On January 20th, Ben Anderson, our Managing Partner at American Pavilion had the honor to speak at the IFAI Tent Rental Division Virtual Summit.
2020 was a challenging year financially for many in the temporary structure industry. As many events were postponed and jobsites closed, almost everyone was effected by the pandemic. Yet, the tent rental industry adapted and continues to do so. Although the past few months have been difficult, we are seeing innovative advances in clear span structures that will pave the way for the future of our industry, and all other industries that we serve.
Observations of the Tent Industry in 2020
Throughout 2020, there were many takeaways and observations that were discovered about the tent rental industry. First and foremost, relationships are crucial; not only are client and potential client relationships paramount, but also collaborative industry relationships as well. Additionally, maintaining excess inventory was a key observation that hindered many throughout the past year and will continue to play into the industry in 2021.
At the Virtual Summit, Ben discussed the financial challenges seen in 2020 and gave advice of navigating financially through 2021. As the new year begins, we will continue to adapt and innovate by utilizing the following 5 key initiatives to maximize our long-term value.
Maximizing Value
At the IFAI Tent Rental Division Virtual Summit, Ben discussed the best ways to maximize long-term value by:
- Building and maintaining a complete management team
- Documenting: from revenue and expenses to inventory and accounting categories
- Identifying and understanding weaknesses
- Optimizing inventory
- Managing contingency plans for financial risk mitigation
We are honored that our very own Managing Partner, Ben Anderson was invited to speak at the IFAI Tent Rental Division Virtual Summit and work with others in the industry to share and create a better future of the tent industry as a whole. We look forward to many more years as your premier clear span tent structure partner.