Now that election season is finally over, we have more certainty of what to expect over the next four years. Some people will be celebrating and some will be grumbling, but as with any Presidential election, the reality is that not much will change in the rental industry. However, the remainder of the year is the perfect opportunity to strategize for 2013. We’ve all thought about upgrading our internal systems at least once in our rental company’s history, but for some reason we never got around to it. Below are five reasons to put upgrading your rental management system at the top of your list.
1. Interest rates and tax incentives are better than ever
2012 has seen the lowest interest rates in history making this a great opportunity to upgrade your system. Sure these rates could go down even further in 2013, but it’s very possible that interest rates could increase just as easily. The deduction limit for 2012 has been set at $139,000. This means you can write off up to $139k in hardware, software and related expenses simply by investing in your own company. For more information on Section 179 deductions, check out www.section179.org.
2. Kick off the first quarter with a new strategy
Q4 is the perfect time to develop a new strategy to help you increase profits in the coming year. Unfortunately, most business owners delay making needed business changes until they are too busy to do anything but survive. Why not get a jump on the new year and start planning today to be more successful in 2013.
3. Get ahead of your competition
Want to get a jump on your competitors? Use this time to implement new strategies and technology that will give you the advantage you’ve been looking for. A little extra work now will provide great bonuses in during your next busy season. Investing in a new business management solution now will give you a significant advantage over your competitors and you will have piece of mind, knowing that your rental inventory and core accounting system are working hand-in-hand to maximize your profitability.
4. Reserve expert consultants
Business system consulting firms like ours tend to get really busy right after the first of the year. If you want to make sure you have the manpower available to upgrade or replace your existing rental management system, you need to start the process now. Don’t wait until a month or two before your busy season and expect to be up and running before the rush starts. It just isn’t going to happen.
5. Don’t put it off AGAIN
You probably put off upgrading your system last year, and probably the year before that too. What makes you think you won’t put it off this year too? Stop procrastinating!
Many rental companies have lived through a tough recession by closely managing expenditures and delaying investment in their businesses. That was a smart strategy for recessionary times, but with as the economy strengthens and businesses begin to prosper, it is time for you to make investments in the future of your business. Don’t wait until you are overwhelmed with business to put the systems in place that will allow you to grow. What are you waiting for?