It's necessary to prepare accordingly in order to achieve the level of success that you want from your substantial time and financial investments. I firmly believe the wisest New Year’s resolution is to make business planning a number-one priority. Most rental companies should have a much more formal and structured way of operating – and proper planning is the key.
Work toward maximum efficiency
When business is booming and the economy is seemingly strong, even those who haven’t planned properly seem to do very well. I believe, however, that we're entering a period of time when proper planners will be rewarded handsomely and those who don’t plan will be punished. The uncertainties related to the late stages of an economic cycle, increasing competition and the actions of our political leaders are creating both concerns and opportunities for equipment rental companies.
Also, sloppy business practices and the lack of proper planning are financially wasteful, and waste far too much of one’s energy as well. I highly recommend you think of your resolution as a commitment to becoming efficient in all aspects of your business – including marketing, facility expansion, staff training and retention, equipment purchasing, and financials, etc.
Reduce some of your recurring hassles
Some of the hassles associated with rental businesses can’t be helped but some of these frustrations can be corrected or reduced with the right efficiency planning and formal structure. One of your most important initiatives this year should be to have a comprehensive strategic plan that includes a vast array of very specific steps the company has vowed to take in order to accomplish these things. Too much “winging it” can cause enormous problems and can make your business only marginally profitable. If this sounds like your rental business, then it’s time to become even more professional.
There are so many different ways to strengthen your company through more structured planning. Of course, the ones best suited to your particular needs depend on a wide variety of factors – but here are a couple of examples of plain, good business preparation that would be a universally good match for any rental business.
One of the examples is in the area of having an individualized training approach for key staff. It's likely your employees need more structured preparation than they're currently receiving. Serious, formal manager training in areas such as organization and leadership for the future is an indispensable ingredient for growing revenue, for enhancing efficiency and for ending up with significant gains to the bottom line. Another education-related example is the preparation of your entire staff to really excel in the areas of customer relationship building, rental salesmanship and becoming much more efficient. (Some rental businesses are not as dominant in these areas as they think.
The process of better planning and getting truly organized begins with an outside expert to help with an objective review of the company, practices, personnel, etc. Rental business operators who have enlisted an outside professional can tell you it’s a difficult first step when in the do-it-yourself mindset, but calling on the added experience and perspective of someone outside the day-to-day business can be immensely valuable.
It's important to the health, growth and future viability of your business to have a more formal, structured way of operating the business. I highly recommend you don’t head down the status quo path. Some are happy with the way things are, but I know that all of you who read this publication are looking for ideas to improve.
The sooner, the better
Planning has always been beneficial but is considerably more important now than any time in the past few years. The sooner you start the process of serious business efficiency planning, the sooner you can rid yourself of the many unproductive hassles you and your company face. Again, there's far too much mental, emotional and financial energy wasted by some challenges rental business owners are presently up against. Do not put up with having an out-of-control, stagnant or unprepared rental business. Make your New Year’s resolution to transform your company into a more efficient, smoother-running, less stressful and more recession-resistant rental business.
