renting reduces the carrying costs associated with large amounts of inventory and it frees up capital which can be better utilised elsewhere in the business to gain higher returns. This can result in improved cash flow and improved profitability due to optimum use of capital.
Companies may find it easier to raise business loans if they don’t buy their equipment outright because rentals aren’t recorded on a balance sheet as liabilities. This more favourable ratio of assets to liabilities facilitates borrowing and can result in bottom-line benefits.
Buying, maintaining and keeping track of an extensive fleet of machines can also use up valuable resources – a burden which is significantly reduced when equipment is hired.
The field of working at heights is constantly evolving and equipment suppliers, like Duralift, are regularly updating their fleet to introduce entirely new technologies which would be too expensive to cover through purchasing equipment.
Renting equipment enables organisations to stay ahead of the technology curve, access a larger inventory and take advantage of faster, more efficient new models, whereas those companies that have bought their own equipment may be left with old or obsolete equipment, not to mention access equipment isn’t even legal on a construction site after 10 years!
Maintenance and repair? No problem. Organisations don’t have to concern themselves with any maintenance or servicing every 90 days and annually, or repair issues because all of that is handled by the company supplying the access equipment for hire. Whilst equipment breakdowns are inevitable, operations are less likely to be disrupted when rented devices are being used because the supplier will respond immediately to replace any faulty or broken equipment.
When access equipment is rented from a reputable supplier, like Duralift, customers benefit from the ready support of their experienced and highly skilled technical team.
Rentals are also a very cost-effective and efficient way of handling periods of high or low demand. Renting equipment gives companies greater flexibility with operational planning and resourcing of projects.