The coming year is predicted to be a successful one for businesses in our industry. Capitalize on this forward momentum by keeping up to date on the latest news, tools, and best practices. Here are some actionable tips and advice on how to get the most out of 2019.
Study industry trends
A recent study of equipment rental industry trends and predictions concluded the US will see a growth of 4% for our market between 2018 and 2024. Are you prepared to take on more clients? Here are some tips for navigating this positive outlook:
- Have a business management solution in place. Reevaluate your needs and update accordingly or start using one today so you’ll be ready when the time comes to on-board new customers.
- Keep up with a thought leader and industry blog to stay in the know. Today’s headline could mean tomorrow’s opportunity for smart dealers who continue to educate themselves on the field no matter how long they’ve been in the business.
Reduce operation costs
This is a constant goal for dealers and it’s a good one. Here are a couple ways to do it in 2019:
- Streamline workflows for daily tasks to eliminate manual labor and refocus employee efforts towards skilled work.
- Study your company’s historical data to see where spending has consistently seen lower ROI results. Use advanced reporting and analytics software to search for and eliminate slack.
Make sure your rates are competitive
There’s been a recent burst in the American machinery glut bubble. Demand for used equipment rental is driven by recent market scarcity and a bit of FOMO from buyers who missed the boat on auction deals that could have saved them as much as $100,000 on machines they rely on. Here’s how to make sure you’re not undercharging for equipment still:
- Adopt asset valuation software that uses real-time asset and market data.
- Gain access to records to the latest market and auction values within individual records to see how your equipment rental rates compare.
Remember that smart dealers always give themselves an advantage by taking every opportunity to help them succeed. Make sure your 2019 planning includes some of the above ways to ensure your success!