Are you debating whether to purchase new equipment for an upcoming project or simply hire what you need to get the job done? Just because you can afford to buy some shiny new kit, it doesn’t always mean you should. Here are 9 reasons why hiring could be the correct choice…
The number one (and most obvious) reason you should consider hiring at this moment in time, is the coronavirus pandemic. COVID-19 has had a devastating impact on a lot of industries and construction and trades in the UK have taken a big hit. The unstable nature of the market at this moment in time should be reason enough to make firms think twice about making any large investments.
The elimination of a significant up-front investment is a huge advantage of hiring equipment. This saving will help free up capital at a time where your business could benefit from investment in other areas to secure its future.
An often-overlooked cost of owning equipment is servicing, calibration and repairs. Maintenance can get expensive and when hiring, the responsibility lies with the rental company. Not to mention, the risk of equipment breaking on site. Rather than allowing work to grind to a halt, you should be able to get a replacement instrument quickly.
More savings can be made when it’s time to pay the taxman. The full cost of hiring equipment can usually be deducted from your business’s taxable income as they tend to be viewed as project costs. This also makes forecasting cashflow a more straightforward exercise.
Hiring equipment can give your business access to the latest high-end equipment that could otherwise be unaffordable. Additionally, you can hire specialist equipment for niche projects. This could open your business up to a new customer base and create opportunities.
This will, of course, make your business more competitive by providing you with the absolute best tools for the job. Hire can empower even the most modest of businesses to go toe-to-toe with the big corporations with the best kit that money can buy.
M&P Survey know that one size doesn’t fit all when it comes to hire contracts. At M&P, we have an extensive hire fleet which we can tailor solutions for depending on the requirements of the customer.
Technology is evolving at an exponential rate and you probably won’t be surprised to hear that there has been more developments in the last 30 years than in the previous 2,000. The productivity we can achieve today is miles ahead of what was possible just 5 years ago. If you want to keep pace with this rapid evolution, why not hire your equipment so you are at the forefront? Minimise your capital outlay, stay ahead of your competition and maximise your efficiency.
If you’re still determined that purchasing your equipment outright is the way to go, a short-term hire can be a good way to try before you buy. You can get to grips with how the equipment works or test two models against each other, effectively treating the hire as a trial period before parting with your business’s hard-earned cash.
Click here to find out more about hiring from M&P Survey.