A few years ago we wrote an article entitled “Work On, not Just In Your Rental Business.” The gist of the article was that many rental store owners are so busy with the day-to-day grind on running a rental business that they don’t spend anytime improving their rental business. Phones get answered, customers get waited on, checks get written, orders are placed with vendors, deliveries are coordinated. Great job! Busy day! You do this day in and day out (“working in your rental business”) but what have you done to improve (“working on”) your rental business?
We’ve made it to the end of the year, a time when many rental businesses start to slow down. No matter where you live, likely some of your slowest months are upcoming in the November to February time frame. Now is a great time to “work on” your rental business so that your business is in top form for the next busy season.
Here are a few thoughts/tips to work on:
- Do you have a relevant, concise and up-to-date management reporting system? (We call this “Know Where You Stand”™).
- When is the last time you reviewed your book rental rates and ancillary charges such as delivery and damage waiver?
- Have all your employees had their annual review/evaluation?
- Work on your company image from top to bottom. Facility appearance, website updates, equipment and truck maintenance and appearance, etc.
- Perform a physical inventory of your rental and non-rental assets as well as your resale merchandie inventory. Be sure to update your computer system and financial statements to reflect the physical inventory results.
These are just a few of many areas that should be addressed on an ongoing basis. Go to our Services page to see how Rental Acquisitions LLC can assist in working on your business. Too often, we see rental store owners maintain the status quo as their business declines. We having a saying, “You are either moving forward or moving backward, you can never stay the same.” Make sure you are moving your business forward.