With every business, increased revenue is the focus—and this remains the same with rental businesses.

The increase in competition and infrastructure projects has resulted in businesses choosing to rent equipment rather than purchase them. By renting equipment, small businesses can save capital investment and redirect the extra resources towards accessing the latest in equipment hire software.

While this is a trend that’s encouraging equipment hire companies, it’s also increasing the competition. This is where the best small business equipment rental software can prevent your business from getting caught up in the competition and losing revenue.

By leveraging the right small business equipment rental software, businesses can address some of the common problems that hire businesses face. To fully appreciate the benefits of the software, businesses need to identify their problems and discover how equipment hire software can help.

Managing the lifecycle of the equipment

One of the leading ways your revenue generation can be impacted negatively is the non-availability of equipment or assets customers want to hire because they’re undergoing maintenance or being sent off for repairs.

Hire businesses often get complaints from customers about the condition of the equipment they have rented. This could mean that the equipment needs to be repaired, serviced, or replaced, which can mean that delays are inevitable and the next customer could be affected by the lack of high-quality equipment.

Small business equipment rental software can help by allowing you to manage the lifecycle of an asset from the moment the item is purchased until it is disposed of. This feature can help your hire business maximise the equipment’s availability.

Scheduling and transporting the equipment

Another major roadblock that hire businesses face is picking up the assets from one customer and delivering them to the next on time. You must ensure when you do schedule your equipment to be hired that different hires don’t overlap or have excessive downtime.

Late pickups generally result in delayed deliveries which can cause your business to lose money.

With small business equipment rental software, you get a dashboard with a complete view of the critical data you need to make informed decisions. For instance, you can see how many assets are available, how many are hired by customers, and even forecast how many are required based on previous hiring patterns.

When you have a complete overview of these elements, you can ensure that assets aren’t lying idle in your warehouse and that you neither overbook equipment nor forget maintenance requirements.

Tracking usage and condition of the equipment

When hire businesses rent out equipment, there are several hire and usage terms that both parties agree to. For instance, one of the more common conditions is that the equipment must be returned in the same condition that it was when it was delivered to the customer.

If you don’t have specific means of tracking the usage and the condition in which it was returned, you could be making yourself vulnerable to losing money and revenue due to the inability to hire the equipment out to other customers.
 

Equipment hire software can help you keep track of all your assets. You can easily track the condition of your equipment and if the customer has held up their end of the agreement.

If the equipment you have hired out has been overused, you can also charge the customer an additional amount of money. Your ability to track your assets gives you peace of mind and confidence that your equipment is treated within the confines of your agreement and you can plan your maintenance activities accordingly.

Small business equipment rental software is impacting the hire industry

Contemporary businesses are realising the significant impact that hire software can have on the hire industry, with many features allowing businesses to harness these changes and help minimise expenses and enhance revenue.

With the many equipment hire software solutions that are available in the market today, it can be a tedious task to select the solution that’s right for your business—here, getting the right guidance can go a long way.

Partnering with a hire solutions company like MCS can help you get the equipment hire software solution you need to control your business and offer an exceptional customer experience.