Although many people are of the opinion that purchasing is always far preferable to hiring, this is a view that ought to be reassessed, especially in the world of business. In the commercial arena, success comes down to practicality rather than pride, and in this sense, renting equipment tends to be a far more business-savvy decision than buying.
So why has the culture of buying outright prevailed for so long. There is an argument that it is purely because of the connotations behind the two: People like to own things, to know that they are theirs and that no one has the power to take them from them, nor dictate how they use them.
Yet we remain of the opinion that hiring is the wiser option of the two for those whose focus is to turn a profit. Here are just three of the reasons why:
When it comes to making a profit, the lower your outgoings, the more money you will make. This is simple, indisputable common sense – it also happens to be a major argument in favor of hiring. Renting equipment such as card machines, vehicles, premises, tools, and so on entails a much lower outgoing than purchasing outright. In addition, maintenance costs will be less, or may even be covered by the company you’re purchasing from, whilst replacements will often be offered free of charge should the asset begin to malfunction.
You’ll Have Access To The Latest Technology
An additional benefit of hiring is that you’ll usually be able to access the very latest equipment. Items that you would never be able to afford if you were forced to buy outright will be within your budget, enabling you to make your enterprise as productive, contemporary, and successful as possible. This will not only help to create a highly professional and refined image for your business, but could also provide you with access to the latest techniques and skills, and give you the push you need to set you apart from your competitors. You may even be able to upgrade free of charge after a certain amount of time, to make sure that you’re always ahead of the game.
You’ll Receive A Top Class, Professional Service
One benefit that is often overlooked is the service that you’ll receive as an on-going, as opposed to one-time, customer. In most cases, buyers will be courted until they’ve parted with their capital, at which point they’ll be left to their own devices. Hiring works rather differently. It is in the best interests of the company that you rent from to ensure that you have equipment that you can use because they have money vested in it. This means that if you have problems, there are professionals on hand to speak to, and that ordinary maintenance will often be taken care of by them on your behalf, along with repairing and replacing any damaged or faulty equipment.
Why not look into your rental options today and see whether hiring could be of benefit to you?
This article was syndicated from Business 2 Community: Asset Management: Why Hiring Is Better Than Buying
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