Today I sat down with American Rental Association Chair of the Board. Beth is also the sole owner and President of Aspen Rent-All, Inc. in Basalt, CO. I have known Beth for some time now and was lucky enough to work with her on an aptly timed SBA loan months before the pandemic hit. Beth had recognized that it was a good time to plan for the future and improve her cash flow situation. If it wasn’t for that decision, Beth would have found herself where most of her colleagues ended up during the pandemic, in a huge cash flow crunch.
Her advice? Plan. Have a smarter cash flow plan for the future of your company. “When the money’s coming in they got it, they use it, they spend it and they don’t really think about disaster.” Talk to colleagues, develop a game plan, and communicate with others. “We’re going to make better decisions together than we are on our own.” Many of you have heard me recommend this before, but it’s worth mentioning again, join a peer group. Other entrepreneurs and business owners are often the only ones who can relate to what you’re going through and give actionable insights.
As someone who stepped in as Chair of the ARA just a month prior to COVID, Beth quickly saw how different everybody’s needs were when it came to relief. How do you lead an organization where one half did okay during the pandemic (construction equipment rentals) and the other half was completely decimated (party and event rentals)? How can you help both sides? Listen here to find out what Beth did: https://bit.ly/3qDPbpn