As a business owner, you know that managing each job site is important. Whether you're cutting a new waste pool or maintaining one of Alberta's largest oilfields, your equipment is like a trusted friend you can rely on. If you're like many other Albertan contractors, you know that the rapidly-changing face of the oil industry has created plenty of temporary jobs. It's not always possible to come up with the soaring budgets needed to purchase heavy equipment like haulers, cranes, and excavators. Trying to stay ahead of the game and competitive is frequently expensive and often stressful, especially if the jobs you are doing a short, small, and extremely specific. In this article, you'll learn why rentals are becoming a more budget-friendly, reasonable choice for Alberta's contractors.
It's Easier to Scale Your Business Up or Down Effectively
One of the biggest challenges Albertan businesses face is being able to scale up resources quickly when someone offers you a contract. Jobs can change, end, or start on a dime, meaning that you need to be willing to change, too.
If you're a small-to-medium outfit, you may find yourself suddenly in need of some very expensive heavy equipment at any given time. If the contract in question is short, you may only need it few short weeks. Investing in brand new equipment wouldn't be smart, nor would it make financial sense.
Instead of assuming or hoping that you'll see a return for your investment, consider renting specialized machines for the duration of your contract. You'll have access to the tools you need without needing to worry about immediate capital requirements.
This is also an excellent way to access equipment that may spend most of its time sitting in a warehouse. If you only use it a handful of times per year, you're better off renting it than making it your next investment.
Specialty equipment items, like heavy haulers or hydraulic shovel loaders, aren't just expensive; they're way out of range for everyone but the largest corporations. Just how much are they worth? According to this article, up to $5 million!
You'll Pay Less For Maintenance and Repairs
Extremely expensive industrial vehicles aren't just expensive on the price tag--they cost a lot of money to maintain and repair, too. If you've been considering purchasing a big-ticket item for your company, you need to factor in compliance and maintenance costs after purchase. Letting small issues go isn't an option, as the Alberta Transportation Department legislates exactly how you must maintain your fleet.
Sure, new trucks offer a warranty. But return or repair claims take time to process, and that leaves you sitting at the site without the ability to work. Not only are you losing money on the repairs, but you're also losing money on lost work, too. As you'll probably need to order in and wait for replacement parts, you may even lose several thousand dollars on shipping costs.
When you rent your equipment, whether it's a dirt loader or a rough terrain crane, repairs and maintenance are covered. Provided that you choose a reliable company, all you need to do is make sure these terms are well-outlined in your rental contract.
When an issue arises--which it most certainly will, as many worksites are rough and hard on trucks--you just need to call and report your concerns. Many equipment rental companies will send someone out on the spot, come to retrieve the vehicle, or replace it with a new one. Your wallet is protected, and you're free to get back to work in a shorter period of time.
Consider that the average heavy hauler truck tire can cost as much as $35,000 just for the tire alone. That's also not counting labor and the other equipment needed to put the tire on and balance it correctly! Issues with the motor, or the body itself, could set you back even more.
It's Easier to Access the Latest Equipment
Even big corporations struggle to stay on top of the latest equipment. With new machines coming out multiple times a year, it's nearly impossible to stay ahead unless you have a multi-million dollar budget. You, as a construction company owner, need to spread your yearly budget out to cover each area of your business. It's just not feasible to spend $5 million a year on an updated model.
That doesn't mean you can't access the best technology at all.
An equipment rental company's main goal is to provide business owners like you with trucks, cranes, and other large-scale equipment. Most have a large budget available for the newest equipment and technology. They are constantly updating their fleet to meet the needs of Alberta's changing market.
They don't need to worry about the costs to go onto the job site and build--that's your job.
Take advantage of this by renting newer models until you can safely budget for their purchase without impacting the rest of your business. There's nothing like being able to tell a potential client that you have access to the safest, most efficient tools of the trade. Furthermore, you'll have an opportunity to assess the equipment in the field, enabling you to make a decision as to whether you truly need it in your fleet.
More Info: Don't forget that driverless trucks are quickly becoming a reality for Oil Sands workers. While they aren't available for rent just yet, forging a strong relationship with a reliable equipment rental company will ensure that you're first in line when they are. Purported to be safer, they also help companies to reduce salary and wage costs.
Whether your outfit is small, or you're a sprawling corporation located in many countries, making smart decisions about the equipment you use is paramount to your overall success. While small-to-medium businesses stand to benefit the most from equipment rentals, saving money is something that's right for just about anyone. For more information about equipment rentals, contact a dealership today.Share