These days, the business arena has become incredibly competitive. With new contestants joining the game in what seems like myriads, and the playing field taking the global proportions, it becomes evident that the winners are sometimes separated from the losers with nothing but a few smart decisions and subtle moves. Let us see how renting equipment fits into this whole story and if that could be the move that will finally push your business onto the next level.
1. Access to Up to Date Technology
Trying to play the game of cat and mouse with recent generation machinery and equipment is a very exhausting process that can easily lead you to bankruptcy. Latest models are entering the market on a seemingly daily basis, and slight variations and minor upgrades are often charged with incredibly inflated prices. If you choose to rent a chunk of your equipment, that’s really none of your business. The only thing you need to do is to cherry pick the tools you need at the very moment, and leave the worries about the future upgrades to others.
2. A Great Deal of Flexibility
One of the main issues of small businesses is that they are sometimes notoriously slow to take advantage of new market opportunities. That is because SMB’s are often understaffed, underequipped and it takes them forever to branch out. Renting the equipment addresses at least one of these three issues. When the new opportunity arises, you can simply rent the tools you need and leave the slow and painful development of your in-house infrastructure for later.
3. A Reduced Burden of Up-Front Investment
The term “business equipment” covers a wide variety of items ranging from printers and smartphones to forklifts and bulldozers. Obviously, some of these items feature a very hefty price tag, probably too hefty for a huge number of businesses to even consider tackling. The clear advantage of hiring equipment is that you don’t need to pay such substantial sums to get the access to this expensive machinery.
4. Reduced Maintenance Costs
However, paying a huge sum for a piece of machinery is only a part of the story. Maintaining and repairing such equipment presents a very serious long-term investment as well. If you, for example, want to make a quick repair or display a new piece of marketing material on some of your premises, you should look into a simple scissor lift hire. The risk of expensive breakdowns will be cut to the bare minimum and you will be spared from paying for regular maintenance checks.
5. Reduced Transport Costs
The main goal of every business is stable growth, and growth almost always includes the expansion of business network and branching out to new locations. While you are in the process of setting up these new business outposts, the costs of transporting heavy equipment from location to location can often reach astronomical heights. Renting the equipment necessary for setting up your local projects from nearby vendors seems like a much more sensible and favorable move.
6. Improved Business Finances
Last but not least, renting the necessary equipment can have a very positive effect on your business’s balance sheets. First, renting is considered an operating expense. Unlike buying, it doesn’t add to the value of your business and is fully deductible. Second, rental expenses are not considered a balance sheet liability; in other words, they don’t impend your business’s borrowing power. Both of these things mean that, even if you’re spending on rental equipment, you’ll still have a chance to simultaneously develop your in-house infrastructure.
As we can see, hiring equipment offers a lot of advantages, especially to small businesses who are still struggling to address all available market opportunities and acquire necessary assets. With the current business environment as adverse as it is, these benefits should not be ignored.