There are several advantages to running a business that rents out equipment rather than selling it. There’s room for financial gain, growth, and continued customer relations – but it all comes down to how you go about it. We’ve identified four key factors that enable smart equipment hire businesses to stay successful.
Seize Growth Opportunities
Hiring equipment may initially get you the customers, but going the extra mile is what makes them stay loyal. It’s likely that your customers will pay more to have your business not only provide the equipment, but help install, service, and maintain it. It’s becoming more common for businesses to offer wider services to save their customers time and money, all while developing repeat business and potential referrals to new customers.
Use a Solid Business Management Tool
IBISWorld identifies the top three success factors for an equipment hire business. With ‘access to efficient technology and techniques’ and ‘ability to quickly adopt new technology’ ranking at one and two, it’s imperative that companies take full advantage of the equipment hire software available to streamline and simplify business processes. Using a cloud-based business management platform allows equipment hire companies to comprehensively manage every process within the business in real-time; from sales, marketing, accounting and finance, inventory management through to field service, resource scheduling. Having a live inventory accessible from any smart device means that admin, data duplication and reporting is kept to a minimum, allowing you to focus on strategy and growing your business.
Mitigate Risk
The simple truth is that your customers are your biggest risk. Of course you need your customers to hire your equipment, but they are capable of breaking or misplacing your equipment, which is your main asset. Ensure that your equipment is fully insured to avoid bigger issues down the line.
Check Your Equipment Regularly
While it may be a no-brainer for many, a small reminder doesn’t hurt. It’s important to make sure that your equipment is regularly checked and serviced, and if something isn’t working properly, it needs to be fixed. Your customers are paying for your equipment, so it’s important that it does the job well and looks the part. Note: If you service the equipment you hire, learn about NextService, our easy-to-use field service management system. Download the brochure below or get in touch with an expert for more information.
