Rental Management 301: Advanced Rental-Module 4: Forecasting/Budgeting

Module 4: Forecasting/Budgeting - Part 1

Video Transcription

Video Summary

Module 4 of the financial management course focuses on forecasting and budgeting. As an asset manager and department manager, it is important to determine the profitability going forward. This involves analyzing the size of the rental fleet and identifying demand in the marketplace. Forecasting and budgeting require analyzing historical data and keeping track of market trends. It is essential to understand the seasonality of the business and the mix of equipment to optimize financial utilization. Adding smaller equipment that can drive revenue can significantly improve profitability. However, it is important to stay within the family of products to provide better solutions to existing customers.

Keywords

forecasting

budgeting

profitability

rental fleet

market trends