Buy Not – Renting equipment can be a cost-effective way to access the latest technology
More and more, builders, contractors, and construction companies are relying on rental equipment to meet short-term project demands, manage costs, and stay on schedule.
By Regina Gadacz
An unpredictable market, rising costs, and steep competition have all contributed to the growth of equipment rentals across multiple industries. More and more, builders, contractors, and construction companies are relying on rental equipment to meet short-term project demands, manage costs, and stay on schedule. From residential to commercial projects, the industry is responding to this change by giving contractors more options to access the right equipment for the job – from ownership to rental, lease, and variations in between.
The industry is changing
Rental was once viewed as a quick fix for unexpected needs, but renting equipment versus buying is fast becoming an appealing alternative, providing companies confidence they can get the equipment they need, when they need it. This allows landscaping companies, particularly those with a seasonal operation, access to the right equipment at the right time, using rentals to respond to variable demands while managing overall costs. Working with an equipment provider who can ensure you get the most out of your equipment is a key factor in making your business successful over the long-term.
The cost of doing business
The decision to buy or rent equipment comes down to costs and availability. New equipment and the post purchase expenses associated with ownership – transporting, maintaining, repairing, and storing – is a major expense for most landscaping companies, especially those just starting out who may have limited cash flow. The ability to take on a new project at a moment’s notice is crucial to maintaining a competitive advantage. It can mean the difference between winning or losing a job. Having access to the right piece of equipment at a reasonable cost could easily put you ahead of the competition. Poorly managed expenses can cut into both profitability and productivity, which is why balancing equipment availability and costs is key. When you consider the impact of large down payments and financing, and then add in varying project demands and workload, having flexible options to manage equipment availability and cost becomes not just a choice, but a necessity to keeping businesses afloat.
Taking advantage of technology
Every job comes with unique project demands and deadlines, which require equipment and resources to get the job done. The challenge is always the same – how do we make the most of our equipment while keeping costs low and productivity high? Renting can offer contractors new technology on equipment they may not otherwise have access to. Gone are the days of making do with whatever machines are available – many rental companies are now offering low-hour machines with the latest technology to help businesses operate more efficiently.
The right equipment rental partner works closely with contractors to help understand their needs, and provide the right equipment, technology, and training, ensuring operators can quickly learn to operate the equipment effectively. And with the power of connected machines comes the ability to access and analyze data from a maintenance and performance perspective, helping businesses make better decisions on determining the right equipment for the job.
Great Canadian Landscaping Company turns to Finning to stay on track
Chris O’Donohue always knew he would have a career in landscaping, even from a young age. He founded The Great Canadian Landscaping Company 19 years ago with a pickup truck, some landscaping tools and 15 weekly lawn maintenance customers.
He now operates a thriving year-round landscaping business on Vancouver’s North Shore with more than 55 employees servicing 350-plus clients throughout the area. He is well on his way to achieving his goal of becoming one of the leading landscaping companies in the lower mainland. O’Donohue knows, having a successful landscaping business means having the right tools and equipment for the job – and knowing that equipment is performing well. When talking about his partnership with Finning he says, “What set Finning apart from the competition was the all-in maintenance package and one monthly payment – it’s much easier to run a business day-in and day-out if we know the reliability and service is always going to be there for us if something happens to the equipment.”
Another deciding factor for him was the safety of his operators, the people who would be running the equipment every day and knowing they are operating safe equipment was key. “One of the things our employees really like with the Cat equipment is the backup camera, being able to see what they are doing when they are reversing is very important when it comes to our safety on site,” says O’Donohue.
Climate-controlled cabs also means his operators stay comfortable all day long and come back to the job the next day rested and ready to work. Working with Finning has allowed his team to have peace of mind knowing whatever happens on a site will be dealt with by a service technician who can repair the equipment and do any warranty work at a moment’s notice.
Kim Carlson, GM Rental and Used Operations, Finning Canada