Audio Visual (AV) Hire Rental and Hire Companies facing challenging times in 2009

Feb. 27, 2009 - PRLog -- The Audio Visual rental and hire industry had been experiencing solid rates of growth leading in to the Global Financial Crisis (GFC).  According to various reports many had been planning to increase staff and inventory prior to the GFC .

But the suddenness of the crisis though has left many exposed!

Revenue for many Audio Visual rental and hire companies has fallen.  For many AV rental and hire companies the business meetings/ event market is a major market segment.   This is not surprising given that in the USA ,  the total estimated value of the meetings market is estimated  to worth $175Bn.  This figure includes all goods and services supplied to the market, of which AV rental is but one.

However activity in this sector has fallen sharply as businesses seek to cut costs.  Furthermore, in the current climate many businesses have cut events to avoid creating negative perceptions amongst shareholders and clients, that many is being spent on lavish “events/ meetings”.  Events do deliver value to businesses, a point that is being reinforced by a collective of industry associations.

This decline in a major market poses a serious threat not just to revenue, but more critically cash flow.  Cash flow is the life blood for many AV hire and rental businesses given that many have large inventory debt costs to be serviced.

Whilst the downturn will pass, the key question is how many of the AV rental and hire companies will?

Companies who have the best cost management have the greatest probability of success.  Those that can identify, analyze and remove non value adding costs will be best placed.  This may sound trite, but in an industry that has grown rapidly cost management systems have been a low priority.  Many are now finding that they do not have the rental and hire management systems capable of providing the detailed analysis needed for effective management.

The impact of such cost control should not be under-estimated!  

Savings of as much as 30% of costs can be achieved if cost management systems are in place.

Cost management analysis must cover the entire natural business process from lead generation through bookings, service delivery, inventory to managing the accounts.  This total analysis ability is critical, as without it companies can cut costs in one area, only to find that costs rise in another.

HireEzy, made by Making Life Ezy, provides Audio Visual rental and hire companies with cost management.  Why, because HireEzy is a complete AV rental and hire business solution, managing all aspects of the business process from lead generation to cash at bank.  

Furthermore HireEzy, comes complete with its in built digital marketing tools, plus the option for integration of main catalogue with the on-line catalogue and ordering.  MEANING well managed AV companies have the ability to pick up market share from more poorly managed competitors.

Installing HireEzy may well turn 2009 from a challenging year in to a great year for your Audio Visual Rental or Audio Visual Hire company.

HireEzy is in available in Australia, Canada, New Zealand, USA and the UK.  For more information on an-line demo, email sales@makinglifeezy.com.au or go to  www.makinglifeezy.com.au

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Making Life Ezy developers of HireEzy.
HireEzy is the complete booking management business system for the hire and rental industry.