The ARA of Alabama helped members kick off the spring and summer rental seasons on an informed footing by offering a blend of online and in-person seminars tailored to address critical rental business management issues.
First up on Wednesday, March 10, was an online session that delivered lessons on maintaining financial security while increasing income in an economy struggling to emerge from the pandemic. “Improving ROI and Cash Flow,” presented by rental industry consultant Garry Bartecki, unpacked the elements that are making 2021 another tough year for the equipment and event rental industry, such as slow starts for contractors, increased competition, depressed equipment pricing and nervous banks. Bartecki also laid out a series of tips for ways a business can leverage equipment for greater return on investment (ROI) and shared a profit planning model involving a rethinking of income statement and balance sheet analysis and preparation.
Participants walked away from the session with new ideas for achieving financial stability, boosting ROI and maintaining good working relationships with creditors.
“Garry highlighted how important choosing the right financing can be on long-term equipment purchases to maintain day-to-day profitability,” says Eric Barron, president, Rent Ready Equipment & Sales, Enterprise, Ala., and ARA of Alabama vice president.
Then, as public gathering restrictions lifted across the country, “Let's Talk Rental Contracts and RentalU” was presented as the first live, in-person meeting for the ARA of Alabama since July 2019.
The featured speakers at this event, which was hosted at Ditch Witch of Alabama, Alabaster, Ala., on Thursday, June 10, included James R. Waite, Esq., of James Waite Law, and Josh Nickell, American Rental Association (ARA) vice president, equipment segment.
Following dinner, Waite provided insight on how to protect your business from future risk with effective rental contracts and damage waivers, and Nickell shared details on how RentalU — ARA's educational platform — provides the industry-specific education and safety training needed by today’s equipment and event rental workforce.
“I feel that this is the perfect time to review contracts and fix any gaps,” says Chasity Crowe-Moore, owner, Americ Equipment Rental, Hartselle, Ala., and ARA of Alabama president. “With the pandemic, I've seen more unskilled equipment operators, since homeowners are doing projects themselves instead of hiring it done. The unskilled operators tend to do more equipment damage, so it's best to have a contract that protects all parties.”
For the portion on RentalU, Crowe-Moore says that the ARA of Alabama wanted to deliver education about this ARA member benefit because “Rental U is underutilized. I couldn’t wait to hear what Josh Nickell had to say about it. I don't feel as if our members are fully aware of the benefits of RentalU or what all RentalU has to offer.”