Why Rental Equipment Is the Key to Flexibility for Large Business Operations

Purchasing new equipment is a long-term investment. Although your new machinery can create an impressive fleet, it can also come with additional costs your facility could avoid. Thankfully, you have an alternative to buying — renting equipment makes it easy to find the best models for every project without considering maintenance, long-term costs, storage and transportation.

There are many advantages to choosing rental equipment, with one of the most significant being improving flexibility at your facility. Growing your business and maximizing flexibility can be simple with rentals, and you can increase profits, improve efficiency and offer new opportunities by making this switch. Keep reading to discover how you can benefit your facility with rental equipment.

How to Improve Flexibility With Rental Equipment

Renting construction equipment comes with many benefits, including saving money, time and space while providing a competitive edge in the industry. Exploring and comparing the costs or renting equipment rather than buying it can highlight the potential savings for your facility.

Although there are many essential pieces you need, such as lifts, loaders, trucks and excavators, you can streamline these resources to maximize versatility and efficiency. Your business needs the right equipment to handle every job while feeling confident in your compliance and usage of the latest technology in the industry.

Renting empowers companies to try new machinery before making a long-term investment to ensure the equipment meets their needs. Additionally, rental equipment can reduce downtime and cut costs in a variety of ways. Learn more about how you can improve flexibility with rental equipment below.

1. Lower Your Initial Costs and Control Project Costs

Purchasing heavy equipment is a costly investment. Many businesses need to obtain a loan to acquire necessary pieces, which can lead to companies falling into debt. Although you can sometimes regain these costs through your projects, you'll lose money through interest, depending on your loan supplier. These purchases could also impact your ability to purchase other necessary machinery in the future.

Renting equipment allows you to seek lower initial costs, which may be more affordable and not require a loan. This can enable you to move forward with fewer concerns and prevent you from spending over your budget. Additionally, you can eliminate some guesswork for maintaining and transporting your machinery, allowing you to understand your total project spending better.

2. Save Money on Items You Don't Often Use

A significant benefit of renting is avoiding unnecessary purchases. If you expect to only need a machine a few times within the next few years or for specialized projects, it likely isn't worth the hassle of purchasing a new model. The initial costs, maintenance, storage fees and depreciation won't provide the most benefits for your company. Instead, renting this equipment can empower you to expand your business offerings while saving your wallet.

3. Gain Access to the Latest Technology

A significant benefit of renting your equipment is gaining access to the latest technology. Over the last few years, technology has significantly advanced, but many companies don't need to replace their current models as often as new equipment releases, which can create a gap between the company and the industry's best practices.

Technology constantly evolves, but many equipment models last far longer than it takes for new versions to enter the market, forcing you to either work with outdated equipment or attempt to resell it every few years. You can rent equipment rather than enter a continuous cycle of buying and selling equipment to access the very best.

Updated equipment can give you a competitive edge and allow you to bring in new clients and customers. New technology makes it easier to complete jobs quickly, safely and efficiently, putting your company ahead of the rest. You can then boost your fleet's productivity by tightening your operating costs, finding the safest technology or opting for enhanced models.

4. Find Protection Against Loss

Many rental companies offer insurance policies, warranties and similar protection programs for each rental equipment piece. Although you may have specific on-site policies, you can rely on your supplier's policies to protect your business financially in the event of loss or natural disasters. In other words, if something happens to your rental equipment that was out of your control, your policy should mean you won't have to pay for damages.

5. Skip the Maintenance

When you choose well-serviced and dependable equipment, you can skip the ongoing responsibility of routine maintenance and repairs to keep each piece in peak condition.

Although owning your equipment can provide a capital asset, you must consider the cost of replacing parts, providing routine care and creating regular cleaning and servicing schedules. Comparatively, when you rent equipment, you can feel confident that you're choosing pieces to operate at peak performance because your supplier's technicians will complete all servicing and repairs before renting.

This process allows you to save money and time by avoiding needing to purchase tools for repairs, covering labor costs, managing records for operation and replacements, coordinating service times, sourcing and stocking machine parts, and buying workshop space to conduct these repairs.

Additionally, indirect repair costs can impact your business. For example, nonproductive equipment can result in unnecessary downtime and wasted space, cutting your productivity and potential profits. By renting, you can avoid these potential pain points and rely on dependable pieces for every project without wait times.

6. Find Necessary Equipment for Each Job

You can't sufficiently complete your construction projects if you lack the proper equipment. If you use equipment that's too small, you may need to double your worker's efforts. For example, you may need to make additional transportation to move materials if you lack the necessary load capacity for the project. Equipment that's too large can cause safety concerns and increase the chances of damage or injuries on the job site.

Choosing the correct size and specifications is vital for every project, which is why renting equipment is an excellent idea. Every equipment type will have various models and unique design features for specific applications. Rather than relying on the wrong pieces to complete your job, you can boost flexibility and productivity by renting the right ones for short- and long-term projects.

Finding a rental supplier will empower you to access a wide range of models to ensure you can finish the job right. Extensive inventories and reliable ratings offer the reliable solutions you need. Always opt for a dependable supplier, like your local The Cat® Rental Store.

7. Take on More Jobs

The flexibility of renting equipment empowers you to find new opportunities. If you don't have the necessary tools for a job, you may have to decline a great offer, which can lead to potential loyal customers turning to a competitor and losing potential profits.

Renting equipment when you need it makes it possible to tackle these opportunities to expand your business and become more competitive, as you can meet the demands of more diverse projects. This process can transform your business into a reliable option that can earn the reputation of being able to handle any type of job.

Along with tackling diverse projects, you can also allow your staff to handle more tasks simultaneously. Expanding your fleet will empower your workers to get jobs done quickly and move seamlessly from one job to the next. You can also use your advanced equipment as a marketing advantage to stand out against competitors and attract more clients looking for peak performance and compliance.

8. Find More Free Time

Many opportunities require you to supply more than availability and machine access. Sometimes, new projects will demand more time or labor for job completion. Renting equipment allows you to save time by skipping maintenance, repair and servicing tasks that can create downtime.

Your staff can spend more time on the job site and less time completing tasks like cleaning components or performing oil changes, empowering them to be more efficient and productive. Additionally, your company can better focus on business goals rather than scheduling service times or anticipating downtime during system failures.

9. Adapt to Industry Changes

Along with utilizing the most advanced technology, you can better adapt to industry changes by relying on rental equipment. You can satisfy your needs with rental pieces when you need to respond to competition, new regulations, expansion opportunities or demand fluctuations.

For example, new legislation could create new requirements for building features in your community. This can lead to an increase in job requests to accommodate the new installations. By renting tools, you can ensure you have the machines to meet the demand and adapt to the new market. This adaptability will reduce costs from purchasing new equipment and prevent you from losing money after the influx recedes after completing the projects because you won't need to sell the equipment after completion.

10. Reduce Resale and Disposal Costs

An additional benefit of rental equipment is avoiding resale and disposal costs. When you own equipment, you must have a plan to retain the asset's value over time. This means you must be sure to gain as much value as possible from disposal when it's time to sell existing equipment or purchase new models.

Alternatively, renting equipment eliminates this responsibility and the associated costs. You can achieve peace of mind by renting equipment to avoid upkeep and maintenance to retain your machine's value. You can also relieve the pressure of selling machines in fluctuating market conditions if you need to immediately liquid an asset.

11. Support Your Demand

Balancing various projects is a common practice for many industries. However, a lack of equipment can make it necessary to share pieces with different locations, which can lead to time-consuming wait periods.

If you're working on multiple projects simultaneously, rental equipment can provide a more cost-effective, practical and timely solution. Additionally, each job has unique demands, making it crucial to have the proper tools for the project. Sourcing the correct equipment is a great asset that empowers you to support clients and workers better.

Furthermore, unexpected emergencies can cause delays in projects. For example, equipment failures, canceled contracts and maintenance periods can cause downtime for any project. Rather than waiting for your equipment to regain efficiency, obtaining reliable rental machinery on short notice can be an excellent solution. Staying on top of your projects can provide a competitive edge and ensure you can deliver the most customer satisfaction possible.

12. Stop Creating Storage Space

Your costs expand beyond an initial equipment purchase and preventative maintenance. You must also know where you can store your equipment items and whether you'll limit facility space or lease or buy additional storage.

Large machinery can be challenging to accommodate, especially because it must have an indoor space, as it might experience damage from inclement weather if you leave them outside. If you don't have room for the equipment, you must consider leasing a storage unit or investing in another property for storage, which can become costly over time.

The more equipment and tools you purchase, the less space you'll have and the more money you can expect to dedicate to storage costs. Additionally, you'll have to expend additional energy on organizing and protecting every equipment piece. You must also consider additional insurance, monitoring and security expenses to secure your assets and protect them from damage or theft.

Renting your fleet empowers you to lower overhead costs, including storage space. You can easily return your equipment after completing your project, eliminating the need for long-term storage and security investments. This process will save you time and money while ensuring you finish every task efficiently.

13. Improve Your Cash Flow

Renting construction equipment empowers you to generate cash flow to allow for upcoming changes and improvements. Check out how renting can improve your cash flow:

• Minimize your fleet: Owning heavy machinery may not be suitable for some businesses because of considerations like depreciation, insurance and maintenance. Growing companies can benefit from smaller collections and rental suppliers to complete a wide range of projects while saving space and purchasing costs.

• Free up capital: Heavy machinery is often a significant initial investment. Companies often need to budget for these investments in advance, which can require considerable preparation. This process can make it challenging for companies to address demands when they arise quickly. Renting allows you to easily access the items you need for any project on short notice. Businesses looking for a profitable way to access equipment without obtaining a loan or considering depreciation can significantly benefit from renting.
• Gauge costs: Owning and operating expenses can differ significantly, especially when you have old and new machines. Between maintenance, services, repairs, transportation and depreciation, finding accurate numbers for each project can be challenging. Renting equipment eliminates the guesswork and empowers you to have straightforward answers about your budget so you can avoid these unexpected variables.
• Eliminate maintenance and repair costs: You can expect heavy equipment to need repairs and services. Eliminating these processes can save a significant amount of time and money, allowing you to significantly improve your cash flow, especially if it will enable you to avoid an extensive in-house maintenance staff.
• Reduce downtime: Broken machines or equipment needing repairs can lead to a project stall. When you want to keep your team moving, opting for reliable, serviced machines is the best option. This reduces downtime and allows your staff to complete jobs safer, faster and more efficiently.

14. Eliminate Transportation Costs

Often, you need to coordinate when to transport your machinery to the job site. This process requires you to rent or buy trailers to move tools from one location to the next. Sometimes, you may even need to obtain permits for wide loads to transport your materials. This cost of transportation can quickly grow, and you must also consider the labor of personnel to unload and load the equipment. These responsibilities can add to your workers' duties or require you to increase costs to hire contractors.

Rather than establishing the logistics for moving, storing, loading and unloading your equipment, consider renting the pieces you need. Your rental supplier can handle these tasks for you and provide the transportation you need to reduce staff duties. Additionally, the rental company will pick up the equipment after project completion so that you can avoid finding storage spaces or renting trailers.

15. Sharpen Your Edge for Competition

As mentioned, using rental equipment is an excellent way to sharpen your competitive edge. Using the newest, best or most advanced pieces of technology can allow your business to stand out against others in the market, allowing you to attract new customers and seek new opportunities.

With an extensive collection of equipment, you can meet the demands of every job and ensure you can exceed your client's expectations. Whether you're a small business looking to gain traction or a large business seeking diverse projects, rental equipment is an excellent way to meet your goals.

16. Try Before Your Buy

One of the last ways you can improve flexibility at your facility is by trying equipment before you purchase it. By creating a hybrid fleet of owned and rented equipment, you can meet project needs without committing to a long-term investment your business doesn't require.

Trying equipment before you buy it can give you a competitive edge by allowing you to stay ahead in the market while saving on costs. You can evaluate the usefulness of each machine and determine whether you want to make the investment for future projects or if you only need it for rare or specialized projects. This way, you can avoid regretting a purchasing decision and ensure you can continue operations smoothly while considering your options.

Improve Business Operations With The Cat® Rental Store

Whether you need tools for landscaping, industrial manufacturing, general construction, utilities, residential or commercial building or road building, The Cat Rental Store has the equipment for your industry. With us, you can find everything you need to complete the job in a timely and efficient manner. Our catalog features reliable and safe rental equipment with the latest technologies to gain a competitive edge in your industry and ensure you have the necessary tools for any job.

Rental equipment can enhance flexibility for your business in many ways, and finding a reliable supplier will ensure you feel confident in every job. The Cat Rental Store has all the machines, lift trucks, power lifts, attachments and tools you need to streamline progress. Improve business operations with rental equipment from The Cat Rental Store. Browse our equipment or contact us to discuss your unique needs by calling 1-800-RENT-CAT.