After a slow 2020, the fencing industry is on an ongoing growth trajectory. Through 2030, the fencing industry is anticipated to see a 5.5% growth in CAGR. Much of this growth will come as a result increased construction in all sectors. Temporary fencing companies overlap with the equipment rental industry, which is also anticipating tremendous growth. According to the American Rental Association, the equipment rental industry is expecting to see 11.1% revenue growth in 2022 and ongoing growth from 2023-2026, making it a $65.5 billion industry.
With both the fencing and rental industries poised for unprecedented growth, now is the perfect time to prepare your fencing business to make the most of it.
In order to be ready to capitalize on growth, you need to have a plan to overcome the current challenges that are hindering your fencing business growth. Here’s how to start that process:
Solve the Equipment Equation
The most important questions you ask on a daily basis are about your fencing equipment:
- Where is my equipment?
- When is my equipment being returned?
- Am I utilizing my equipment effectively?
- Is a piece of equipment ready to be rented or used?
With supply chains still slow, getting new equipment is difficult and lead times can be long. It’s more important than ever to know exactly where your existing equipment is and what is available.
You need technology tools that can show you the availability of your equipment; whether it is out on a job, being repaired or in maintenance service, or available.
At the same time, you need to be able to see contracts that are expiring. This allows you to look at quoting the next job, which may be 30 days out, and forecast where your equipment availability is, so that you can be sure that you have the appropriate amount of fencing equipment on hand.
Solve the People Problem
It’s no secret that hiring new people right now is a major challenge across the entire country and in every industry. That’s why it is more important than ever to empower your existing people to be as productive as possible and make the most of their time.
There are a number of ways that cloud technology can help you optimize your people’s time and efforts.
The cloud gives you anywhere, anytime access to your fencing business systems on any type of device. Not only does this give your office, administrative, and operational staff access to critical business information whenever and wherever they need it, it also means that your field employees can leverage any mobile device to access information, capture signatures and photos, and process transactions when delivering or picking-up equipment.
Modern, flexible solutions make usability a top priority and allow for each screen to be customized by users.
Keep Up with Fencing Industry Complexities
Your fencing business and the industry landscape around it is changing quickly. A modern technology platform can help you be agile and adapt to the changes around you proactively.
Having a modern, flexible solution at the core of your scaffolding business now will help you adapt quickly moving forward. The more flexible your system is, the more easily you can adopt and integrate emerging technology to bring outside data or functionality into the system and get a complete solution to run your business.
Rental360 is a complete end-to-end system, built into a flexible, modern, cloud framework, specifically with the needs of fencing companies in mind. It’s a full accounting system, a full inventory system; purchasing, sales, etc. Rental360 can also help you deal with fixed assets. It also has a customer relationship management, or CRM, as it’s commonly known.
If your business doesn’t have the ability to adapt quickly, be able to bring new technology in and integrate with it, then you’re going to fall behind your competition. At Rental360, we want to keep you future proof.