Renting Equipment to Grow Your Business
It’s hard to believe that 2020 is already underway, but you can’t argue with the calendar. It’s time to plan your business strategy for the new year, if you haven’t done that already, and that includes thinking about how rental equipment can boost your productivity and profitability.
You could just wait to see how things go and rent on the fly as needed, but that puts you at the mercy of unforeseen circumstances. The kind of circumstances that can put you in a real bind. Inevitably, machines break down at the worst possible time, and what if your rental source doesn’t have the replacement equipment you need right then?
A proactive rental strategy puts you in the driver’s seat.
Why rent equipment at all?
In order to make money, you have to keep things moving along on the jobsite. When a piece of equipment breaks down, or even needs to come out of service for regular maintenance, that can wreak havoc on your schedule if you are unprepared. Service intervals are predictable, but problems are not. If you have back-up machines in your own fleet you can call into action, that’s great. If you don’t, rental saves the day.
But you can also use rentals deliberately, to temporarily augment your fleet. This gives you tremendous flexibility. Renting types of equipment or attachments you don’t own allows you to bid on jobs you wouldn’t be able to handle otherwise. Renting duplicate equipment allows you to take on more jobs simultaneously. Renting equipment also gives you a chance to try out new models (or even brands) in real-life working conditions before you buy.
For that matter, in some cases long-term rental may be more cost-effective than purchasing. You can save the hefty down payment, not to mention ownership costs, and someone else is responsible for maintaining the machine and transporting it to and from the jobsite. This can be particularly valuable for equipment you don’t plan to use all the time, because you can rent and pay for it only when needed.
What’s your best source for rental equipment?
Hit-and-miss won’t be an effective plan. If you’re going to be strategic about renting equipment, you need a strategic partner. Ideally, a single source is best because you can not only build a strong working relationship, you won’t have to waste time calling around to find what you need.
You rental partner should:
- Possess a fleet that is broad and deep enough to serve your specific needs and ensure availability when you need it. This includes attachments and specialty items as well as commonly-used machinery. Renting one-offs – pumps, trenchers, cranes, temporary power/climate control equipment, etc. – can be very cost-efficient.
- Regularly upgrade the fleet, so the equipment you rent is the latest and greatest in terms of features and performance. This strengthens worksite productivity and assures compliance with LEED, WELL and RESI standards.
- Be willing and able to help you out with real-time tracking and reporting key performance metrics you can use to manage day-to-day business operations as well as future planning.
- Be able to serve you in a timely manner if you operate multiple worksites that are spread out regionally. In an emergency, whether weather-related or due to equipment failure, you need to be confident your rental company will have your back as quickly as possible.
Perhaps most important, the ideal rental partner – because they are a partner – will have the knowledge and desire to offer advice and make recommendations as you are planning your 2020 rental strategy. That way, you can bid with confidence and take on jobs that will grow your business in the coming year. Let Tracey Road Equipment be the trusted rental partner you can rely on this year, and for years to come.
