If you run an equipment rental business, it should be your top priority to reduce downtime of your equipment. You want to rent it out as much as you can, for as long as possible. But to make this possible, you need to make sure that your equipment is in tip-top shape and that it is properly managed to ensure that it continues to work spectacularly.
We've got 4 simple tips to help you manage your rental equipment.
1. Manage your risk, get insured
The truth of the matter is this: your customers are your biggest risk. As much as you need them to turn up and rent your equipment, they are also very capable of breaking something or losing your equipment: your main asset.
2. Regular maintenance is key
This is probably a no-brainer, but also a good reminder. You need to make sure that your equipment is fixed as soon as you notice something is not working right. It's also important to maintain the appearance of your equipment. That is, after all, something that your customers are also paying for.
3. Make sure your rental terms are crystal clear
Spend some time communicating to your customer the terms and conditions of renting your equipment. Be sure to highlight the following:
- Make sure customers know how to use your equipment properly
- What do you consider acceptable wear and tear?
- Tell them who to contact if your equipment is faulty or if something goes wrong
- What are the penalties involved if something is lost or damaged?
- When should they return your equipment?
4. Use the right management tool
You should also invest in an equipment rental management tool that helps you keep track what goes out, for how long, with who, when, and when it is expected to return.
Having a live inventory that's accessible at all times from any smart device will help you keep admin and reporting to a minimum, letting you focus on growing your business.
What did you think of this article? Do you have any other tips on reducing the downtime of your equipment to maximise revenue?
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Published by Nicole Kow
Having graduated from the UK, Nicole travelled around Europe before joining TrekkSoft's marketing team. She is now based in KL and regularly blogs about her travels at Next Train Out.