COVID-19 Impact on Rental Companies
The impact of the Coronavirus has profoundly impacted rental companies throughout the world. To prevent the spread of the Coronavirus both large and small events have been canceled, construction job sites are on a standstill and many businesses are closed for the foreseeable future.
Rental companies that provide temporary fencing and event barricade products heavily rely on this time of the year. Spring presents many event opportunities such as weddings, outdoor festivals and large-scale business events. These events are now canceled or postponed, leaving rental companies unable to generate income that has been forecasted for months. In addition, construction companies schedule numerous job sites during this time as the weather warms up. Depending on location, select job sites are still able to work and many are on hold.
It is almost impossible to grasp the impact that COVID-19 has on the world, but we are especially concerned with rental companies who are unsure how to proceed and when they will be able to generate revenue again that their business needs to survive.
As a temporary fencing manufacturer that is expanding into the US, we want to provide rental companies with a couple of tips to think about during this time:
- Make this time as beneficial as possible. Use the extra time available to count current inventory and calculate new inventory you may need once things are back to normal. This is normally done towards the end of the year, but there is no better time to get ahead on it than now.
- Organize, organize, organize. Go through all of your products and organize them thoroughly. This is the time to determine where your current storage presents the most challenges and fix it to be more efficient.
- Stay ahead of your industry by being proactive. Reach out to your clients, potential clients and anyone who had to cancel or postpone an event. Marketing during a down economy can present increased sales against competitors at the turn of the market.
- Research new products and product suppliers. For instance, ZND is expanding into the United States this year and provides a wide range of stronger, safer, smarter products that could benefit your rental company. This is the time to do your research and determine the possibilities that you normally may not have the time to do.
- Help your local community. Find ways that your rental company can provide value right now to others. This not only makes you feel good but also provides positive brand awareness and word of mouth in your community.
The Coronavirus for us has put unexpected setbacks into our expansion into the United States. But, we are moving ahead day-by-day to begin manufacturing products to provide to rental companies. We encourage you to learn more about our temporary fence and event barricade products by contacting us.
We hope you stay safe and your company is in our thoughts through this difficult time.