Microsoft reveals NAV will be more integrated than ever

There is a lot of exciting news as Microsoft continues to integrate its productivity and business applications, expand their cloud offerings, and put more power in the hands of the end user.

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Seven reasons not to utilize an RFP to select a new accounting or ERP system

When is an RFP "expert" not worth it?

The issue of whether to utilize an RFP (Request for Proposal) when looking for a new computer system arises because most people looking for new computer systems are not systems experts. So how should they source new systems?

In many cases, an RFP is utilized because a systems analyst or integrator recommended that choice.  That expert, though, may have a conflict of interest in that they stand to gain some serious consulting fees if the RFP process is chosen. The expert may not have the industry background to provide real value to the organization seeking the new system and is relying on the following principle. 

“We are the experts. We will employ a process to ensure only the best products and vendors are considered and then walk you through a process to ensure you purchase the system that best suits your requirements.” 

Sound a bit too good to be true? Sometimes.   

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What is the difference between TCO and ROI and why should you care when running an equipment rental business?

Unless you are an accountant, the two terms “TCO” and “ROI” can be confusing at times, which is unfortunate as they are important concepts in running your business. Let’s see if we can explain them without you having to be a finance major. We’ll start with definitions.

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How to know if you need one software system or multiple systems

Do I have to use only one software system for my equipment rental business or can I run several?

This is not a simple question to answer. I have been working with mid-market accounting and ERP systems since 1989 and I can tell you from personal experience there is no simple answer to this question. This document does provide several guidelines to help you in your search and a link to a checklist to help you evaluate your particular situation.

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Five out of the box ideas to add new customers for tool and construction equipment rental companies

By Malcolm Roach on Aug 15, 2017 in operations, business tips

Repeat customers are great, but how do you get them in the first place.

Advertising is expensive, and with a few exceptions, has become increasingly ineffective. Direct mail has its challenges. This blog will give you a few ideas on five out of the box ways to attract new customers and how to promote those ideas, which hopefully will get you thinking about others that may work for you. Retaining customers will be the subject of another piece in the future.

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Selling your rental company: How much is your Equipment Rental Business actually worth? – Part Two

By Malcolm Roach on Aug 07, 2017 in operations, business tips

If you read the first part of "How much is your equipment rental business actually worth", welcome back! In the first blog, we talked about general principles of how to value any small business. Now we’ll try to apply this knowledge specifically to equipment rental companies.

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Selling your rental company: How much is your Equipment Rental Business actually worth? – Part One

By Malcolm Roach on Jul 31, 2017 in operations, business tips

Breaking up is hard to do and so is selling your business. While finding the right buyer for a good price might seem to be the hardest problem you have to face, it is probably easier than giving up your baby after all you have invested over the years. 

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You can’t afford to ignore personalities in your equipment rental business

By Malcolm Roach on Jul 24, 2017 in operations, business tips

Did you know studies show 85% of success in business comes from people skills, not technical skills? That statistic alone makes it imperative for you to understand how personalities work.

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The Cloud is the best option for startup equipment rental companies looking for accounting software

By Malcolm Roach on Jul 20, 2017 in ERP Software

Much lower upfront cost, lower ongoing costs, stronger security, faster start-up, and better disaster recovery are solid reasons for why startup equipment rental companies should strongly consider cloud options for their new accounting system.

Startup equipment rental companies often find themselves with a bewildering choice among the seemingly countless accounting systems that might work for their business. Besides the decision of which software supplier to choose, a more fundamental decision must be made whether to purchase a software license for installation in-house or sign up for a monthly cloud plan, a decision which will help narrow down the supplier selection. This article will help provide some clarity on choosing between these two options and explain why, in general, the cloud is a better choice for startup equipment rental companies.

 

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Creating Raving Fans for your Equipment Rental Business

By Malcolm Roach on Jul 18, 2017 in operations, business tips

Many people in business are familiar with Ken Blanchard’s book, Raving Fans – A Revolutionary Approach to Customer Service. Anyone involved in a business needs to read this book and I feel so strongly about it, I will send a free electronic copy to the first five readers who request one through our contact form.

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