Every rental business needs to track missed rentals in order to know when it makes sense to buy additional equipment.
In years past, rental Stores had to use paper and pencil in order to try to keep track of missed rental opportunities. With today’s modern rental software, missed rental revenue reports are built into the report writing software system. The key is training to make certain that your employees are recording all the missed rental opportunities as they happen.
The most profitable rental operators make business revenue reports a priority discipline. They know that when they see a repeated loss of rental revenue due to a lack of certain piece of rental equipment, it generally makes sense to purchase more inventory. In most cases, when the demand is clear, more inventory translates to more revenues and more profits. It’s also a great way to ensure that your competitors don’t gain a foothold with your customers. Finally, having the proper levels of inventory will reduce the need to use profit-sapping sub rentals.
The most profitable operators also find these missed rental business revenue reports to be very important when it comes time to develop their shopping lists for the next used equipment auction or ARA Trade Show.
Call your rental software company to learn how you can start using missed rentals reports today. It will mean more revenue and more profits while also helping to ensure you keep the loyalty of your most important customers.