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2020 has brought unique challenges to the construction industry. We want to believe that the worst is over and the industry is recovering. Protecting against COVID-19 requires proper decisions to maintain safety as well as profitability during a slower economy. If you decided you need some more heavy equipment or trucks, there is a question when to buy equipment and trucks and when to rent them? The decision may influences on putting your business back on track to ensure it runs smoothly.
Comparing pros and cons of both renting and buying, keep in mind your company’s current situation, capabilities and future plans. Here’s a small overview of some important points before deciding when to buy and when to rent heavy equipment.
Financial situation and costs forecast
One of the most obvious factors to consider is your currently financial situation. Also you should project and analyze your costs over several months or years. Buying is a larger one-time financial outlay. However, the cost of renting can rise quickly and finally can end up costing you more.
Project length and job frequency
Project length and the frequency of usage of heavy equipment may be the deciding factor in whether you rent or buy equipment. If it’s a short term job, or you need specialized equipment for a one-off job, then renting may make more sense. However, owning the multi-purpose heavy equipment such as loaders, excavators, trucks, etc. that can be used for various projects is a great asset on any construction company.
Company image
Owing your own heavy equipment can be a plus to potential clients. It shows that you are a stable, trustworthy business. Moreover, you can quickly react to unexpected changes in projects and instantly take on jobs.
Placement and storage
Keep in mind that your own heavy equipment requires special space to store it. Adverse weather conditions could damage it, as well as leaving heavy equipment outside is unreliable.
Heavy equipment maintenance with Snappii
All heavy equipment, especially your own, require regular maintenance. It should be inspected in time to avoid damages, delays and incidents. Snappii offers a way to do it extremely fast and simple. Heavy Equipment Inspection app allows users to quickly collect all necessary data, fill in pre-made mobile forms, generate professional PDF or Excel reports, print and share them via email, text message, cloud storages and other ways, store all the data locally on the device and more. Keep heavy equipment in a good working order and save time and money.
Inefficient work with construction labor and resources can result in low productivity and financial losses. It is important for contractors and construction managers to clear evaluate the productivity of the equipment and the laborers in different processes. They bid a scope of work and payment based on this evaluation. There are some factors affecting labor productivity losses on a construction project. An accurate management and timely response can help avoid or adapt to them and reduce any losses.
Managing construction projects is not a small process, frequently dealing with unique challenges. It includes hundreds of actions to be done, timelines to be met and projects to be delivered. There are some practices that ensure efficient management and the entire team moves fluidly.
What is construction insurance
Time for a change
There are a plenty of dangers and risks on any construction project. One of the main tasks of contractor is to keep everyone safe while they are on-site. Proper and accurate documentation takes part in creating a safe workflow. To achieve this, contractors complete daily construction safety checklists and generate construction safety reports. This way, contractors can make sure their sites are safe, any dangers and incidents are identified and reported so they can continue to improve workflow.
Construction business makes good money. However it also spends quite big amount of money and deals with operating costs. Operating costs are expenses associated with the maintenance and organization of a business on a day-to-day basis. They may include rent, administration expenses, labor costs, utilities, maintenance and repairs, etc. An obvious aspiration of all construction businesses is to reduce these operating costs. Here are some tips to help with this.
Construction industry often deals with claims and disputes. It’s a normal practice, which is usually resolved in a timely way. However there are more complicated, unresolved situations, and their consequences could lead to litigation. It provides a disastrous impact to the project and to the entire business. We offer some tips to avoid construction litigation and keep successful practice.
The new trend in construction industry
With today’s construction climate, keeping track of jobsite activities and regular reporting are essential for streamlined workflow, as well as in case of litigation. Just a memory will never give you an edge in a dispute. Whether what may happen, you should be thoroughly prepared with consistent and accurate records that detail all of your daily jobsite activities.
How to protect yourself in the workplace
Just three weeks ago, doctors diagnosed the first case of coronavirus COVID-19 in the US. Unfortunately, since then, the virus has continued to spread. Despite the fact that the government is taking serious measures to contain and reduce the scale of destruction, each of us can smooth the growth curve of the incidence rate. Learn more how to achieve this in construction industry.
