As a company in any industry, you must learn to balance your checkbook to make sure everything is running smoothly. In the construction industry, there is no difference - budget is always essential. But, in the construction industry, you will likely be renting heavy equipment at some point, and it's vital to understand how to do it right. Sometimes, a mistake in heavy equipment rental can cost you long-term.

When renting heavy equipment, one thing not to do is to rent the wrong or wrongly sized equipment. This is where planning comes into play. You must have a realistic assessment of what you need before you place the order. In fact, you should understand what you need before you speak to a rental company. Your plan should include describing the job, matching the machinery or tool to the task, defining your scope of work, and identifying specialty requirements. If you know the rental duration, this is an important detail because it creates a more stern estimate for the quote. 

Poor timing for your rental. Much like having a good plan, having good timing is a great way to save money in the right places. As noted previously, understanding the type of work and what you need will help you immensely. While timing is renting only when you need it, it also includes returning the equipment. It's about knowing your scope of work and then scheduling your equipment rentals to match a realistic timeline. Ideally, you want the right-sized machine delivered to your site at the precise moment you need it. Your timing should also include returning the rental equipment as soon as you're finished, so you pay no more than necessary.

Renting poor-quality heavy equipment is a major rental equipment red flag when it comes to renting the equipment that you need. It affects job performance and profit and can seriously mess with your budget if you have downtime and need to spend more on a second or third rental. Renting poor-quality equipment can also have a negative effect on your reputation, as your project timeline could be pushed forward.

From aggregate equipment rental to mini excavators and loaders, renting heavy equipment isn't always easy. Especially if you're on a tight budget, you must get it right first. If you've never rented heavy equipment before, read online reviews and speak with colleagues or work friends about which local rental places are best for your business.