Issue link: http://psai.uberflip.com/i/1276154
ASSOCIATIONINSIGHT Portable Sanitation Association International News BIWEEKLY EDITION AUGUST 5, 2020 Page 10 Economic Outlook, Part II: Ideas from across the US…Continued from page 9 Continued on page 15 The special event market is important to our entire industry, and the loss of that revenue has had an economic impact on many companies. In conversations with operators, Lindy has observed that "some companies are struggling and are worried about what the upcoming winter season will bring." She continues, "I am fearful that if we don't allow businesses in all areas to open up soon, that we may see more small businesses closing permanently in the upcoming months." The closure of small businesses affects the local economy, in addition to the fact that some are portable restroom customers. Lindy's advice is extremely inspiring: "Stay strong! We made it through the market crash of 2008, we can get through this crisis too. Talk to each other and exchange ideas. Working together can benefit all of us and help us to survive this crisis." Mark Herring—Heffernan Insurance Mark is yet another experienced professional in our industry. With the insurance marketplace as his area of expertise, he brings another unique perspective concerning the economy. While the insurance industry has remained relatively constant from last year to this year, Mark has seen an incredible "upside" to our industry in terms of the construction market with the addition of multiple services per week. In addition, in discussions with his clients, he has seen "an increase in profit margins for operators." Mark is very detail oriented in his job performance and encourages operators to do the same in terms of their own company's financial analysis. In the marketplace, Mark has observed "new customers and new locations" for our products. "In the past, warehouses, for example, did not have easily accessible restroom facilities and the employees would have to go to the office area for this purpose. Now, to meet hand washing and social distancing requirements, a portable restroom, ideally with an internal sink, is the standard." Mark adds, "The operators that I have spoken with do not see this situation changing in the future." He has had conversations with operators who report experiences with gaining "new customers" such as schools, daycare facilities, and retail locations. The 'new normal' is creating more opportunities for portable restroom rentals. "The culture has changed." Mark did have one final suggestion for operators in terms of insurance. He reports, "options are shrinking." The economic downturn has caused the insurance industry to re-evaluate all the various markets for which they provide coverage, and our industry is being affected. He suggests that operators be aware of this fact, particularly prior to renewal. Susan Edmunds—Edmunds Waste Removal Serving Central and Southside Virginia, Edmunds has been in business for more than 30 years. In addition to the standard offerings of portable restrooms, sinks, and holding tanks, Edmunds owns restroom trailers, commercial laundry trailers, and portable showers. The company is further diversified in that they offer septic and wastewater pumping in addition to roll off containers. As an operator, Susan states, "We are grateful for the increase in construction projects and we have seen some increase in larger jobs as well." Edmunds also provides restroom service to the military for training and that has been consistent. She shares that restroom trailer rentals have been down but "we are expecting a small rebound in weddings as phase 3 of Virginia's re-opening plan begins." Mark Herring Susan Edmunds