Top Challenges in the Hire Industry
The event hire industry was devastated by COVID, much like pretty much every other industry sector in the UK (and the world). Simply put, there weren’t any events, festivals, or other gatherings, and because this industry supplies these events, the work dried up. Naturally, the Government’s furlough programme helped to some extent, but some sizeable businesses in the UK event hire industry merely shut their doors. Overnight, the UK events industry’s annual revenue dropped from almost £40 billion to nearly nothing. Therefore, operating an event-hiring company was just unsustainable.
The event hire sector faces a number of issues, some of which are discussed here along with potential solutions. Of course, many of these won’t be unique to this industry, but a few most certainly are.
Have a look at a few of them mentioned below!
Staffing
Larger events mean that more people are needed than ever to fulfil duties related to catering event equipment hire, furnishings, AV, security, and other areas – in other words, any aspect needed for a temporary event. Are these higher staffing levels consistently available? especially as several important individuals would have left the sector during COVID. The finest event hire firms make sure to keep their best employees on board and have a solution that is constantly in demand for third-party crewing companies when more manpower is needed.
Fuel
We are all aware that living expenses are rising and have been doing so for some time, with fuel serving as one of the primary contributors. The price of petrol at the pump is rising as a result of the conflict in Ukraine, and this is true both for the general public and for businesses. Temporary events entail moving equipment across the nation, and the more gasoline needed, the more expensive the task gets. Finding a firm that provides event rentals with nationwide coverage and regional hubs might help event planners save down on transportation costs.
Energy
Similar to fuel, gas and electricity prices are also at all-time highs. Companies who provide equipment for events must always make sure that it is spick-and-span and in functioning order. Everything seems to be becoming more and more expensive to run, with no quick sign of a decrease, whether it’s electrical testing or the power needed to run industrial-sized cleaning equipment for event catering hire operations.
Sustainability
Sustainability should be a key component of every company’s plans because it is the word of the hour. Given that equipment needs to be moved swiftly, safely, and efficiently, and there are sometimes many short notice job requirements, the event hire industry faces the problem of operating as sustainably as possible.
Seasonal
The overall events market is cyclical. Typically, the business is calm from January to March before picking up momentum in April and continuing through September. Following that, there is a small lull until November, when the Christmas festivities begin! Event rental firms must make sure they are making effective use of the downtime, whether it be for internal processes, stock-takes, or other ways to enhance their operations.
Demand & Supply
For many businesses in our industry, the busiest seasons are quite busy. Customers may be let down, inventory may quickly run out, orders for corporate event equipment rental may not be able to be completed, and more. However, practically any problem can be managed with thorough preparation and a knowledgeable management team!
Marketing and Coordination
Brand recognition and reputation are essential for every firm to prosper. This can occasionally fall down the priority list for event rental providers, especially during busy times. Every consumer-facing activity that the business engages in must be flawless because every interaction with a customer represents the brand and business as a whole.
Consistency in Service
It’s all too common for events to hire firms to lose consistency throughout these times of the year. By this, we refer to customer interactions and service standards. Although everyone is busy, customers value consistency in the services they receive. Your client should feel like they are your one and only client!
Conclusion
Hopefully, the information above has given you a sense of the difficulties that many event hire businesses to face today across the globe. This clarity is mostly intended for those who want to change occupations and have a comprehensive awareness of how many industries are interconnected, particularly in the post-lockdown COVID period.
