Businesses survive tough market conditions by adapting and pivoting and the rental industry is no different. The COVID-19 pandemic has impacted rental businesses across a broad spectrum of industries. Customer needs, behaviors, and priorities have changed as people have made unprecedented changes to their lives.
People are renting items for a whole range of new purposes which can facilitate their socially distanced lives. Take the example of renting work-out equipment instead of physically going to the gym. This trend is not just limited to individuals but also impacting entire industries.
No matter which segment of the rental industry you function in, rental businesses of all sizes have one goal in common: improving the bottom line. This means increasing profits and reducing losses as much as possible.
Long-term market shifts show that the equipment rental industry in the US has been growing steadily. Increasing demand means companies can stock greater quantities of equipment so they never have to miss out on an order. On the downside, this also means more maintenance schedules to keep track of, and greater upkeep costs.
As of July 20th, the US has entered its fourth phase of reopening amidst COVID-19 lockdowns. The extent of relaxing the lockdown and reopening the economy varies widely across different states, counties, and even cities. Businesses that operate indoors are more hard-hit than ones that lend themselves more to social distancing. The construction industry is among those that are steadily opening up with work resuming at sites across the country.
Many states including Kentucky, Ohio, Maryland, Massachusetts, and New York have either reopened or are in the process of reopening the construction industry. While nonessential construction projects are still on hold, all essential ones, such as bridges, hospitals, affordable housing, and homeless shelters, are ready to start again.
While there are several different kinds of rental businesses out there, they all share a similar goal – increasing profits. As you focus on making money, make sure your company should also find ways to save money. Every rental business should have an emergency fund, but there are many that don’t. No matter what kind of rental company you operate, you should be looking for ways to save money and cut costs.
The US education sector was valued at $1,350 billion in 2017 and is expected to reach approximately $2,040 billion by 2026. With a CAGR of more than 4.5%, the education sector continues to grow at an exponential rate.
With an ever-increasing number of students enrolling each year, educational institutions have the additional administrative burden of safeguarding valuable rental equipment while still providing students with everything they need in a timely fashion.
Do you run a small business? Then you know that there are always more tasks to handle than hours in the day. These can range from ordering inventory and undertaking quality checks to carrying out maintenance tasks and ensuring compliance.
For maintenance tasks, employees need instructions and direction, equipment downtimes have to be scheduled well in advance, and there needs to be coordination between all departments and locations.
These are uncertain times for businesses around the world. From remote work to remote operations, companies are adjusting their business model to adapt to the “new normal”.
Since this is a time for social distancing, rental businesses need to think beyond brick and mortar. If you have been considering an e-commerce presence, this is the ideal time to take action. Take your business online and continue operations via a rental website.
Regular and robust performance analysis is essential for the success of any business. In today’s data-driven environment, small and medium-size rental businesses can give themselves a competitive advantage by making efficient use of key performance indicators (KPIs).
Every business, irrespective of the industry they’re in, can go through a slow business season. The question is, how do you use this time in a way that benefits the business.
Think of it this way: a slow business season gives you the opportunity to step away from the day to day business operations and focus on pending tasks you always wanted to do but couldn’t fit into your schedule.
This is an efficient way to tackle the sales slump, and will also prove benefits in the long run. You’ll have everything in order, ready to go once things start looking up again. Do you have a few projects you’ve been putting off for a while now? Now is your chance to catch up on some of them.
The rental business industry is currently evolving. This means you need to focus more than ever on how to attract new customers and retain older ones. One of the most effective ways of doing so is through your online marketing efforts.
It’s a digital world and businesses are moving online fast which is why it’s extremely important for you to focus on online marketing. However, the online marketing landscape is always changing with new trends emerging all the time. There’s a lot for you to take into consideration – from what strategies you’re going to use to setting your marketing budget.
To help make things easier, here are 5 online marketing tips that you should not ignore in 2020!