4 Proven Strategies to Accelerate Growth for Your Construction Equipment Hire Company
The construction industry is the backbone of infrastructure development worldwide. From towering skyscrapers to roadworks, land and council development and the works, the machinery and equipment used in this industry play a pivotal role in shaping our cities and communities.
While total building activity continues to decline in FY2024, there is a positive forecast for solid growth from FY2026 as total building activity will expand to $130.4 billion (+9%). On the other hand, government-funded infrastructure projects are driving a surge in engineering construction activity, and forecasts indicate that transportation work will peak at $34.8 billion by FY25. This spike is creating a demand for equipment hire. With a positive outlook on the equipment rental market, factors like urbanisation, population growth and infrastructure development are driving this growth.
Let’s explore four key strategies to propel your construction equipment company forward, ensuring sustainable growth and a competitive edge in the market
1. Expand your fleet with new and up-to-date equipment
Staying ahead in the construction equipment industry requires more than just having the essentials. It’s crucial to continually assess your fleet’s capabilities and invest in diverse, modern equipment that meets the evolving needs of your projects. By identifying gaps in your current fleet and investing in versatile, high-demand machinery, you attract a wider range of clients and enhance project efficiency and effectiveness.
In addition to suitable equipment, it is crucial to ensure your business has the right fuel storage equipment to fuel your machines. In the long run, investing in bulk fuel storage and transportable refuelling solutions enables convenient and accessible refuelling at your yard or onsite, therefore allowing your business to save time and money. Try the Durotank Fuel Savings Calculator to find out how much you can save on fuel with a bulk fuel storage tank and how quickly the tank pays for itself in cost savings!
2. Offer flexible and competitive equipment hire
In a landscape where flexibility and affordability are paramount, offering diverse hire services can be a game-changer for your company. By developing flexible hire packages – whether short-term, long-term, or rent-to-own – and implementing competitive pricing strategies, you can cater to the needs of your clients while staying ahead of the curve. Exceptional customer service and support further cement your reputation, increasing customer retention and satisfaction and giving you a significant edge in the market.
3. Form strategic partnerships
In today’s business environment, strategic partnerships can be a key component for growth and innovation. By identifying potential partners – whether suppliers, contractors, or industry associations – and building mutually beneficial relationships, businesses can gain access to new markets, resources, and expertise. Collaborative marketing efforts and joint ventures not only expand reach but also enhance credibility and industry standing, positioning your company as a trusted leader in the field.
4. Offer Additional Services:
Alongside renting out construction equipment, consider providing value-added services like equipment maintenance, operator training, or on-site project support. These extra services can create additional revenue streams and set your business apart from competitors.
How does using On-Demand Machinery from Equipment Hire Companies Benefit the Construction Industry
With construction businesses having large capital expenditures and a continuous flow of money from an operational aspect, investing in expensive machinery is a high risk if not used regularly. A smarter choice for construction businesses is to rent equipment for the time required to lower maintenance costs and improve financial flexibility.
How Durotank can help
At Durotank, we offer bulk fuel storage solutions through our tanks and trailers available for purchase. Our bulk fuel storage solutions are built with durability in mind and are 100% Australian made. With a rich operational history and a highly regarded reputation in the construction and equipment hire industry, we are committed to delivering quality and convenient bulk fuel storage solutions for businesses Australia wide.
Durotank Finance
We also offer flexible short- and long-term financing plans to help you purchase your tank today and start counting the savings. Over time, our fuel storage solutions help you save valuable money and time by streamlining your re-fuelling and fuel storage process, resulting in improved business performance. If you need assistance with a bulk fuel tank, get in touch with our team of experts on 1300 829 802 to get a comprehensive quote or discuss how we can customise your tank.
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