Heavy equipment rentals are a convenient and cost-effective solution for contractors, equipment fleet managers and construction company owners to get the right equipment at the right time, no matter what job comes up. Having the flexibility to procure heavy equipment for one-off jobs is a great way to supplement your existing fleet if you already own staple equipment.
You might already prefer the construction equipment rental option when sourcing big-ticket items like excavators, aerial lifts and material handlers — and one-time equipment rentals are a great short-term option. But, you can also arrange long-term rental agreements to ensure you always have access to valuable, high-quality equipment.
Renting construction equipment makes a lot of sense to many businesses involved in earthmoving, road building and general construction of industrial, commercial or residential projects. There are a lot of reasons why it’s beneficial to rent or lease machinery, but it always comes down to the business's bottom line.
Ultimately, the decision to rent or lease equipment is a matter of convenience and cost. It’s also a matter of short-term goals and long-term strategy. Deciding to rent construction machinery requires making a cost-benefit analysis and a thorough business plan involving current and future contracts. Here are the top reasons why long-term equipment rental is beneficial to a company’s overall performance and financial security:
There’s no exact definition of what constitutes a long-term equipment rental contract. Generally, long-term rental agreements differ from one-off or short-term contracts by the length of time they’re in place. You can discuss and clarify your long-term rental needs with a construction equipment rental dealer like The Cat® Rental Store network.
The Cat Rental Store network offers the world’s largest construction equipment rental fleet. This premier international outlet supplies diverse machinery for projects ranging from dam building to high-rise commercial construction. At The Cat Rental Store, we help business owners determine the necessary equipment they require, assist in finding an appropriate timeline and offer solid advice to help construction businesses complete a comprehensive business plan.
Part of a thorough business plan is setting equipment rental contracts in place. Rental contracts don't have a fixed long-term period, as there's no one-size-fits-all approach to rental agreement time frames. How long a company might require rental equipment is unique to an individual business, but it’s a vital part of planning The Cat Rental Store contributes to. Here’s a general overview of one-off, short-term and long-term equipment rental periods:
Long-term equipment rentals make a sound business case for many construction companies. With long-term rentals, they conserve cash, assure reliable performance and benefit from having equipment available for work as needed. However, deciding to rent long term requires a comprehensive business plan to determine financial feasibility and weigh options.
Operating a construction company without a thorough business plan is like trying to build a project without blueprints. Without planning a serious matter like long-term equipment rental, a business could enter into a rental agreement that doesn't meet their needs and can end up delaying projects.
Many business plans start with creating a matrix. This simple planning tool lets company owners or managers visually absorb factors that influence their decisions. Developing a long-term rental matrix as part of a comprehensive business plan involves careful consideration and detailed analysis. Here are some factors to consider in completing a thorough and strategic business plan involving long-term rentals:
No business plan is thorough without including the equipment necessary to execute it. Successful execution stems from careful planning, and that’s what the matrix helps to achieve. Weighing options to rent long term or make a purchase commitment is part of the plan, and it involves knowing what equipment is really required.
Contractors need to get a solid idea of what equipment they truly need. They must know what machines they’ll get the most value and use from. Here again, it’s helpful to make a list of factors determining the necessary equipment for their contracts. These are some helpful suggestions in getting the right rental equipment for the job:
Once a company decides that long-term rentals are their best option and knows what equipment is necessary, they must commit to a timeline. This ensures the exact machinery will be ready to go when it’s needed.
Calculating a realistic timeline isn’t difficult. However, it requires forethought. Here are factors that build a realistic timeline to ensure the right equipment necessary to undertake the specific job will be available for a long-term rental contract:
The Cat Rental Store network links Caterpillar rental equipment dealers across America who supply long-term agreements to the nation’s construction and other industries. Cat rental dealers work with customers like you to ensure they plan and commit to quality equipment and machinery that get the job done in the long term.
At The Cat Rental Store, you have direct access to long-term rentals involving earthmoving machines, skid steers, compact track loaders and power generators as well as over 60 allied brands of aerial lifts, concrete equipment and air compressors. All Cat rentals are safe, reliable and offer the newest technologies. At The Cat Rental Store, knowledgeable staff give you expert advice with onsite support and are available for operator training where needed. For more information on Cat equipment and your long-term rental needs, find a location near you and rent whatever you need from people who do whatever it takes.