Every year I'm asked for my opinion regarding the “state of the rental industry." In brief, similar to last year’s prediction, I believe the rental industry is in great shape and this will be true throughout the rest of this year and probably through 2019, at least.
Residential and commercial construction projects are still entering (or are already in) the pipeline, so even if the stock market’s wild gyrations continue, the amount of work waiting to be done will necessitate the renting of equipment needed for these projects. I really feel the significantly positive effects of the new tax law will likely produce considerably more potential business for rental companies. I also feel the initiatives to rebuild our roads, bridges and other infrastructure will have a prolonged positive effect on rental companies. I believe even homeowners will spend more money on rental equipment and building supplies to facilitate greater enjoyment of their homes, as well as to increase the value of their property. Homes and other real estate property will increasingly be viewed as “safe haven” investments, as opposed to precious metals, bonds and financial instruments, which are often currently viewed that way.
I do expect a day of reckoning in two or three years, however. Inevitably, there will be a time when the economy will falter and become weak, even with the best financial minds attempting to keep it consistently growing. The key is to take maximum advantage of the exceptionally strong and growing business opportunities we have right now, and at the same time, position your rental company for the reality that there will be a time when a large number of rental businesses will be struggling. Don't allow yours to be one of them!
Kindness is key to success
Here is just one, small example of how making a small change to your company’s culture can help keep your company’s good times rolling, even when the business climate is not as sunny and warm as it is currently: Make the customer experience friendlier.
As my wonderful parents preached to all seven of their children, “be kind." It's so simple, but surprisingly easy to forget that customers tend to return to businesses that have a kind, friendly and helpful atmosphere. The challenge is that some rental companies believe their company has this type of atmosphere when the reality is quite the opposite. Sometimes I wonder if some employees with the most exposure to the customers have ever had any training at all to smile when greeting people. Some front line employees actually seem grumpy towards customers. Sure, a few customers seem to find joy in trying to make others miserable, but don’t let them taint your staff with negativity toward the vast majority of nice people.
Be certain your employees don’t argue with or become antagonistic with customers. Train your entire staff - and, of course, make sure you don’t have this problem either. All of us have observed employees who seem to have a chip on their shoulder. Often, employees don’t know how what they say (and how they say it) is perceived by customers. For example, an employee might often use sarcasm when dealing with customers at the counter. Sometimes a tiny bit of truly good-natured sarcasm is funny. Often though, sarcasm isn’t funny at all and is intended to be hurtful - and whether customers tell the offending person or not, it could be making customers go elsewhere for their future rental needs.
Perhaps surprisingly, even some managers might think that arguing with customers is the only way to handle frustrating disagreements. Some might mistakenly believe they're going to convince customers who have their own, very strong opposing viewpoint. (Think about how well that works in discussions about politics or religion.) If one feels that others are consistently out to get them, antagonism is sensed and barriers are erected, not dismantled. Arguing with customers is a useless, counterproductive waste of time. Train your staff in the best ways to handle each challenge. “Taking the high road” is almost always the best way to travel in business communication.
As with many of the other ways to keep the good times rolling in your rental business, it's important to set a good example for employees of what to do and what not to do to enhance the customer experience.
