By Dick Detmer Dick Detmer lays out what rental companies can do now to prepare for a prosperous 2024. This topic of preparing your business for 2024 is among the most timely and relevant topics because of nationwide economic uncertainties, and the late fall and winter seasons are excellent for researching more efficient methods in every aspect of your business. To all my clients (and to all of you reading this column), I am stressing the utmost importance of becoming much more efficient with your time, energy, financial and other resources—and cutting waste. Many equipment rental business owners are working far too hard for the relatively meager amount left over after their expenses. Greater efficiency should drive your company’s present and future decisions and activities. Of course, cash flow challenges are a major concern for some rental companies at this time of year and in some companies’ business evolution. So, avoiding expenses is a natural reaction. While natural and needed in times like these, it is very important to use this time as constructively as possible and begin by doing serious, in-depth efficiency research. Even if you are currently lacking funds or other resources to put toward the implementation of many of the findings of your research, you will have found what to invest in just as soon as you are able to do so.
Here are just a few other thoughts, reminders, opinions and examples regarding what can be done now to prepare for a more prosperous 2024:
- Be certain to “mine” the extraordinarily valuable information from your financials and your computer system. It can reduce costly purchasing and other errors, help to maximize return on investment, help to maintain proper stocking levels, increase customer satisfaction, reduce waste and much more. Used properly, this information can really be a game-changer, but be sure to get proper guidance and try not to have this be a do-it-yourself exercise. Many rental business operators have invested in unproductive solutions for their rental business challenges and opportunities.
- Have your rental rates analyzed. This is the perfect time of the year to start the process as it takes time to do it properly, and you will avoid the costly mistake of making an across-the-board change when the busy season is about to kick into high gear.