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5 Key Mistakes That Bankrupts Suppliers

Posted by Andrea Guzzoni on

The digital age has caused big changes for suppliers all over the world. Whether that change is as simple as adjusting the way some keep track of stock, or as devastating as losing all your customers to another supplier who’s slightly digital savvy: it’s impossible to ignore the impact it’s had. 

The reason? The age of smartphones and social media has taught consumers to act differently now and their demands reflect that. There isn’t any leeway on the business side of things - if you even fall the slightest short of what the consumer perhaps unrealistically expects, it’s your reputation on the line. Which can be hard. The ones who are ahead of the curve, well they’ve benefitted from it. As there sure is a lot to be benefitted from this climate.

So, let’s discuss the key mistakes there is to be made. Commit one, you may be fine. Commit more than two, then you should be worried for your future.  

1 - Seeing Social MEdia As An Enemy

Social media is powerful. If it’s working with you, you can become an overnight sensation. Working against you? You will be irrelevant. Too often equipment hire companies see social media and smartphones as their 21st-century enemy. Which is a mistake; rather, you should rather see them as tools of exposure and ease. That’s the way to seamlessly adapt to the 21st century. 

By this, we don’t mean you need to on there posting selfies, doing youtube videos, and hashtagging. Not at all. Simply make yourself present. Millennials don’t simply use social media as a medium for their own musings, they also use almost everything, including choosing what company to use for whatever needs they have.  

Social Media Helps

  • Company awareness

  • Helps maintain public opinion

  • You can build your brand

2 - Manually Tracking Stock

It’s easy to keep stock manually recorded. That’s how it’s always been done, you say. And what difference will tracking stock digitally make anyway? A fair question. 

This is an industry of trust. If you lose one of your key clients trust, you will more than likely lose their business, too. And keeping track of stock manually is increasing the risk of you not having total knowledge of what stock of yours is available at certain times. Keeping track of stock digitally allows real-time inventory updates, meaning you can quote customers quick and risk-free.  

Tracking Stock Digitally

  • Ensures no mistakes are made, saving you from lost business

  • Saves valuable time

3 - Not Acknowledging Market Trends

A hunch. That’s what he bought his new stock with: a hunch. A fool’s game, buying from assumption rather than real, proven data. And it is many equipment hires company’s demise doing so. 

We’re in an age where you have the tools at your disposal to know exactly in what direction the industry is heading. With programs such as Rentuu Solutions, you can see who’s renting what when and where. With such data, you can either cross-hire or invest in certain stock accordingly. Those who don’t do this are allowing this technological age dominate their earnings.  

Keep Track of Market Trends Means

  • You can invest with peace of mind

  • You'll be one-step ahead of the others

4 - Not Ensuring Stock Is In Tip-Top Condition 

This is exactly why people see social media as an enemy. Back in the day, if one client of yours expressed a negative opinion about your company, only those in their immediate proximity would hear. Which isn’t necessarily a disaster. So 2-3 people won’t use you again - big deal. Now, however, negative opinions resonate much more significantly due to how much of an echo chamber the internet is. 

Which is not only causes us to reiterate our first point, but raise another one: keep your stock in top condition. People won’t accept anything other than the best these days. Be aware of that. 

Benefits of Keeping Stock In Prime Condition

  • Rids chance of negative client experience

  • Offers solid foundation to build on

5 - Transparent Pricing, It's a big deal

This one may seem little, but trust us, it’s not. These days, if clients can’t find your prices within a single web visit, they’re more than likely going to go elsewhere where they can. Of course, some may not act this the way - the ones after a deal. But the common client, they will simply find a company who makes the process an easy one.

This is what you have to aim for: an easy process. And one that is nurtured after with social media and emails. Otherwise, you will fall down a slippery slope that entails decreasing business and eventually, bankruptcy. 

Having Transparent Pricing

  • People will trust you instantly

  • You'll have an edge on other suppliers

We Can Help With Some

Of course, we can’t help you with social media or ensure your stock is in tip-top condition. Those are your responsibilities; ones that you should take total ownership of. However, when it comes to inventory management and responding intelligently to market trends, we have your program: Rentuu Solutions. Give us a call if you’re interested in hearing more about it. 

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