Dumpster rentals are a booming business in the U.S. It has grown at an average of 2% from 2017 to 2022 and was worth $557.6 million in the U.S. But you know what they say: with success comes more work.
Managing your dumpster rental business assets can be challenging, especially if you don’t have the right tools and strategies.
A good asset management strategy can help ensure all your rental equipment performs optimally. It also helps minimize the risk of theft and loss.
In this guide, we’ll discuss developing an effective asset management plan for your dumpster rental company.
Creating An Asset Management Strategy
Once you have defined your dumpster tracking assets and needs, you can work on creating an asset management strategy. Here are some steps to take to build an asset management strategy for your needs:
Implementing Efficient Dumpster Tracking Systems
Dumpster tracking is an essential part of any dumpster rental business. Dumpster tracking software allows you to track every piece of equipment remotely. You can either opt for on-premise software or a cloud-based one.
Small enterprises with 1-1000 employees face immense challenges on a limited budget and thus require better methods for cost optimization. Hence, SMEs are more likely to opt for cloud-based measures rather than on-premise asset management software.
However, on-premise software helps keep your data secure and private, as you have complete control over it. However, building a solution and installing a data server can be extremely costly.
If you’re unsure about how to set up an effective dumpster tracking software for your company, here are some tips:
- Make sure everyone has access to the database. Your employees should be able to check in on their assigned assets at any time and see what state they’re in. This will help them manage their workload more efficiently and ensure nothing goes missing.
- Use barcodes or RFID tags so that items can easily be identified by scanning a code with a smartphone app. You may even want to consider putting QR codes on all containers so customers can scan them directly from their phones. Usually, code 39 barcodes are used for asset labeling and have low data density. The low data density ensures that only limited data about the asset is shared.
You can also install pre-built dumpster tracking software and leverage it. Such software has all the features you will ever require for managing your rentals. For instance, dumpster tracking software usually has a scheduler that helps you assign your assets to new requests. It also lets you track them until they are back with you.
According to Workiz, dumpster tracking software also allows invoicing. The solution will track the time the customer used the rental and auto-calculate the payment amount.
It will then send the details to the customer and track the invoices. Moreover, dumpster tracking software can also help with dispatching and online bookings.
Preventing Loss and Theft
Another crucial aspect of managing your dumpster rental assets is preventing loss and theft. Here are some tips that can help you achieve this:
- Lock dumpsters. This is a simple but effective way to protect your dumpster rental business assets.
- Use security cameras and a security guard. These are great ways to deter theft and loss. They can be monitored by you or an employee who will always know what’s going on.
- Use GPS tracking devices that attach directly to the dumpsters themselves. When attached correctly, these devices allow you to always track where each of your dumpsters is. And if there’s any movement outside business hours, it will alert someone on staff immediately so they can take necessary actions.
Data Analysis For Informed Decision-Making
Data analysis is a key part of managing your assets. It helps you make informed decisions, plan for future growth, and understand your customers and competition. You can use data analysis to determine which products or services are selling well and which aren’t, then optimize your business accordingly.
For example, suppose customers prefer one type of dumpster over another because it’s cheaper or more convenient. In that case, it may be worthwhile to consider investing in more units of this particular dumpster model. This strategy can be more beneficial than allocating resources to something that isn’t gaining much customer traction.
Data analysis also allows you to keep track of inventory levels so they don’t run out unexpectedly. This way, if an emergency order is placed by someone who needs something immediately, enough supply should always be available.
Regulatory Compliance and Sustainability
Regulatory compliance and sustainability are two areas that should be considered when managing your dumpster rental business assets.
First, you’ll need to understand the local regulations in your area. For example, suppose you’re located in a city that requires permits for businesses disposing of waste on public property. Permits may also be necessary for waste disposal on private land owned by someone else. In that case, you’ll need to get those permits before renting dumpsters at your location.
If there aren’t any such requirements, it’s up to each business owner whether they want their customers to use dumpsters at all times. And if so, how often those containers should be emptied?
Secondary considerations include environmental factors such as landfill space availability. Also, consider greenhouse gas emissions produced through transportation methods like shipping via trucking companies.
It is also wise to consider the expenses associated with regulatory compliances. Data shows a dumpster rental business’s legal costs involving licenses and permits are approximately $1,200. This will help manage your finances so you can manage the inventory and assets accordingly.
Continuous Improvement and Adaptation
Continuous improvement is the process of identifying opportunities for improvement and taking action. With this in mind, you must develop a strategy for continuous improvement. This will help ensure your business is always moving forward and adapting to environmental changes.
One way to identify opportunities for improvement is through benchmarking, which involves comparing your operations with those of similar businesses.
You can also use customer surveys and focus groups to gain insights into what customers want from their dumpster rental experience. Then, use this information as part of a strategy for continuous improvement at all company levels.
Conclusion
Ultimately, it’s important to remember that asset management aims to make your company more efficient and profitable. You can reduce costs and improve customer service by efficiently managing your dumpster rental assets.
This will also help you avoid regulatory compliance issues like fines or even shutdowns due to non-compliance with local laws.
