With the holiday season upon us, many event equipment hire businesses are experiencing an organic influx of reservations due to an increase in the number of events held, but maintaining a relatively similar revenue stream throughout the year can be difficult. Getting back to the basics, however, can help.

It’s easy to get wrapped up in the daily tasks of pickups, deliveries, people management, maintenance, and everything in between, which are all necessary components of a successful hire business.

All of this can result in your hire business making waves in the industry, but if you’re looking to maximise your revenue generation streams, it may be helpful to refresh yourself and your team on the following 3 basics that will open more doors to revenue opportunities.

1. Track all costs and revenue to accurately price future projects

One of the most important aspects of a hire business is to keep a close eye on your costs and revenues.

With volatile economic conditions, many businesses are experiencing price fluctuations and trying to offer the best value for the equipment they provide. Keeping a track of these changes and patterns can give you a better idea about how you need to price your future projects.

Having an event equipment rental software solution that can streamline your hire processes, from quotes to invoices, can help you control your costs and boost revenue. When you have complete visibility of what you need to do every day so that nothing is overlooked and your customers’ requirements are met, you can better analyse and make more informed decisions about your pricing structures and revenue opportunities.

Real-time reports on the availability of equipment and asset utilisation can help you control your hire operation and increase revenue by optimising equipment hire.

 

2. Monitor equipment returns and maintenance frequency

Another area of significant focus for equipment hire businesses looking to positively impact revenue is that in their efforts to get more equipment hired, maintenance—including maintenance cost tracking—takes a back seat—this isn’t an ideal scenario.

You need to stay ahead of your repair and maintenance costs since it’s important to get the complete story on the equipment in your warehouse.

Your revenue streams can take a serious hit if you save all the repairs and maintenance to be carried out together, incurring massive expenses at once. By keeping a clear record of all the maintenance and repair jobs that need to be conducted, you can schedule them in a way that doesn’t create a massive loss.

In addition, if your equipment is not scheduled for maintenance at the right time, the number of assets you have to hire out can deplete, leaving your customers with a negative impression of your business.

The right event equipment rental software can help you keep track of these requirements and ensure that you never miss another maintenance or repair task.

3. Ensure an adequate number of assets are available

To create revenue, you need to have adequate assets to hire out to your customers. An event equipment rental software solution can help you keep track of any resource clashes and shortfalls.

You can have complete visibility into how many assets you have, how many have been hired, and how many you have left to hire out. This information is critical considering that your hire business can either thrive or fall based on these figures.

Without a proper system that updates in real-time and syncs data across systems, you can end up overbooking certain equipment and hiring out equipment that’s scheduled for maintenance or repairs.

All of this can affect your reputation among your customers who may consider your competitors, who will eventually take a good portion of your bottom line with them.

Take your hire business to new heights with event equipment rental software

The best part about learning the basics is that they’re easy to implement if you have the right event equipment rental software.

From maintenance scheduling to real-time inventory updates, the right event hire software can help you maximise your revenue while ensuring you neither waste your sales team’s time nor your customer’s time.

Partnering with MCS-rm can help you achieve just that with comprehensive support on how to create a successful hire business using hire software that’s both efficient and impactful.