Five Ways Equipment Hire Safeguards Your Profits
If you are running a busy development or construction company, equipment hire can help you increase and safeguard your profits. Wondering if you should hire or buy equipment? Here are five ways hiring equipment can help:
1. Hiring equipment reduces expenses and boosts profits.
Hiring equipment is significantly cheaper than buying new equipment. As a result, you have a lower number in your expense column, and your profits appear higher on paper. If you are trying to entice investors, it can help to show high profits, and unfortunately, if you invest your money into buying new equipment, you won't have as much profit, on paper, to show your investors.
2. Hired equipment never surprises you with maintenance expenses.
When you own your own equipment, you have to pay to maintain it. If anything suddenly breaks, your company has to pay the repair fees, or it has to cover the labour costs to have one of your workers do the repairs. In most cases, when you hire equipment, repair costs are included, and you don't have to worry about unexpected expenses.
3. Broken hired equipment can be replaced immediately.
If a piece of equipment in your fleet breaks down, you have to work without that equipment until it gets repaired. This downtime can slow your progress and cost you money in the long run. This is especially true if you are working on a deadline.
In contrast, if a piece of hired equipment breaks down, you can simply call the hire company and have them deliver a new piece of equipment when you return the broken one. This way, you never have to stop progress or slow production.
4. Hired equipment with operators can reduce staffing costs.
In many cases, you don't just hire equipment. Instead, you hire equipment with operators. By hiring an operator with your equipment, you roll all of your expenses into one. You don't have to worry about paying an employee or taking care of payroll tax or insurance costs.
5. Hiring equipment can reduce some of your liability concerns.
In most cases, when you hire equipment, and especially if you hire equipment with an operator, the hire company takes care of your liability concerns. For example, if the operator is hurt or if a bystander is hurt, you won't necessarily be the liable party. Instead, the hire company takes care of most of the equipment's safety checks and similar concerns.