May 2020

Improvement tips to boost the efficiency of your rental business in 2020

Improvement tips to boost the efficiency of your rental business using infographics

Improving the efficiency of a rental company is no different from any other, but the priorities may be slightly different. The aim should be to ensure that customers are well served and that you focus more on your business development. When customers are pleased, that's when they're going to spread the word to your advantage, which has proven to be the most efficient and productive marketing tool.

There are, however, a number of ways to improve the productivity of your rental operations. But in this article, we are pleased to share with you some of the best-chosen approaches that has worked well so far.

1. Digitization

Many different industries are already in the digitization process, but we often feel that the rental industry is a little behind when it comes to digitization. As I am writing this article, some of our consultants are working with rental companies to help them digitize.

Once the business operations have been fully digitized, the benefits can be quite obvious and seen very often, such as:

  • Reduction of costs
  • Reduces and eliminates redundancy in your paperwork.
  • Minimizes human error
  • Helps you to work with others, etc.

Please read the in-depth article on the importance of digitization over here.

2. Automation

Rental companies are often busy and end up doing a lot of routine work without even realizing that this particular piece of work can be automated and can be done without any human interference or negligence.

Identify repetitive and time-consuming tasks and then start automating in an organized step-by-step approach, these are the automation benefits you would be rewarded with:

  • Each morning, give me a list of pickups, returns, and a report of orders that has been overdue.
  • Twice a day, automatically send a list of tasks to the crew and help them track it.
  • Give me weekly and monthly comprehensive reports on the overall output of my business for a whole week or month.
  • Send me the reminder well before the next servicing date.

3. Business Operations

Some of the business operations in rentals can be daunting tasks if you have a lot of inventory assets to handle and/or a lot of orders that keep employees busy and put customer service at risk on a number of occasions. In the past, we've met many rental merchants who are guilty of not spending enough time to understand their customers when they visit in-store rentals and fail to understand their rental needs.

In order to streamline and gain control of your rental business, it is essential to implement the "most trusted rental software" that would prevent users from making foolish mistakes and help you take control of your operations, which would also lead to overall process improvement. As a bonus, you and your team will have more time to spend learning more about your customers and using the data to make strategic decisions that will help the business grow.

4. Inventory

Keeping the irrelevant inventory in-store and sorting through it to meet the needs of customers can be time-consuming tasks, which contributes to increasing the waiting time for the customer in some cases, which has led to a bit of frustration and bad customer experience.

It is vital for any rental business to know their inventory assets well enough to segregate them with their types or groups that are in demand, slow-moving and poorly performing as well. It's not an easy task to know your data insights without sophisticated rental software that you can rely on to make some smart decisions for the business.

5. Servicing / Maintenance

Any rental business would not want to rent out faulty equipment, or the worst case will be that your client has taken the equipment on a long term rental, and the fix is due early. How are you going to handle this situation by keeping costs low?

Equipment service is another task that needs to be dealt with effectively, as it adds to the profit and loss statement, and your accountant may be very curious to know the specifics of the equipment – cost levels, weekly and monthly. The staff should always have a list of the equipment that is due for maintenance, and the software that you are using to handle business operations should alert users if any of the maintenance dates fall between the rental period.

6. Tasks

Keeping track of the internal tasks that should be completed just before the pick-up date can be easily missed due to the high volume of orders during the peak season. Some inventory assets require a special set of checks before or after being returned from the customer. Or, in some cases, the customer may have a very special requirement that you need to comply with before you pick up the rental order.

The rental management software should have the built-in ability to create and assign tasks to the customer's rental order and assign them to the respective crew - so they can be easily tracked and managed.

7. Tracking Orders

If the rental operation is a manual where you need to track orders on excel sheets, whiteboards, labelling system or even maintain bill books-these approaches could be resource hungry which may be more error-prone to double booking or overbooking on certain occasions.

But there is also a smarter way to do this by tracking orders in sophisticated rental management software that can help you track orders by automating most of the hard work with the least effort possible.

Click here to download the printable version of this article.

In order to significantly improve the efficiency of the rental business, it is worth considering implementing the rental software that works and can be a lot simpler than you think. Get in touch with us and we would be happy to listen to your pain points and advise you on the solution you need.

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