Business owners know that, often, their business operations are only as good as their equipment. Without proper equipment, how do you hope to deliver competitive timelines for a job? How can you expect to carry out work in a professional, client-focused manner? And how do you drum up word-of-mouth support in your community without the equipment to back it up?
Still, acquiring equipment can be challenging. Not only is equipment financing a hurdle you must cross – admittedly, a hurdle that’s much easier to clear with the help of WiseCap – but, occasionally, you find yourself at the mercy of disrupted supply chains and short supply.
That’s the topic of conversation today, as we survey the post-COVID landscape to understand why shortages are occurring, and how you can overcome them.
At WiseCap, we believe in making your access to equipment as simple as possible. That dedication extends not only to our tireless work helping with financing, but also to partnering with sellers and brokers to get you the equipment you need.
If you’re struggling through equipment shortages, give the following article a read. When you’re ready to charge, call the experts at our business financing company to brainstorm solutions.
The pandemic has sent shockwaves through several industries and supply chains. That isn’t really news to most business owners, who have dealt with several disruptions throughout the last year and a half.
What may be news to some is the extent and nature of the disruptions. Let’s take the example of the construction industry. According to World Construction Today, which cites a comprehensive industry-wide study, 71% of contractors currently face at least one material shortage.
Another survey conducted by the US Chamber of Commerce notes that 83% of contractors are facing product delays. This is due in part to lowered tariffs on imported materials. But experts agree that the pandemic’s effect on the industry (higher project bids, project delays, strained workforce, etc.) are also driving factors.
And it isn’t just materials in short supply; the construction industry is also experiencing equipment shortages. According to For Construction Pros, the heavy equipment supply chain is currently being hit by “COVID-19 lag” and strong housing starts due to lowered interest rates. Interestingly, they note that a throttled supply chain may cause price inflation, making heavy equipment even more expensive for business owners.
How WiseCap Can Help
There is a silver lining in all of this. Equipment shortages are a signal that industries are on the rebound. It might be of little consolation to a transportation company, for instance, but truck shortages indicate that the trucking industry is in high demand – which can be a net positive for business owners in the industry. Likewise, in construction: you are experiencing equipment shortages because you are experiencing an industry-wide boom in business.
Of course, that’s a simplification of a complex issue, but it should give you some confidence in the road ahead. If you can secure the heavy equipment you need, you will likely be rewarded with a lot of new business. That’s where we come in.
Our commercial financing solutions, including commercial truck loans and heavy equipment financing, help you get the equipment your business requires to capitalize on rising demand. As mentioned, if price inflation due to shortages continues at a quick pace, we will continue to be in your corner to get you the right financing. Whatever you need, whether it’s a loan, business lines of credit or refinancing and leveraging, our seasoned team of business financing professionals are there for you.
Moreover, WiseCap can help you get equipment in tight supply. We cultivate several relationships with sellers and equipment brokers. We work with and respect them; they work with and respect us. Because of these strategic partnerships, we may be able to find you equipment in short supply (especially if you need construction or transportation equipment).
We firmly believe that you shouldn’t have to turn down contracts just because you can’t secure equipment through your personal channels. Let our channels be your channels. Let the business relationships we have cultivated be your business relationships too.
As you rebound from an unprecedentedly disruptive year and a half, working tirelessly to find solutions, give us a call. We will demystify financing, work hard to understand your business needs, and exhaust every number on our contacts list to get you the equipment to capitalize on rising demand.
The world is thankful that there are still construction companies, transportation companies and other necessary companies willing to do the heavy lifting. But you can’t do all that heavy lifting without equipment. And that’s where we want to help. Call us today to talk to our experienced, knowledgeable finance experts.