What It Takes - Now and Going Forward

Tips on how rental business owners can adapt to the fast changing technological and professional advances of today's business world.

So much has changed in the past few years, not to mention the past 25 years. In fact, almost every factor of the rental business has changed. For example, just consider the advancements in technology since the 1980s. Not only has rental software progressed greatly but personal and small business technology as we know it today (like email, websites and social media) didn’t exist.

Other examples include the changes in how to advertise effectively (just having telephone directory ads is not acceptable anymore), how one should be communicating with customers and prospects, what equipment should be in the rental fleet, what items rent the best (cheap tool retailers and more rental competition have become huge factors), how employees think and what motivates them. Almost every other part of the rental business has changed dramatically over the years as well – and requires radically different strategies. So, much of what worked for your rental business in the past (even the recent past) might be the worst path going forward.

There isn’t just one way to deal with the changing realities. It is always a combination of remedies that are required. It certainly isn’t easy to be progressive, especially for some rental professionals who haven't shifted out of the “lock down mode” that helped them to survive the “great recession."

To survive and thrive in today’s world, rental professionals need to consider changing how they do business. How willing are you to make changes to the way you operate your business?

Here are just a few “big picture” ideas as examples of what it takes going forward for rental businesses to survive:

  • Manage debt more professionally, but be sure to invest where it makes sense
  • Be extra diligent to stock the equipment your customers really want going forward
  • Advertise in the ways that are the most likely to achieve reasonable results.
  • Make employee hiring, training, motivation and retention higher priorities. As the economy improves, these become more critical than ever.
  • Be certain your insurance coverage protects you for the unexpected. Also, it’s time for a greater emphasis on customer and employee safety.
  • Be in compliance with federal, state and local rules and regulations. For many businesses, this area could become a significant threat to survivability.
  • Establish or maintain contact with your state and federal government representatives. I recently traveled to Washington, D.C. to establish contact with my congressional representative. Remember, they represent you, so voice your business needs and opinions.
  • Make the time to plan your company’s future. Screen ideas carefully. Much of the time it's wise to disregard what others are doing in their rental company as they certainly have a different set of market influences.
  • Keep current. Resist the temptation to continue conducting “business as usual.”

Don’t be at the total mercy of internal and external forces that affect your company’s survival. Be willing to make a number of well-thought out adjustments. In addition to the obvious importance of having a good defense when seeking to survive, be sure to have a solid offensive game as well. 

Instead of simply reacting to tough challenges, try to develop strategies to actively position your company for survival and growth.  

Latest