There is a significant debate on whether or not a company should invest in construction equipment when you can always rent one without worrying about maintenance. Also, certain types of equipment are not often used on-site, which would be less practical to invest in. The practicality of investing in one will always depend on how often the company will use it, how cost-efficient it would be to buy your own finally and generate enough income. Below are some of the advantages that your company may gain by investing in Construction Equipment:
1. Avoid Delays and Tight Schedules
One of the most significant advantages of buying equipment instead of renting is avoiding potential delays. Especially for projects in rural or remote areas, it may be hard to find a rental company with the specific machinery your project requires. By having your own set of construction equipment, you can deploy whatever machinery you need without the hassle of outsourcing it and paying massive amounts on transportation fees. If you own the equipment you are using, you can work more flexible schedules since you are not paying rental fees paid per day of use.
2. Enhance Employee Skills
When you have your own equipment, your crew gets more and more familiar with them over time. Due to this, they can improve their skills and work more efficiently. Especially if you are committed to updating your equipment, employees get more motivated to work.
3. Fewer Safety Risks
By owning the equipment that you use, you can closely monitor their maintenance. Once a part gets damaged or worn out, you can easily procure a replacement or work on the broken pieces without having to contact the rental company and waiting for a mechanic. This way, you can assure that all employees that depend on these machines are working in a safe environment and can take responsibility for any safety concerns that it might generate.
4. Attract New Clients
Suppose clients learn that you own your machinery. In that case, it’s a significant advantage since it gives clients the impression that your company is reputable enough to afford such heavy equipment. You can also bid lower rates to your potential clients because you both will be able to save on rental and transportation fees on this equipment. If the machinery you are using is well maintained, it shows clients the kind of work ethic you apply in your company.
5. Generate Income
Lastly, contractors usually have a hard time deciding whether they should invest in equipment because of the amount they have to shell out for them. Some do not realize that it is possible to generate income from investing in these machines simply by renting them out to other contractors. Especially for machinery occasionally used in project sites, they are easily rented out to contractors that do not have the budget to invest on their own or those who do not have a yard to store all their machinery.
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