Every industry has at least a few of them - those unwritten rules that can make or break a fledgling business or even impact an established company. When it comes to the do’s and don’ts of equipment rental, we’ve taken it upon ourselves to go ahead and write them down for you, so you won’t have to suffer through the pain of learning them the hard way.
Do stay focused on your customers and on customer service.
While this cardinal rule of business may seem obvious, too often owners and employees get so tied up in the logistics of running their equipment rental company, they actually forget all about the very people that should be their number one priority. Keep in mind that if you aren’t working on building your customer base, you simply aren’t going to be making any money. And at least as importantly, if you have an especially happy or unhappy customer, they’re going to be sure to let all of their friends, neighbors, relatives and business associates know about it, which is also going to have a big effect on your bottom line. Let the tools that are available to you, like EquipCalendar, take care of the logistics so that you can spend your time making your customers smile.
Do sell underutilized equipment.
If there’s one thing that you need to know about an equipment rental business, it’s that if a piece of equipment isn’t renting, then it’s not earning you money. You can easily track which items you currently have that aren’t paying for the expense of keeping them around, whether it’s because of the routine maintenance they require or that they’re just taking up too much space. It’s much better to bite the bullet and sell your underutilized equipment so that you can invest in something else that’s in higher demand.
Don’t ever let them see you sweat.
The rental equipment biz can be stressful, there’s no two ways about it. But it’s very important that you maintain professionalism at all times, in front of both your customers and your employees. That’s because if you want to be taken seriously and inspire confidence in your abilities, you simply can’t be caught running around like a chicken with your head cut off. Do whatever it takes for you to keep your cool in the moment and then, if you really, really need to, feel free to lose it the moment you get to your car.
Businesses and companies often struggle for customers. From economic hardships to customer attraction, some companies just aren't cut out to be a force in an already competitive and tight market. While some companies are just destined to not be, there are some companies that are failing when they shouldn't be. These companies might manage several employees, have an impressive customer base, and even have some money channeled for marketing/advertising, but these facts mean little when you talk of customer service and inventory. If you own a company, but you aren't keeping an idea of your inventory, there will be consequences for you and your company. Knowing the amount and the kind of inventory you hold will make it extremely easier to provide to rental customers.
Why is it important?
You might be wondering what is so important about knowing your inventory. For some company owners, inventory poses no special problem, as they keep a routine eye on it constantly. For others, their own inventory may be a mystery to them, and its unknown availability is a consistent problem in running the business. Think of this as an example. If you work as a waiter at a popular restaurant, how important is the inventory for customers? The restaurant mainly deals with food inventory, and if you are constantly telling the customers you are out of this or out of that, they might reconsider and end up picking a different restaurant. The same goes for any business. If you are consistently out of stock, or if you are always unaware of the type and number of inventory, you are doing yourself a great disservice. Now, the question is, how do I keep track of my inventory?
How to keep track of your inventory?
Knowing the inventory will make you seem very professional with your customers and, in doing this, you are essentially providing good customer service. There are several programs and products available for inventory tracking. Once you are looking for a tracker, you will find there are several ones available for both use and purchase, making you able to keep track of your inventory in no time. One of them is EquipCalendar
, a program specially devised to help its users in keeping track of their inventory. With EquipCalendar
you will never be out of stock again, as it will serve as a easy to use tool for increasing your customers’ satisfaction.