said Franklin,“ but is tying up large amounts of liquidity the best move for your business?”
What type of financing option makes sense for my business?
Leasing options offer flexibility, especially in industries with rapid technological advancements. Short-term leases or rental purchase options allow businesses to test new equipment and technologies without the burden of long-term ownership.
Meanwhile, Franklin says long-term leases can offer predictable, manageable costs while preserving capital for other strategic moves.
Can I purchase equipment outright without a significant burden on the business?
“ While paying in full gives the business complete ownership,” Franklin noted,“ consider how else you can leverage the cash to grow the business.”
The Futur and Industry Innovation
As new equipment costs rise, Franklin predicts the rental demand will continue to grow.
“ As new equipment becomes more expensive, organizations may not be able to make a large cash purchase to buy new equipment. As such, equipment rentals will see increased demand as a way for construction companies to access the latest equipment.”
According to Franklin, technology continues to revolutionize U. S. construction processes. The adoption of Building Information Modeling( BIM) and artificial intelligence( AI) play a key role.
“ The adoption of BIM is transforming project planning and execution by utilizing digital models to streamline workflows and minimize errors. AI and machine learning are enhancing the accuracy of project scheduling and cost estimation, enabling better decision-making and resource allocation.”
Meanwhile, he says drones and robotics are playing a pivotal role in improving safety and efficiency, particularly in surveying and on-site construction tasks, ushering in a new era of innovation and productivity.
Tips for Optimizing an Equipment Strategy
To stay competitive, construction firms should leverage technology and build strategic partnerships, according to Franklin.
“ Data-driven insights can improve efficiency, reduce downtime, forecast supply and demand needs and better prepare the business for strategic planning. By establishing strong relationships with reliable rental companies, equipment suppliers and finance companies, the construction firm has a deep pocket of experts it can pull in for any project when the need arises.”