With everything going on in the world, preserving your company’s capital is more important than ever. Spending your company’s capital on tangible items that may only be used once is a waste of funds that could be directed elsewhere to grow your business. Fewer purchases of new equipment allows you to increase your borrowing capacity, which means you can take on more projects than you could otherwise.
With Covid-19 still running rampant, many companies have been forced to alter their traditional project schedules in favor of smaller projects that either don’t require equipment or requires only what they have in their fleet. This means walking away from jobs and decreasing your bidding opportunities to match only what you have available, thus lowering your revenue. Renting can help you to win more jobs, bid on additional projects and increase your revenue to continue growing your business.
Saving money on the purchase of equipment also extends to no longer needing a place to store your owned equipment. You’ll not only save on the cost of building a storage facility in your yard or paying for rented space but also save on the utilities needed to maintain the building. Using rental equipment in place of owning your own allows you to expand your available equipment far beyond what would be feasible otherwise. Furthermore, the cost savings can then be directed toward hiring new crew members for the extra projects you can take on, having access to any equipment you need whenever and wherever you need it.
Another oft-overlooked cost of ownership is the cost associated with maintaining and certifying your owned equipment that can be saved when renting. Owning your own equipment means you either need to keep someone on payroll to inspect, repair and certify your equipment or you need to take it to someone else and pay them to perform, at minimum, yearly inspections and as-needed repairs. Both costs can be saved and used elsewhere simply by deferring to a rental partner for your equipment needs. There are many companies we work with regularly who rent every piece of equipment they use and are still highly profitable due to their understanding the value of renting over owning.
We encourage you to explore other reasons to rent with LGH and visit us at rentlgh.com, reach out to your local rental representative or give us a call to help you on your next project at 800-878-7305. You can also find our entire catalog of equipment with our online rental catalog.