What else can rental companies do to strengthen business and differentiate their company?
By Dick Detmer – September 2024 – Detmer Consulting Inc.
There are many ways to strengthen and help differentiate your rental company from competitors. Here are a few thoughts, opinions and reminders to consider.
Consider product and services diversification. Start thinking now (the sooner the better) about all the possibilities to increase income and to position your company for the future in an increasingly changing business environment. What I’m not going to do, however, is tell you that a specific avenue is right for everyone. Whether it’s expanding your rental fleet to include other specialties or delving into rental-adjacent or even completely new areas, there are lots of opportunities to look at. Keep in mind that every rental company is different and their market, competition (and opportunities) are radically different.
However, I feel it is not wise to stray too far from what you and your team know. Many rental companies may not have the proper processes, procedures, training, or facilities to handle the new equipment or services additions. The unintended consequences might be more detrimental than helpful. Adding new major offerings without the proper due diligence could be a very unwise investment. With that said, major product and service diversification (done properly) can provide the catalyst to significantly increase growth and profitability.