Lessons Learned from Covid-19 for Party Rental Companies and Event Venues
Let's best honest. The last 2+ months haven't exactly been going great.
With the beginning of spring supposed to be a sign of rebirth and new beginnings, we were all at home, repeating the same day over and over again.
If you needed to take a couple weeks to put on the Nirvana collection, wallow in self-pity and yell expletives at that world - that's OK, if not encouraged.
Once youexorcised those demons, we hope you've come back to center, held on to hope, found some silver linings and see that big ole bright light at the end of this tunnel.
While we can't wait for the return of major life events like weddings and graduations and to toast our fellow person at a crowded bar amongst friends and loved ones, we can continue to work and learn from this moment in time so we come back stronger than ever.
Here are some decisions you can make today that will have long lasting benefits for you and your company in the future.
One positive to feeling squeezed out is the realization that there are some things you can live without.
For me it was not running to get a coffee and breakfast on my way into work every morning. And pants. Don't want 'em, don't need 'em. I am now a 3rd grade boy who wears shorts every single day, no matter the weather.
For party rental companies and event venues with a little more skin in the game, we're talking about changes with a little more substance.
Warehouse and Office Space
Warehouse space is at a premium. The idea of downsizing a year ago may have been a nonstarter but we are inherently adaptive creatures.
If you have opportunity to reduce rent and expenses by moving to an offsite location or a couple smaller warehouses then why not do it? Every penny counts at the end of the day.
Same goes for office space. The first couple weeks were probably killer but at some point you probably found your groove.
If you're renting office space just to have a space you can call an office, moving to a permanent work from home situation might be the best option if you're trying to cut costs without having to cut employee hours.
In terms of showroom space for customers, you can always dedicate a piece of warehouse space for that, especially if you don't intend on moving.
If some customers don't want an in person visit, maybe you can have a virtual showroom where you can communicate via zoom or video chat to show off your event equipment.
Taking a breath and evaluating where you can cut surplus costs is something every company should do and needs to do.
In a way, the time off may have been a gift, giving us a pause so we can look at the big picture and work smarter, not harder.
Here are some ways you can do just that.
Sell Off Unwanted Inventory
A quick and surefire way to simplify operations is to sell off any equipment you don't rent often or don't have a high enough return on investment where it makes it worth keeping around the warehouse.
Remember, that precious warehouse space could be used for a showroom if the unused items weren't there.
In other words, make sure the juice is worth the squeeze.
Invest in Rental Software
This doesn't fall under the cutting cost umbrella but not everybody is in the same boat and by spending now, you're actually going to be saving in the long term.
Rental software is probably the easiest and fastest way to simplify your day to day operations in the future.
No more charts and lists of inventory hanging up on the wall or on a random clipboard in the shop.
It's time to devote less time hunting down your chairs and tables and letting the computer do the work.
Another added bonus to rental software, it will also do the math for you to, so you don't need to spend time dialing up algorithms that'll leave you with the most profit at the end of the day.
Cut Out Jobs That Net a Low Profit
This one is pretty self-explanatory, right? Less time for you, less hours you have to pay employees and less overall stress for a job that might actually cost you more than you think.
The bottom line here: Take fewer jobs but take more quality jobs. I know, easier said than done but something to keep on a post-it note in your office as a North Star symbol.
These are just a few ways party rental companies and event venues can change for the better after going through some pretty bleak weeks.
The good news is we'll all be together again soon and we'll all need a reason to celebrate it.
That's where you all come in stronger than ever; the lifeblood of every party and event where people gather.
Author: Connor Rusinko
Connor is the E-commerce specialist and analyst at EventStable. He resides in West Hartford, Connecticut with many leather bound books that make his apartment smell of rich mahogany. You can find him in a local 30+ men's league still hanging on that dream of making it to the NBA