By Iselin Bostrøm
Efficient operations can help rental businesses grow and increase profitability. If you rent out trailers, transport vehicles, or larger equipment such as lifts, scaffolding, and mini excavators, you may be wondering how to optimize your margin and improve the flow and utilization of your machinery. In this article, we’ll discuss ways to streamline the routines for your machine and equipment rental business and explore the potential opportunities.
Improve logistics and inventory management
Effective logistics and inventory management are important for rental businesses that offer machinery and equipment in order to create more efficient operations, gain competitive advantages, and ultimately increase sales. By using a planning tool with a calendar view, you can easily see what’s available in your warehouse and what’s rented to which customers for which period. Additionally, a digital system that shows repair history and alerts you when maintenance and service are needed can help streamline your operations.
Having access to real-time availability of your rental products on a mobile device can also help improve inventory management, especially when you’re on the go and need a quick overview. If you rent out scaffolding or similar equipment, you likely have to manage large quantities of products at once. In this case, investing in a rental software that allows you to efficiently handle volume products can be a smart move to improve efficiency.
Maximum utilization rate of the rental products
There are significant competitive advantages to be gained by streamlining your warehouse operations and maximizing the utilization rate of your rental products. There are various methods you can use to achieve this. The most important thing is to have a clear system that shows you which periods the different rental products are rented out and when they are available. You can also use a digital calendar on your website so visitors can see which dates the product is available and you can get an overview of available and rented products. This allows you to plan rentals in advance and focus on renting out products that are actually in stock, which will increase the utilization rate of your rental products.
Integration with financial systems and corporate agreements
To efficiently manage projects and invoices, it’s important to integrate your order system with your company’s financial system using an API. When you use the Sharefox rental software, you can integrate financial systems such as Tripletex, Visma eAccounting, Poweroffice Go, and 24SevenOffice.
If you operate a B2B rental business, your corporate customers may have their own corporate agreements and multiple projects running concurrently with different types of equipment. It’s important to use a rental software that can handle both company agreements and price discounts, as well as provide clear invoicing based on project numbers and other criteria. This will help streamline your operations and make it easier to manage projects and invoices.
Streamline the rental process with self-service
Self-service solutions can help rental businesses in the machinery and equipment industry offer their customers rentals at any time of day. Customers can pick up their rentals at their convenience, streamlining the rental process and saving time and staffing costs. It also provides a more flexible option for customers. Self-service solutions also allow rental businesses to expand their services to more locations with self-service warehouses.
Sharebox is a popular self-service option used by many rental businesses. For example, in trailer rentals, customers can receive a code which allows them to access the key to the trailer they have rented from a box. To learn more about self-service options with Sharebox, visit their website.
Automation with digital booking
Digital booking can help automate various aspects of the rental process. By allowing customers to book their desired machines and equipment directly on your website, you can save your staff time and reduce costs associated with handling simple orders via phone or email. A digital booking system can also help you:
- Collect signatures digitally
- Identify customers using third party identification
- Credit check customers to ensure payment
Overall, a digital booking system can streamline the rental process and improve efficiency for your business.
Streamline contact with customers
By streamlining customer service, rental businesses in the machinery and equipment industry can save time and money spent on assisting customers who may not have professional knowledge or purchasing expertise. Streamline the customer service by writing helpful articles, creating instructional videos, hosting webinars, creating an FAQ section, and offering chat or chat bot support outside of regular business hours. These methods can help customers find the information they need and allow the company to efficiently answer common questions, leading to a more efficient and cost-effective rental process.
What are you going to do now?
When you are ready… Here are 4 ways we can help you expand your rental business!
- Do you want to grow your business today? Try Sharefox rental system for free – or book a demo and get a personal expert to analyze your company’s situation, come up with solutions on how you can streamline your methods and create a more profitable company.
- To learn more about the Sharefox rental system, read about trends and news for free, visit our blog or visit our resources section in the main menu. Here you can download guides and e-books that we also share with our customers.
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