What are the biggest challenges faced in your hire or rental business?
We’ve been having lots of conversations with people following our webinars looking at Overcoming Rental Business Challenges. Side-stepping the race to the bottom is still a theme that everyone is talking about.
We thought it would be useful and interesting to get some research into the challenges that the rental sector is facing in 2023.
Just click on the link and you can enter.
If you leave your email address you can enter the free prize draw associated with it to win £100 Love to Shop vouchers or a £100 donation to a charity of your choice.
One entry per person please, so as not to skew the results, and business email addresses only. You can also sign up to get the results emailed to you, but will respect your privacy after that, although if you would like to sign up for useful tips and news, then that’s great.
Closing date is 5pm Friday 28th April so why not complete it now before something distracts you?
Here’s some insights from a recent survey we conducted in the planthireuk rental sector. While the sample size wasn’t large enough to be statistically representative, we’re noticing a lot of conversations about these very topics.
In joint 1st Place
People: Attracting and Retaining Skilled Labour
The struggle to find and keep skilled individuals. Training plays a key part in this, and key technical skills might need to be taught in house to plug this gap. Not only are you giving employees the skills to do their job, they feel valued and motivated and are more likely to stay.
Increases in fuel, finance, labour and utilities have had an impact and means that good cost management practices need to be in place. Everyone needs to be commercially aware.
In Joint 2nd Place
Late Payment & Bad Debt
A sale isn’t a sale until the money is in the bank. Negotiating & managing terms, developing good customer relationships and proactive credit control are needed to ensure timely payments.
As rising costs bite it’s essential to protect price if you want to protect profit. Setting pricing policy and authority levels will help. Educating everyone to understand the impact of their “deals” on customer buying behaviour and company profit protects the bottom line.
Congratulations to Lyndsay Bamber who won the prize draw.