The Coronavirus has had an impact globally, quite devastating. It is projected that the GDP of India will reach a figure as low as 1.9% for FY 20-21 from 5.8 % as calculated in January. Gita Gopinath who is the chief economist for IMF states that the current scenario of things will see the worst recession ever to hit our economy on a global level
The travel industry is the worst hit due to the current situation. As a result of which the vehicle rental business is on an all-time low and it will take a significant amount of time before it can revive its lost glory
The regular customers looking for vehicle rentals have diminished and the only respite for rental owners comes from bookings by essential service providers.
Even though the vehicle rental business is going through a struggling phase, we can still find ways to keep it alive.
Working remotely is a new way to find productivity. To make it effective, you can find ways to keep your team well informed about your activities and future plans. This can be achieved by conducting morning meetings, this will keep the community engaged and help your team to share ideas to stay connected.
Give your team hope for the future, keep them motivated and give them reasons to believe that the current phase shall pass and we shall regain our lost glory.
Some employees might have gone into a state of depression due to the current lockdown. So it is very important to give them a platform where they can share about their fears and insecurities to come out of this pandemic safely
Make sure that you disconnect the battery terminal connections of your vehicles to ensure that your assets function without any hiccups once the business reboots. Also, make a temporary business model and serve customers while sticking closely to the protocol set. You can do this by altering your fleet of vehicles to suit the needs of the essential service rides, which do not require much maintenance and is also suitable for local riding
As public transport is no longer safer even if fully sanitized and due to the unavailability of it most of the people will prefer vehicle rentals for transportation. It is safe and convenient. Putting forward the best interest of the customer it is necessary to provide them with properly sanitized vehicles which include spraying your fleet with Grade A disinfectant before every rental.
We all know the current situation is sure to pass, but with the passing of the COVID-19, the approach of customers towards businesses will also change. There will definitely be a huge demand for car rentals after the eradication of COVID-19 but you will have to add more resources into your business like trained hands who can take care of your sanitization needs effectively.
Find out: Latest Rental industry trends: Get innovative in 2020
After the flattening of the curve, it is sure that the cash flow will be back in business but still, then you need to keep away from the dangers of debt. For this, you will have to invest in only the elements of your business which keeps you running now. Also, you should focus more on cost-cutting methods to avoid your business from becoming weak.
People will be quite guarded as to spending money now. They will only invest in products that serve them exceptionally well. Also, provide them with revised rental prices and discounts to support your customers in a better way. Plan your actions by watching your business model from all prospects. Equip your business to face contingencies in the future. By doing all this you can definitely keep your business stay afloat and safe from any Pandemic.
There is always hope for a better tomorrow and together we can definitely come back stronger and safer to build businesses that last a lifetime.
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