Every general contractor and construction company owner knows that growing a profitable business requires specialized, powerful equipment that boosts efficiency. Skilled workers are key to completing complex jobs, but without the right tools in their hands, those jobs can take a very long time – time your customers don’t have, and which can cost you business while you lose bids to competitors.
While investing less in tools and heavy equipment upfront can save you some money upfront, the resulting lack of productivity will end up costing you much more in the long run. Longer estimated project timelines will cost you jobs, skilled workers using less powerful tools will cost you more money when you have to cut paychecks for all those extra hours, and not being able to compete with other companies may ultimately cost you your business.
On the other hand, modern heavy equipment can save you time and earn you more money – and the benefits multiply if you plan your jobs accordingly. A new cement mixer not only does the work of one or more of your crew members, it does it while they focus on completing other tasks. A larger, more powerful compressor eliminates downtime (like waiting for pressure to build back up so you can return to using a nail gun) and also lets you tap more air lines in, allowing multiple workers to run pneumatic tools simultaneously. Higher-output generators let your whole crew run electric tools as needed, without worrying about tripping a circuit and giving everyone a spontaneous five-minute break.
The benefits of more powerful and capable heavy equipment are many, but new equipment usually carries a high price tag – putting construction company owners in a tough position. Waiting for the proceeds from a big job to upgrade may mean your existing tools and work capacity keep you from winning those big jobs in the first place.
If you are fortunate enough to have cash in reserve, spending it on new construction equipment exposes your business to serious risks, and may mean you are unable to pay your workers. For these reasons, many construction or civil engineering businesses hit a growth ceiling or fail altogether; fortunately, there is an alternative that allows you to prepare for bigger jobs with better tools while keeping paychecks flowing.
Financing your construction and heavy equipment through a provider like TimePayment lets you pay for your upgraded tools over time in manageable installments, allowing you to amortize your growth with earnings from bigger jobs – jobs you may not have won with less efficient equipment.
Financing your equipment also gives you the flexibility to replace older equipment before it is beyond repair, protecting your projects from unexpected delays. By not relying on cash reserves for equipment purchases, you can keep your business safe and stable, and you can acquire more powerful and efficient tools that keep payroll costs and job times down as your business grows and thrives.
To learn more about leasing your construction tools and heavy equipment, the financial products available to you, and how you can grow your company efficiently with the right tools for the job, contact a representative of TimePayment today.