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READY TO ROLL
ith 2022 in the rearview, the rental industry has a lot to look forward to in the new year.
For starters, the American Rental Association (ARA) Show will head to Orlando in February, and CONEXPO will take on Las Vegas in March.
With my iPhone and reporter’s notebook in tow, I’m eager to learn what people in the rental and construction industries are talking about and to see all of the new products that will be on display on the trade show floors.
In addition to all of that, I am also looking forward to connecting with you, our readers, to learn about how last year went for you, what products you’re enthusiastic to try out at the shows, what your challenges have been and how you’ve worked to overcome them.
The editorial staff and I will be running around to cover as much of the shows as we possibly can, but if you happen to see us, please stop us to say hello. We love to hear from readers
and meet new faces. If we don’t get the chance to meet you in person, connect with us after.
To get the full scoop on how you can make the most of your time at the ARA Show, see p. 10.
In the spirit of fresh starts and looking toward the future, we also have a story on the ARA’s Young Professional program and how it’s seeking to shape the next generation of the rental industry (p. 16); our general tool and power departments reveal the latest trends in hand tools (p. 28) and EFI capabilities in engines (p. 30); and to round it all out, our columnist Dick Detmer offers up his wisdom on what he expects the year 2023 to bring (p. 42).
What events, products or initiatives are you most looking forward to in the new year? I’d love to hear them—and I’m sure your fellow readers would, too. Email your thoughts to swebb@ acbusinessmedia.com or connect with me on LinkedIn using the QR code.
EDITORIAL
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LIST RENTAL
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Rental (ISSN 2375-9925, Print | ISSN 2471-7657, online | USPS 686-370) is published eight times per year: January/February, March, April, May, June/July, August/September, October/ November and December by AC Business Media, 201 N. Main Street, 5th Fl., Fort Atkinson, WI 53538. Periodicals postage paid at Fort Atkinson, WI and additional entry offices. POSTMASTER: Please send change of address to Rental, PO Box 3605, Northbrook, IL 60065-3605. Printed in the USA.
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THE LATEST ONLINE
PODCAST ALERT: GENERAC TALKS POWER
As energy-efficient power generation becomes a priority in the rental industry, power experts at Generac sat down with Rental Editor Sarah Webb to talk about what the company is doing to promote sustainability and increase efficiencies to boost end users’ bottom lines. Do you have an interesting story that you’d like to talk about on our podcast? Email your ideas to Rental Editor Sarah Webb at swebb@acbusinessmedia.com, and you may be featured in an upcoming episode of our The Bottom Line podcast.
BE FEATURED
As activity in the rental industry ramps up this year, Rental magazine wants to highlight your rental company, digging into your successes, challenges you’ve faced along the way and how you’ve overcome them. What are you most proud of? What would you do differently? What advice would you give to other rental company owners or those just starting out in the industry? We want to hear it all and feature you in an upcoming Rental Snapshot article. If you would like to share your story with the readers of Rental and your professional peers, reach out to Editor Sarah Webb at swebb@acbusinessmedia.com.
STAY SOCIAL
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EPIROC BUYS ATTACHMENT MAKER WAINROY
Epiroc, a Swedish company that produces mining and infrastructure equipment, bought Wain-Roy, a U.S. manufacturer of excavator attachments for the construction industry.
Wain-Roy is based in Kronenwetter, Wis., and is part of Oregon Tool. Wain-Roy
AMERICAN RENTAL ASSOCIATION FORECAST CALLS FOR MODERATE GROWTH
The equipment rental industry is expected to see single-digit increases over the next four years following two years of rapid postpandemic revenue growth in 2021 and 2022, according to the latest American Rental Association forecast.
Other key points of the survey include:
■ Equipment rental revenue is expected to increase by 3.4 percent in 2023 to nearly $57.7 billion after growth of 11 percent in 2022 to reach almost $55.8 billion.
■ Equipment rental revenue is expected to grow 2.9 percent in 2024, 3.3 percent in 2025 and another 3.4 percent in 2026 to reach nearly $63.4 billion.
■ The construction and industrial segments showed double-digit revenue increases in 2021 and 2022 at 10.2 and 12.7 percent, respectively. The segment is forecast to show a 4 percent increase in 2023, 2 percent increase in 2024 and 3 percent increase in 2025 and 2026.
■ On the general tool side, revenue growth was more moderate at 4.5 percent in 2021 and 6.2 percent in 2022 and is forecast to be 1 percent in 2023, 5 percent in 2024 and 2025 and 4 percent in 2026.
■ Investment in construction and industrial equipment is expected to decline slightly in 2023 after growth of 55.1 percent in 2021 and 40 percent in 2022. Investment growth is forecast to be 4.8 percent in 2024 and 6.4 percent in 2025.
https://rnt.news/7o5z6b
has about 100 employees and an annual revenue of about $18.43 million.
The acquisition was completed in the fourth quarter 2022. The transaction is not subject to a disclosure obligation pursuant to the EU Market Abuse Regulation.
Epiroc, in its third quarter report, said orders were down 10 percent and supply chain issues have inhibited sales. Demand has remained high, with many construction companies wanting automated and digital machines to help improve emissions levels and increase safety. Profits increased 31 percent, supported mostly by the aftermarket, the company reported.
https://rnt.news/ibqmw7
BUILDWITT DEVELOPS INITIATIVE TO ALLEVIATE WORKFORCE SHORTAGE
BuildWitt is bringing together the industry under a new initiative, Better Dirt World, to alleviate workforce issues and unify companies, associations, schools and individuals to help solve the industry’s workforce shortage.
With 41 percent of the industry set to retire by 2031 and the younger generation not filling that gap, the industry can expect severe ramifications within the next decade.
The Better Dirt World initiative will include content that changes people’s perspectives of blue-collar work, an online community for the Dirt World, awareness campaigns, quality training content to train the next generation and upskill the current workforce and sponsoring schools and students to receive BuildWitt Training licenses.
https://rnt.news/2gqr1h
UNITED RENTALS ACQUIRES AHERN RENTALS
United Rentals purchased the assets of Ahern Rentals for about $2 billion in cash.
Ahern was founded in 1953 and is a family-owned equipment rental firm with about 2,100 employees. It operates across 106 locations in 30 U.S. states, with a rental fleet that consists of aerial lifts.
United Rentals expects the deal to generate about $40 million of annualized cost synergies within the first 12 to 18 months of closing. United’s shares rose more than 1 percent in morning trade, and it expects to fund the deal with a mix of newly issued debt and existing capacity under its asset-based loan facility.
https://rnt.news/1ebhi8
HOLT INDUSTRIAL RENTALS OPENS IN TEXAS
Holt Industrial Rentals, a Holt company, recently launched to provide specialty industrial equipment solutions throughout Texas.
Holt Industrial Rentals offers solutions centered around industrial power, climate and air.
“We’ve seen increased rental requests across our businesses and have always been an organization that pivots to meet the needs of our customers,” said Peter J. Holt, CEO of Holt. “We understand the importance of rentals across the industrial, construction and facilities equipment industries and the role our services can play in the success of these businesses.”
https://rnt.news/k2xkcy
The Rental Industry’s SUPER BOWL
Show organizers from the American Rental Association (ARA) delve into what attendees can expect from the 2023 ARA show and explain how to make the most of the experience.
After several years of disrupted scheduling due to the pandemic, the American Rental Association (ARA) Show is back in action and will take on Orlando, Fla., on Feb. 11-15.
This year’s show will kick off with educational sessions Feb. 11-12, followed up by ample networking opportunities and chances to see new equipment and technology on the trade show floor Feb. 13-15.
“We have always considered the ARA Show as our Super Bowl, but this year it’ll literally be in Orlando for Super Bowl Sunday,” says Christine Hammes, ARA’s vice
president, association services and events. “This is really the place where all our members come together, and our objective is for them to leave the show with more tools in their skillset toolbox than when they came.”
Hammes; Josh Nickell, vice president of the equipment segment, ARA; James Auerbach, vice president of the event segment and rental industry workforce development, ARA; and Bridget Otten, director of meetings and events, ARA, discuss what this year’s show will entail and how attendees can come away with a winning experience.
SHOW TIME PROJECTION
With dozens of educational sessions, 2.5 days of trade show floor time, keynote speaker Daymond John, CEO and founder of Fubu, and several networking occasions to boot, ARA Show attendees can expect familiar attributes of past shows, along with some new offerings, according to Hammes.
“Our goal is to provide an enhanced experience of the traditional offerings that members have told us they like as well as some new opportunities,” Hammes says.
New to this year’s show are two member-only education programs (EventsU and The Future of Equipment Rental), a welcome reception on Monday where members can meet in smaller groups with people within their own regions and an increased devotion to sustainability.
“We know trade shows have an impact on the environment, so we’re working very closely with our partners and exhibitors to be more efficient,” Hammes says. “We switched to a digital planner this year, and we will have more digital signage. We will also be minimizing the use of carpet where we can and increasing our recycling capabilities. We’re trying to be good stewards and do our part.”
The show will also include ARA Foundation Charity Auction and Reception from 5 p.m. to 6:30 p.m. on Tuesday, as well as the ARA Night Event at Universal Studios Orlando from 7:30 p.m. to 10:30 p.m.
Additional networking opportunities include the Young Professional Network Reception Feb. 12 from 6 p.m. to 9 p.m. at Ole Red and the Women in Rental Breakfast on Feb. 14 from 7:45 a.m. to 9 a.m.
Both events follow up on the Young Professionals’ and Women in Rental events in December 2022.
“Following (the December
Attendees of the ARA Show can walk the trade show fl oor and learn about new products and equipment.
events), both of these groups have the opportunity to network again,” Otten says. “The YP event will be held at Blake Shelton’s Ole Red restaurant. It’s more like tailgate, so attendees can watch the Super Bowl, and there will be a really fun interactive DJ. And then this will be our third Women in Rental breakfast. We have a great speaker there as well. She infuses humor with a nice message.”
A full show schedule can be found on the ARA Show’s website (ARAShow. org), and users can download the app to plan out their visit.
“We know that our members are busy, and their time is valuable. We’re asking them to take some time from their business to come to Orlando to focus on the future of their business,” Hammes says. “Expectations are high, so we know it has to be worth their investment.”
Hammes adds that no matter what attendees’ objectives, there should be something for everything to “take home.”
“Some attendees will be looking to purchase, and others may just be coming for education and networking,”
Hammes says. “For a lot of people, it’s a combination of both, so our hope is that they gain insights and inspiration, make new connections and come away with those tangible tactics and strategies to implement to move their businesses and their teams forward. We’re doing everything possible to elevate the experience.”
EXPAND YOUR SKILLSET
In addition to 16 educational sessions on Sunday in four different tracks that touch on the topics of leadership, workforce well-being, recruiting and retaining Gen Z employees, succession planning and more, Saturday also boasts a whole host of educational opportunities, split into two tracks: EventsU and The Future of Equipment Rental.
A brand-new event, The Future of Equipment Rental will focus on rental equipment companies and will feature contractor panels, rental panels, speakers, technologists, networking opportunities and more.
“So many times, we talk to members as one group, but the future of construction jobs is very different
from the future of event rental,” Nickell says. “So, we wanted an event that was specifically for equipment rental companies to get down and into the nitty gritty of where their specific part of the industry was going. It will be an interesting view into the jobsite and equipment rental segment five years from now so that we can start moving members toward that.”
At the time of publication, the ARA is expecting around 200 to 300 to take part in the event, which has been in the works for some time.
“We had a committee of members meet about how we could improve the industry’s adoption of technology and move forward faster,” Nickell says. “So, our strategic plan is to engage members with technology and find ways to support their growth through that and data and analytics in the same space.”
The morning sessions will be one track including the keynote speakers, Dale Asplund from United Rentals and Steve Jones of Dodge Construction Data and Analytics, who will discuss gaining the motivation and education to leap businesses forward.
The afternoon sessions will be split into two tracks: one dealing with fleet management and one dealing with operations.
“When you think of fleet, you think of maintenance, repair technology, electrification, analytics, fleet tracking
and those types of things,” Nickell says. “And then on operations, it’s more focused on what are you using for enterprise resource planning? How are you reaching your customers? How are you reaching your employees? How are you managing all those operations together? How are you handling your logistics?”
The other Saturday sessions will focus on the event rental space, called EventsU, rebranded from Events and Tents.
“We wanted to change up the education to make it a wider range of topics,” Auerbach says. “This year, we really went all-in on the speakers and the quality of the speakers. We wanted the first EventsU to be something that people would remember for having this tremendous education that appealed to all of their employees, whether they are front of house or operations. So, whether you’ve got marketing, operations or admin, the goal is to have them find something in each session.”
Sessions will center on efficient warehouse operations, preparedness,
customer service culture, event profitability and more. The goal, Auerbach says, is for attendees to take away best practices they can then implement in their businesses.
“If we’re just reviewing the same old stuff that they can see anywhere else, it’s not really valuable,” Auberbach says. “We wanted to make each one of these sessions have a clear take-home value that attendees could immediately go back and apply to their businesses in a positive way. Based on the show planner, the key takeaways are all right there—we want people to come knowing exactly what they’re going to learn about.”
All in all, for all the educational sessions, Nickell advises attendees to come prepared to interact, ask questions and share ideas.
“There’s a lot of magic that happens in the networking and the Q+A sessions,” Nickell says. “There’s going to be Q+A with the speakers, panels and roundtable discussions, where attendees are sitting down with other equipment rental companies and trying to solve each other’s problems, talk about some of these things we touch on throughout the day and unpack it so that they actually take some of it home and implement it.”
SET A STRATEGY
Perhaps the most important thing attendees can do—aside from wearing
The ARA Show offers attendees chances to meet with their vendors and think about purchases for the upcoming season.
comfortable shoes, of course—is to set a game plan for the duration of the show.
“There is a lot to see and do, so it’s best to know what you want to accomplish,” Hammes says. “I highly encourage reading the planner and visiting the website and doing research ahead of time but also making sure attendees build in time for some networking and fun. They should really immerse themselves while they’re there and participate in as many activities and sessions as they can and go beyond their comfort zone and seek out new people.”
Hammes also recommends attendees follow the ARA on social media channels (see sidebar) for updates and those looking to purchase equipment to come with their shopping list and research the vendors who carry those products ahead of time.
“Familiarize yourself with a map of the show floor before it opens,”
Hammes says, adding that it can be found on the ARA website and on the app. “Everyone has a different method to their madness. Some people like to go aisle by aisle. Others like to hit their ‘high priority’ booths first and then go back through, but having a plan helps attendees to be successful while they’re on-site. Also take the time to check out something new. It might not be something you’re looking for today, but it’s always great to stay aware and see what’s coming next.”
Nickell encourages attendees to not be overwhelmed by all there is to do at the show.
“There’s a lot to do at the ARA Show,” Nickell says. “Just get it all down in your calendar and lined up because we worked really hard to make sure not too many items overlap. There’s time and space to do everything. You may need a nap when you get home, but take advantage of time with your peers.”
THE GAME PLAN
With so much happening over a few short days, it doesn’t hurt to know the game plan in advance. Follow the ARA Show social media handles or use the QR code to find out what’s happening, where it’s happening and when it’s happening.
YOPROS UNITE
A look at how young professional programming acts as a springboard for up-and-comers in the rental industry.
Sixty-five young professionals in the rental industry took sunny Scottsdale, Ariz., by storm for the American Rental Association’s (ARA) 2022 Young Professional (YP) Conference.
Held in tandem with the ARA’s Women in Rental Conference, the YP Conference boasted a full schedule of networking, continuing education sessions, riveting speakers and more.
“It’s about the professional growth,” says Bridget Otten, director of meetings and events for the ARA. “We want to empower the young professionals in the industry to become leaders and to challenge themselves to get to that next level. It’s also giving them the networking opportunity and the chance to expand their relationships in the industry. That’s what we hear is the most valuable tool for them at these conferences.”
What Happened
The day’s educational sessions were led by Galen Emanuele, an internationally known speaker who presented on nextlevel leadership, culture and feedback.
“It was about the opportunity to use improv in your daily relationships and interactions with people to shift how you are reacting to what people are saying,” Otten says. “They did a lot of workshops together, a lot of interactive switching of tables and finding new people to improv with. So, it was really high-level education all day.”
Overall, Emanuele helped attendees understand how to communicate and
influence others with the tools of “yes, and,” develop their leadership identity, learn how to skillfully give and receive feedback and gain a comprehensive understanding of Emanuele’s own “clarity, commitment, consistency” approach to establish team culture.
“Sometimes as a young professional, there can be a generational disconnect, with seasoned employees saying ‘why is this person who is younger than me telling me what to do,’” says T.J. McQuaid, president of TJM Rental & Supply in Canton, Mass. “I think Galen did an awesome job of addressing that and was one of the best speakers we’ve had over the years. My biggest takeaway was the idea of trying to be an active
listener to your employees and their wants, needs, concerns and ideas to grow the business.”
McQuaid has attended the ARA’s Young Professional Conferences for more than a decade, the most recent event bittersweet as it was his last time attending.
“As an owner, when I was younger, I felt like I knew everything, but as I have gotten older, I realized that my employees are in the business day to day, and they see stuff I don’t see,” McQuaid says. “So, when they’re talking to me, I look them right in the eye and try to be in the moment and not think about the 37 other things I need to get done that day. It’s about making sure your employees feel
valued and not like they’re just showing up and doing the job and going home every day.”
In addition to educational sessions and networking with each other and attendees of the Women in Rental Conference, YPs also had the opportunity to take part in the following activities: climb McDowell Mountain, bike through downtown Scottsdale on a guided historic and cultural pedal tour or participate in a “give back” project benefitting active military abroad.
“The ARA does such a great job of making sure young leaders in the rental industry have the opportunity to further their education and network with other professionals like themselves that are looking to either own a business, climb that ladder or grow the company that they’re already at,” says Stephanie Donabedian, vice president, marketing, at Mobile Air & Power Rentals in Worcester, Mass., and president of the ARA of Massachusetts. “They make sure it’s not just an educational time, but a fun time as well, and something that attendees will be able to talk about for years to come.”
Why It’s Important
Attendee Andrew Heesacker, president and CEO of Arvada RentAlls in Arvada, Colo., applauds the event as being an inclusive way for YPs to share ideas.
“Especially in construction and adjacent industries, it can be very focused on specific people, demographically speaking, and it can become a bit of a exclusive club,” Heesacker says. “So, anytime you get the opportunity, whether it’s young professionals or women or other groups, when they’re getting those
perspectives, it’s important to have that diversity. It’s also important to get young professionals together, so they can all share their experiences with
each other.”
Donabedian says events like these can act as a springboard to propel the next generation of leaders forward.
“It’s so important to have a mix of both types of leaders: young professionals and seasoned leaders that can teach younger professionals about the industry and what’s worked for them and what hasn’t,” she says. “It’s also about gearing YPs into professionals to position themselves to grow. Without YPs, we would only have seasoned pros, and at some point, those leaders will want to take a step back, and you need to make sure you have a succession plan. If we don’t have those younger professionals engaged, it might be too late. And then where are we in 20 years? Is it an industry that’s dying? Or is it an industry that’s continuing to grow? I think because we engage the young professionals, that’s why the rental industry has been able to grow as much as it has.”
YOPROS’ ADVICE
“Step out of the box for events, whether you’re new to the industry or not, because that’s where you’re going to build relationships to help you form a path in the industry.” — Bridget Otten, director of meetings and events for the ARA
“There are ways of communicating with other young professionals, like a Facebook page, other events and the ARA Show and state boards. Keep an eye out for those.” — Stephanie Donabedian, vice president, marketing, at Mobile Air & Power Rentals in Worcester, Mass., and president of the ARA of Massachusetts
“I’ve always heard that you are who you spend your most time around. So, if you’re around five successful people, then you’re the sixth. Anytime you’re around those other successful people in the industry, you’re going to absorb that and build on that.” — Andrew Heesacker, president and CEO of Arvada Rent-Alls
“Everything is scary upfront, but once you do something once or twice, things get less difficult. The more you do it, the more confidence you’re going to build in yourself to be a stronger leader and help your business grow.” — T.J. McQuaid, president of TJM Rental & Supply
HOW COMPACT EQUIPMENT MAXIMIZES RENTAL BUSINESS PROFITABILITY
A look at how rental businesses can use compact equipment to their advantage to boost their bottom lines.
There is no crystal ball to help with forecasting, purchase decisions, rental rates, etc. The one constant is change, and the businesses that succeed are those that roll with the punches. Extreme utilization and rentability help, and that’s where compact equipment has served as a foundation for many businesses. Here are sought-after compact equipment categories and tips to get the most out of your equipment fleet.
MINI EXCAVATORS
These are typically excavators with an operating weight of less than 13,500 pounds and go by many names: mini, compact, small. The smallest excavators can fit through a doorway, and the largest could require those who transport it to have a commercial drivers’ license (CDL). While it started out as a powered replacement for a shovel, the mini excavator has
become a sophisticated workhorse in the construction industry. With dozens of bucket sizes and hundreds of attachments, the mini excavator is rented by landscapers, homeowners and large contractors and are generally easy to operate. Most mini excavators include a pivot boom; 360-degree upper-structure swing; boom, arm and bucket movement; and rubber or steel tracks. Lately, mini excavators are loaded with options including premium cabs; retractable undercarriages; six-way dozer blades and hundreds of attachments. Mini excavators are also the perfect platform for electrification.
SKID-STEERS
Quick and versatile, the skid-steer can go almost anywhere at any time. With different lift capacities, lift styles, cab features and tire choices, skid-steers are used by a broad range of contractors and industries and are rented to the occasional
weekend warrior. They can vary from a stripped-down open cab with mechanical controls to an enclosed cab with a large LCD screen, heated seat and hydraulic coupler.
COMPACT TRACK LOADERS
Compact track loaders are stable and have lower ground pressure than their skid-steer counterparts. While compact track loaders are turf-friendly and have lower ground pressure, they are generally higher in price than skid-steers. They are heavier and can push and lift more. Rental customers appreciate the pushing power and traction, and rental stores can usually charge a higher rate than skid-steers.
BACKHOE LOADERS
Comfortable and productive backhoes with a skilled operator can do heavy work that would take multiple trips with smaller equipment. In addition to the “two-machines-inone” concept, a huge advantage of a backhoe is roadability. Driving a loader and an excavator down the road at 30-plus miles per hour isn’t possible—a backhoe is priceless in the right circumstances. Manufacturers are building both larger and smaller machines. Backhoes also lend themselves to electrification as they too work in cities and neighborhoods.
COMPACT WHEEL LOADERS
The compact wheel loader is a fastgrowing segment. You can think of this as a small wheel loader or a large skid-steer—these once-specialty machines are now mainstream and are popular during snow season. With a commanding view, the operator can move more material, carry it faster and lift it higher than any other compact equipment—and it can be transported just as easily as a backhoe. They can also be built with a skid-steer coupler to accept skid-steer and compact track loader attachments.
COMPACT DOZER LOADER
A compact dozer loader is a two-inone machine that serves both as a small dozer and as a compact loader. This is a larger machine that requires a CDL, but it can deliver high utilization and rental rates. The machine is also compatible with a whole range of attachments.
KNOW YOUR CUSTOMERS
The best source of business intelligence is your current customer base. Or in some cases—lost customers. What machines do your customers rent from you? What are they NOT renting from you? What items are they going to your competitor for? Start a lost rental report and use this data to track which items you are missing and what kind of revenue this would bring in.
KNOW YOUR COMPETITION
Drive around. Call around. Look at what other rental houses have in the yard. Keep an eye out for delivery trucks and see what they are buying. See what they don’t have available for their customers. Call your competitors and ask their rental rate for a piece of equipment you do not currently have. This becomes easy to make a business
case for whether or not you should add a machine to your fleet and what kind of return on investment it can provide.
KNOW YOUR SUPPLIERS
Your construction equipment salesperson is in touch with the market and customers in your area. Ask what they are seeing from manufacturers. What are the new models? What are the advantages of certain technologies? What is the demand?
KNOW YOUR TOTAL COST OF OWNERSHIP
Total cost of ownership is determined by items such as initial purchase price, fuel costs, maintenance costs, utilization, organizational overhead, resale value, etc.
Successful rental companies will match the demands of the market and needs of their customers with the machines they already have on their lot—growing and supplementing where it makes sense.
RIGHT-SIZED RENTAL
Compact utility loaders (CULs) are versatile and can simplify construction, demolition, landscaping and hardscaping tasks. Adding a CUL to your rental fleet could benefit your operation—and your customers.
WHO RENTS THEM?
Rental fleets will find that a CUL is often the perfect fit for contractors and DIY homeowners looking to complete a variety of jobs—including tilling, hauling material, trenching and breaking up material.
A CUL can function as an additional—and much stronger—set of hands to simplify many projects.
For example, a CUL can easily haul materials that previously would’ve been hauled manually with a wheelbarrow, instantly increasing productivity.
WHAT TO CONSIDER
Picking the right CUL models for your fleet is important. Consider ease of use. Simple, intuitive controls allow customers to get right to work without needing to figure out the machine. Consider the types of jobs your customers most often work on. Do you primarily rent to contractors operating in tight or hard-to-reach places that create a need for maximum maneuverability through features like true spin-turn or four-wheel drive?
Are tracks needed? What operating capacity and lift height will be required? Would a ride-on or walkbehind configuration be a better solution? Is there a need for zero engine exhaust emissions? Are there any auxiliary attachment requirements or uses?
To ensure you have the right model on hand for any application, invest in several CULs with various rated operating capacities. For homeowners who have never rented a CUL and are looking to try one out for smaller projects, consider a CUL that provides a low ground pressure, which is easy on turf and designed with all experience levels in mind. Its power is harnessed in three easy-to-use controls, which make it simple for any worker to step up and be productive immediately.
For more experienced homeowners or contractors with a larger job at hand, consider a CUL with a higher operating capacity that delivers game-changing performance for a variety of tasks. If you often have contractors looking for serious power in a compact footprint, a more powerful CUL will fit the bill.
Finally, consider investing in a battery-powered CUL. Equipment that operates with zero engine exhaust emissions opens up an entirely new world of applications, such as interior construction and demolition, commercial flooring, landscaping and urban renovation jobs. Plus, like all battery-powered equipment, there’s a lower total cost of ownership due to significantly reduced maintenance and fuel savings.
POPULAR CUL ATTACHMENTS
The most popular attachment options are augers, various buckets, forks and grapples, but the real magic about CULs is that they can perform a multitude of tasks on the jobsite with a
How rental companies can benefit from adding a compact utility loader to their fleet.
Say hello to the KATO 35V5 mini excavator. The 35V5 is the ultimate in utility and flexibility with is standard expandable track feature and optional Extend-a-Hoe Side Arm helping take power and stability to a whole new level. To top it all off the this 23hp beast boasts a Yanmar engine, digging depth of 10’11”, and operating weight of 8082 lbs. The 35V5 Mini Excavator has a zero tail swing, increased digging force is increased by 10%, and the 4-pump system is quick to respond, making this the ultimate mini excavator.Comfortable and easyto-use, the 35V5 mini excavators are also fuel efficient and easy to maintain. With an auto-parking brake and a neutral engine-start, the 35V5 mini excavator is proactive in error-prevention. Contact KATO CES today for more information.
simple changeout of attachments.
For example, a CUL with the right attachments can replace a dedicated trencher, tiller, auger and more. Commonly requested attachments include the standard bucket, narrow bucket, light materials bucket, adjustable forks, multipurpose tool, hydraulic breaker, grapple, leveler, utility blade and auger attachment.
HOW CAN RENTAL CENTERS INCREASE CUL DEMAND?
Customers are looking for rental centers to be experts when it comes to equipment and best practices. Knowing the possibilities and limitations of equipment offerings is essential. CULs can instantly increase productivity of any project and, with intuitive controls, can be operated by almost anyone, no matter their level of experience.
Ensuring customers are aware of the flexibility and ease of use of CULs can increase demand and ultimately ROI.
In addition, asking the right questions and encouraging the customer to be as transparent as possible when it comes to the specifics of their project can help build trust and match the right piece of equipment to the job. Listening to the customer and offering advice when appropriate will help rental houses earn trust and encourage contractors and homeowners to come back for any project they may be undertaking in the future.
With costs rising and margins shrinking, you can be con dent you’re getting the most from your equipment dollar when you power with Vanguard.
single-cylinder engines and battery packs are designed to be superior to competitors in every way that counts. They not only perform better and are more reliable; they’re proven to reduce maintenance costs and keep equipment on the jobsite longer.
THE LATEST TRENDS IN HANDHELD TOOLS
A rundown of the latest updates in the handheld tool segment.
As Brian Hendrickson, trade manager, rental and retail, Hilti, reflects on impact drivers’ latest trends, their ergonomics, run times and speed stand out. For instance, many impact drivers are now very compact, enabling them to be used in tight spaces. In addition, comfort is ensured, as more impact drivers have comfortable grips. To notice the comfortability, end users must establish a correct balance in the tool.
Aside from providing high comfort, impact drivers can currently be used all day long, due to their brushless motors and efficient batteries. And, since the tools offer high speeds, they can save time as they conduct high-volume fastening.
THE FUTURE OF HAMMER DRILLS AND JIG SAWS
With regards to hammer drills, all trends are indicating cordless options will be the primary offerings.
“Cordless hammer drills provide end users the safety and comfort features of traditional corded tools: active torque control (ATC) to help protect them from spinning tools, which are caused by bit jams, and active vibration reduction (AVR) to allow end users to work longer with less fatigue,” Hendrickson adds. “End users can also utilize a single-battery platform, which enables large diameter drilling—without requiring them to be near power sources.”
Of equal importance, a single-battery platform, is being used for a wide assortment of tools, aside from hammer drills. As a result, hammer drill users are able to complete their tasks faster than
they previously could, as they can use the same batteries on several other tools in order to complete the tasks that they can’t finish with hammer drills.
Similar to hammer drills, present trends are suggesting that cordless platforms are also quickly becoming popular for jig saws. After all, jig saws—which don’t require any cumbersome cords—enable better end user experience and are available in an array of options, including barrel grip and top handle.
“AVR has also been implemented into jig saws for end users’ comfort,” Hendrickson says. “Meanwhile, built-in dust removal systems help streamline end users’ on-site safety, while also reducing the amount of jobsite cleanup that’s required after all cuts have been completed.”
As is the case with hammer drills, by using jig saws on single-battery platforms, end users are able to complete their job tasks faster, but for completely different reasons. With cordless jig saws, users can eliminate downtime associated with searching for extension cords or additional batteries.
CHOOSE THE MOST SUITABLE TOOL POSSIBLE FOR EACH JOB Handheld pneumatic tools offer end users versatile options for a wide range of construction, demolition and utilities jobs.
“As long as air is available on a jobsite, pneumatic tools reduce the time to complete any job that requires demolition and any depth of drilling,” says Andrew Mayer, national sales manager, American Pneumatic Tools.
To ensure end users’ ease of use and productivity are as high as possible on the jobsite, Mayer says users must select the proper tool for each of their respective applications.
“Tool choice will depend on end users’ jobs at hand, as well as the material they’re working on,” he says. “Different materials require different levels of performance.
For example, a breaker that’s ideal for working on asphalt will not be able to deliver good results when end users are working on the hard concrete of an airport runway.”
To conduct the following tasks, Mayer recommends these tools:
■ Demolition: For brick and concrete masonry or horizontal applications, use a pneumatic chipping hammer. Choose a breaker based on extra rigid pavement, flexible pavements and highway rigid pavements.
■ Drilling: To conduct construction and production drilling in mines, use rock drills.
■ Special utilities: To perform special utilities tasks, use multiple tools, including impact wrenches, scabblers, scalers and tampers.
Furthermore, one final trend concerning handheld tools includes single-battery platforms, which allow large and small tools to be used at the same time—beneficial for rental companies and their customers as they simplify the rental process considerably by ensuring a
compatible battery is always placed on each rental.
“The flexibility that a single-battery platform creates is the future of the rental industry,” Hendrickson says.
BI Rental Mechanx150 2023.psd @ 66.7% (The BOSS MECHANX 150 is the perfect match for that the Mr. do-i, RGB/8) *
WHY EFI UPS EFFICIENCY
A look at the ins and outs of electronic fuel injection technology and how it benefits rental companies’ customers.
Electronic fuel injection (EFI) technology has become a staple for helping rental companies’ customers achieve maximum engine efficiency and improve the overall user experience.
EFI originated in the automotive and power sports industries and evolved to fit the small engines found in the outdoor power equipment segment.
Replacing the need for a carburetor that mixes air and fuel, EFI systems inject fuel directly into an engine’s manifold or cylinder using electronic controls.
“The main benefit that you’re going to see is that you will have peak performance across the board,” says David Bush, senior marketing manager for generators and engines at Honda Motor Co. “Thinking about a traditional carburetor, if those become clogged, your mixture of the fuel and air will not be at an optimal level, and they may be running lean, meaning they’re not getting enough fuel, so the engine is not going to operate properly. On the other hand, they may be running rich, which will affect the fuel consumption, and they may get clogging on some of the spark plugs or some gumming on the valves.”
In addition to upping engine efficiency, EFI improves user experience by providing allweather chokeless starting, according to Steven Stewart,
assistant manager, R&D testing, EFI development and calibration, Kawasaki Engines. “Like a modern automobile, you just turn the key and it’s up and running, regardless of the ambient conditions,” Stewart says. “Finally, engines with EFI technology fare better in long-term storage conditions compared to other fuel systems because most of the system is not directly exposed to oxygen—the biggest catalyst for fuel degradation.”
Bush, Stewart and Tom Billigen, training and development manager, Briggs & Stratton, share the latest updates with this technology and how it benefits rental companies and end users.
WHAT’S NEW
In recent years, outdoor power equipment has experienced more adoption of electronic throttle control (ETC) on EFI engines.
Stewart notes that the benefits of ETC are twofold.
First, it provides precise control of the airflow into the engine, which allows the electronic control unit to have a robust and responsive governor control. In turn, reactions to load demands are instantaneous, and the engine speed is controlled more precisely than with any other type of electronic governor.
Second, electronic throttle control maintains engine speed at the operating limits, eliminating the loss of power that comes from mechanical governor droop. This means all of the engine’s power is available all of the time.
“Both benefits are going to be noticed through improved cut quality and improved productivity,” Stewart says. “It offers superior control of engine torque and power under all conditions, and the industry has responded and realized this is the best way to implement an electronic governor because of the benefits it offers.”
Billigen agrees.
“The ETC system helps ensure smooth and consistent power with any load size or terrain type that a piece of equipment may encounter,” Billigen says. “For end users, the ETC system helps to deliver a more consistent blade speed for better cut quality and grass clipping processing. It also helps to enhance productivity in the field by allowing end users to maintain a higher ground speed while cutting.”
SECTOR REPORT: POWEREQUIPMENT //
Additionally, more original equipment manufacturers are making use of what’s known as controller area network (CAN) bus data and control functions to help improve the overall user experience.
“Using engine control over CAN simplifies the electrical architecture and allows for the chassis to have smart control over the engine speed,” Stewart says.
MAINTENANCE ITEMS
One common misconception with EFI engines, according to Billigen, is that there is less of a need for routine servicing of engine oil, spark plugs and filters.
“This is not the case, and companies should stay on top of both preventive and routine maintenance to
keep operations running smoothly, mitigate equipment failure and limit downtime on the job,” Billigen says. “The maintenance intervals of an engine with EFI technology should still be performed at the recommended hours of operation, and this especially applies for fuel filter maintenance.”
Overall, Stewart says the maintenance is still simpler with an EFI engine than with a traditional carburetor engine.
“Don’t be afraid to take the plunge even if you aren’t familiar with the technology,” Stewart says. “The maintenance should be easier than with a carburetor, especially when it comes to engines that utilize comprehensive on-board diagnostics.”
Meet more rental customer needs with a single truck. Stellar’s NXT™ Series hooklifts include a universal bolt-on body lock system that works with a range of flatbeds, storage containers and more, and the NXT18’s large 18,000-lb capacity unit is ideal for customers from construction to events.
NXT18 Hooklift
Learn more and find a distributor near you at stellarindustries.com
Pettibone Extendo 944X Telehandler
The Extendo 944X telehandler is powered by a 74-hp Cummins QSF 3.8 Tier 4 Final diesel engine that features a DOC muffler and requires no diesel exhaust fluid. Mounted on a side pod, the engine offers easy service access while allowing excellent curbside visibility and a ground clearance of 18 inches. The 944X offers a maximum lift capacity of 9,000 pounds, max forward reach of 30 feet and max lift height of 44 feet, 6 inches. Featuring formed boom plates, the structure offers greater strength while reducing weight. The design also minimizes boom deflection for better control and accuracy when placing loads. Boom overlap has been nearly doubled from previous models to provide smoother operation and reduce contact forces on wear pads, thereby extending service life. Pettibone’s hydraulics continue to deliver exceptional controllability and overall operating feel, while enhancing efficiency and cycle speeds. The Extendo 944X comes standard with X-Command, a new Pettibone telematics program that offers real-time access to machine data, thereby saving time, money and hassle for equipment owners and maintenance technicians.
Read more at: https://rnt.news/v7ooy4
Western Global TransCube Global
Western Global’s TransCube Global transportable, double-walled, cube-shaped fuel tank is designed specifically for auxiliary fuel supply and efficient on-site refueling. Features include:
•Available in capacities ranging from 132 to 1,242 gallons
•Features 110 percent fluid containment and meets global transportation standards
•Tanks have feed and return ports to fuel as many as three pieces of equipment simultaneously
•Lockable equipment cabinet secures equipment ports and pumps to prevent unauthorized access and deter theft
• Tank shape and design allow easy transport on truck beds and trailers
Read more at: https://rnt.news/t9a2k1
Earthwave FleetWatcher Executive Scoreboard Feature
Earthwave's FleetWatcher Real-Time Executive Scoreboard feature serves as a scorecard for the materials management system, allowing users to see key performance indicators (KPIs) in an easy-tounderstand format on their phone, tablet or computer. Other features include:
• Provides real-time view of tons per hour by crew or truck, feet per minute, cycle time, trucking cost per ton and more
• Color coding shows at a glance which metrics need corrective action
• Total tons loaded automatically compared to shift times to show users if they are ahead of schedule or behind
• Metrics can be graphed to quickly show performance over time
• Users can select KPIs to display and change them as desired
Read more at: https://rnt.news/82qf7e
Bobcat E19e Compact Excavator
Bobcat's E19e compact excavator offers a compact footprint, quiet operation and zero emissions. The electrical motors deliver full torque regardless of rpm, hydraulic control and multifunctioning performance with minimal power drop. Like the E10e and the E32e, the E19e offers a run time of four hours of continuous operation on its lithium-ion battery pack. It charges with a standard 120-volt outlet, requiring eight hours to fully charge. While applications vary, each charge can support common daily work operations and the use of work modes for up to four hours of continuous operation time and a full day of operation during intermittent use or a typical contractor workday. Producing zero emissions, the batteryelectric excavators support environmentally sensitive worksites. They allow users to operate inside structures where diesel exhaust is restricted. The equipment offers significantly lower noise levels and vibration, which supports jobsite communication and allows work in sound-sensitive areas.
Read more at: https://rnt.news/gjwg95
Fecon FMX36 Bull Hog Mulcher
Fecon’s FMX28 is designed for 3.5- to 8-ton compact excavators with hydraulic flows from 12-40 gpm. It features 14 flippable knife tools on a bite-limiting split ring rotor to achieve a 28-inch cutting width. The rear throat design ensures no unprocessed material is left behind. A variable displacement piston motor drives a polychain antislip belt for increased torque. A
General Equipment TempBust-R Series
General Equipment Co. introduced two new models in the Temp-Bust-R Ventilation Fan Line: the 30-inch-diameter EBF30 and the 36-inch-diameter EBF36. These drum-style fans feature direct-drive, variable-speed motors and are built to withstand rugged environments. They also are designed with performance features for a wide variety of applications and industries, such as general construction, demolition, oil and gas and other nonhazardous industrial work environments. The EBF30 is powered by a 0.5-hp, 115V-AC, 60-Hz electric motor and includes three fan speeds delivering between 4,200 to 6,000 cfm of output. The larger EBF36 uses a 0.4-hp, 115V-AC, 60-Hz three-speed electric motor and can produce between 9,200 and 11,200 cfm. Both units feature enclosures constructed of lightweight, double-walled, high-density polyethylene that are UV resistant and corrosion proof. Combined with aluminum blades, steel hubs and integral powdercoated steel-wire safety screens, the fans are built to endure the rigors of jobsites.
Read more at: https://rnt.news/3uefra
Rotary Filters
Rotary offers a selection of air, fuel and oil filters for outdoor power equipment. The products are professionally designed to protect internal parts under extreme operating conditions while maintaining performance.
Professional grade air filters from Rotary support airflow, horsepower and overall engine performance. Oil filters feature a special blend of fibers and resin that create a filter media with dirt-trapping capacity for protection. Rotary carries a line of quality filters for mowers and all types of small engines, trimmers, chainsaws, ATVs and golf carts. A special section of the company’s 2023 catalog features the industry’s air filters and prefilters plus fuel, oil and transmission filters.
Read more at: https://rnt.news/d1ai3h
Doosan Smart X-Care
Doosan Infracore North America's subscription-based telematics monitoring service is called Smart X-Care. Using a machine’s DoosanConnect Telematics data, Doosan employees will monitor a subscriber’s machine via the new machine monitoring center for critical machine fault codes, upcoming and overdue service and warranty expirations. When a machine alert is triggered, the telematics system will simultaneously send two messages via email—one to the owner and one to the dealer—and push notifications. The message sent to the Doosan construction equipment owner lets the owner know that the dealer has been notified. The message will also include any immediate action that needs to be taken to prevent machine damage, such as shutting down the machine until the issue can be corrected. The Doosan dealer message will include the customer contact information, the triggered fault code and a troubleshooting guide. Doosan will send Smart X-Care subscribers a machine utilization report. This report will use DoosanConnect Telematics data to provide customers with operation figures, which could include machine utilization and fuel consumption. The report will make recommendations for improving fuel efficiency and reducing machine wear. It will also summarize upcoming maintenance needs.
Read more at: https://rnt.news/w5fle8
Mazio Tilt-Rotator Attachments
Mazio supplemental attachments work with excavator tools, such as grapples, buckets or shears, to provide versatility and precision. They not only rotate 360 degrees, but they also tilt side to side by up to 55 degrees. This ability reduces the need for the operator to move the excavator while performing tasks. The Mazio tilt-rotator features a hydraulic quick coupler that allows the operator to remain in the cab while changing tools. It offers maintenance-free operation, with no grease points and no cylinders. The attachments allow access to narrow spaces and on urban projects with large or small equipment. Mazio’s experts work in tandem with its dealers to provide producers and contractors with guidance on ways to increase their productivity and profits.
Read more at: https://rnt.news/zxwiqc
Road Widener FH-R Material Placement Attachment
Road Widener's patented FH-R material placement attachment features a remote-controlled design that allows the operator of the host machine to control the attachment via remote control, enhancing safety by eliminating the danger of additional workers standing along the jobsite. The FH-R is a solution for material placement, dispensing topsoil, gravel, asphalt, limestone and more, all with an attachment compatible with common machines. The remote-controlled attachment connects to most skid-steers, compact track loaders, road graders and wheel loaders, operating off the host machine’s engine and hydraulics. It is available in left, right or dual dispensing configurations to take on roadways. The attachment is designed for a variety of tasks including backfilling, road widening, road shoulder repairs, remediation and aggregate placement. The material is poured into the hopper at the top of the FH-R and then dispensed via remote control in adjustable lay-down widths from 1 foot to 6 feet. The attachment dispenses up to 20 tons of material in under 10 minutes. The FH-R works with standard and high-flow hydraulics and has five grease fittings to maintain. The compact size of the FH-R attachment supports transport with a common trailer that is towable by a standard pickup truck. Additionally, the FH-R’s small footprint decreases traffic disturbance and danger on busy highways and narrow backroads.
Read more at: https://rnt.news/a76osb
Digga Halo Alignment System
The Halo alignment system for drilling applications on construction sites is located in the hood ring of the auger and provides an operator with a simultaneous clear line of sight to itself, as well as the hole being dug. Halo utilizes a band of LED lights, which, when fully illuminated green, indicate if the auger is plumb. If the auger moves from its plumb position, a sequence of red and green lights will be lit to guide the operator back to plumb. This product does not need a spotter and spirit level to guide the operator. It also ensures holes are drilled plumb and reduces the number of in-hole angle adjustments, resulting in no oversized holes (minimizes the amount of concrete when filling). The system eliminates side load on augers and auger bits, avoiding potential damage and repairs. Additional features include:
• LED ring is recessed into hood for protection
• Visible to operator even in bright daylight
• Accurate to +/- .25 degrees
• Safe operation
• Various cable lengths and power options available
• Numerous wiring options available
• Optional rechargeable battery means no wiring back to the cab
Toro's e2500 Electric Ultra Buggy
Toro's 2500 Electric Ultra Buggy features a compact design, zero emissions, zero-turn-radius steering, full recharge in eight hours with a 120-v wall outlet and hauling capabilities of up to 2,500 pounds of material. Featuring a narrow width of 31.5 inches, the electric Ultra Buggy can fit through a 3-foot door with a crash bar. It’s equipped with a foldup platform so operators can choose to stand on or walk behind the unit. The foldup platform serves a second purpose, allowing the unit to fit inside elevators or on trailers for easy
• Start drilling straight in seconds
• No need for an in-cab display
• Angle inclination option for the installation of shade sails
Read more at: https://rnt.news/h8nbsc
transport. The polyethylene tub has an increased thickness of 3/8 inch, allowing operators to haul more than just concrete, and a steel tub is also available for applications that require it.
Read more at: https://rnt.news/ vsdk4j
RACHEL O’BRIEN of J&F Reddy Rents
Rachel O’Brien: My business was started by my father in 1963, and we’ll hit 60 years in 2023. I never figured I would stay in the family business. I did a few things after college and then decided to return. My sister, Maureen Fitzgerald, and I bought the St. Louis Park, Minn., store in 2005. I’ve been president since then.
Rental: Can you give us some insight on your current company?
O’Brien: We service contractors, landscapers, DIY enthusiasts and everything in between. We have vans, pickups, 15-foot box trucks and 24-foot straight trucks. We rent skid-steers, jack hammers, mini skids, excavators and ride-on floor strippers, as well as hand tools. When we started, we had about 1,500 square feet of retail space on a heavy retail street. We started with small tools, added party rental and added trucks over the years. We split the party and tool rental in 1989, which made selling the party business easy. We’re now in an industrial area on 1.5 acres of property in the same community, which means we have many long-term customers.
Rental: What have been some of your challenges and successes?
O’Brien: We’ve seen inflation, recessions, the dotcom crash, Y2K
and the pandemic. My two biggest challenges were the downturn of 2007/2008 and the COVID pandemic. Thanks to our diversification in inventory and customers, we survived both. Those challenges taught me that we can’t be in one rental segment. 2021 and 2022 have been banner years for us, and our team has been great. They’re working hard and not letting our short-staffing or long hours slow the business. At the beginning of the pandemic, we had a scary two weeks when landscapers were not allowed to work. We had an early spring and no landscaping business, but our truck rental and homeowner rentals were strong. Once landscapers started, we had a busy summer. The homeowners went to town on landscaping and home improvement projects.
Rental: What are your business goals for the New Year?
O’Brien: We are projecting another great year and looking to expanding our rental truck fleet. We’re exploring battery-operated equipment and zeroemissions products, and we want to hire more people!
Rental: What do you want to see in the rental industry in 2023?
O’Brien: I’m excited to attend American Rental Association’s (ARA) Rental Show and the Future of Equipment Rental program. Seeing the new trends and equipment in person is valuable to building our business. I
would like more manufacturers to have telematics as standard on machines. I’m also eager to learn how to use more technology to interact with customers.
Rental: What are some of your favorite hobbies?
O’Brien: I love hanging out with my husband and dog. Thanks to my husband, I can call myself a golfer too! I love to read, travel, dance and be with family. I love volunteering for the ARA. I’ve been Region 6 director and on the board of directors. One of my biggest accomplishments was being the first female chair of the ARA Insurance Services board of directors. I am a founding member of the ARA Women in Rental committee. I love talking rental with people and networking at rental events.
Rental: How did you first get your start in the rental industry?Freelance Columnist Alexis Sheprak
Plan to Start 2023 OFF RIGHT
It’s true that I always seem to be optimistic around this time of year, but I feel that 2023 is going to be another good year for rental companies, despite the mild to moderate recession that some economists say is very likely.
The Federal Reserve is slowing the economy, which means that the rental companies that are not running efficiently may not perform very well.
It is possible that the equipment rental industry will finally begin to benefit from the early phase of the muchanticipated infrastructure spending bill. Also, combined with the cautious capital equipment spending of construction companies, industrial companies and homeowners during a potential economic slowdown in 2023 and 2024, it is possible that this will lead to more renting, not less.
It’s more important than ever to focus on becoming efficient in practically every aspect of your business. This includes better efficiency in your facility, delivery systems, personnel, rental inventory, marketing plan and more.
To achieve success, make proper preparations to start off 2023 right. The wise will make business planning a priority as many rental companies need a formal and structured way of operating. Of course, when the economy is strong, even the rental companies that haven’t planned seem to do well.
Going into the uncertainties of 2023 and 2024, it’s important to become efficient with your financial resources. Even though some economic slowdowns and downturns usually have a minimal negative impact on equipment rental companies, it’s prudent to be certain there are enough liquid reserves to weather a longer or stronger economic downturn.
Every rental company’s situation is different, so be certain to seek the advice of your local accountant. Don’t just stand by and wait to see what happens. There is a lot of craziness in this world, so it’s anyone’s guess what’s going to happen to our economy. Be prepared.
Another benefit of having adequate liquid assets (and borrowing capacity) is that it could help rental companies take advantage of unanticipated opportunities. One never knows when a truly worthwhile investment might appear. It’s wise to have additional funds to invest in your employees. The last year taught us the real value of keeping good people.
One of the huge opportunities for many rental companies for 2023 is to establish more efficient procedures for your entire staff. There are often many ways employees can become more efficient, but it is difficult to break out of doing things the same way, so it may be wise to get direction from an experienced outside rental business consultant to recommend fresh processes and procedures for your consideration.
Try to reduce recurring hassles. Some can’t be helped, but some can be corrected or reduced with the proper planning and formal structure. One of your most important initiatives this year should be to develop a comprehensive strategic plan. Too much “winging it” can cause enormous problems and can make your business only marginally profitable. It’s important to the health, growth and future viability of your business to have a more formal, structured way of operating the business. Don’t head down the path of the status quo, rest on your laurels and do nothing. Even if you’re happy with the way things are, improvements now are vital to long-term success.
The sooner you start the process of serious business efficiency planning, the sooner you can rid yourself of unproductive hassles you face. There is far too much energy wasted by some challenges that rental business owners presently face. Transform your company to be more efficient, smoother running, less stressful and more profitable for 2023.
Manitou takes on your toughest challenges in 2023 with trusted solutions and new
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See our full range of solutions for your business at Manitou.com.