Every self storage business owner or manager is concerned about the bottom line. Very concerned. While the economy is better than it was several years ago, it still has hiccups. Business owners still have to pay close attention to how much money is coming in. Here are 10 tips that you could implement to help you save money and increase your revenue.
Traditional advertising can be very expensive for a small self storage business. That’s the bad news. The good news is that with the Internet, there are other avenues of advertising that aren’t as expensive. Inbound marketing can be significantly cheaper. Inbound marketing strategies include blogs, podcasts, e-newsletters, SEO, and videos.
Another cost saving practice would be to cut extraneous employee expenses. Some businesses provide free lunches to in-house staff, or weekly donut and bagel treats. If you provide similar perks to your employees, consider eliminating them – or changing them to something that is cheaper and simpler. If you explain to employees that you need to either reducing those perks or lay off employees, employees will more willingly accept the reduction of free perks.
Similarly, look really close at your business hours. Are you open on Sundays? Do you get much traffic on late Sunday afternoons? If not, consider limiting the hours you are open on Sundays or possibly closing entirely on Sundays.
Train your employees to turn out the lights when they leave a room. Shut off computers over night. Could you use more energy efficient lighting and light bulbs both inside and outside of your facility?
A similar idea is to consider the setting of your air conditioner. Instead of keeping it at 72 degrees, set it a little higher – 76 degrees or even 78 if you can stand it. This will help lower your utility bill.
Review all of your expenses. Even if they are little. Small cuts in expenses can add up to large savings over time.
Review your phone usage and phone bill. Can you reduce the number of phone lines you use? Consider replacing your current phone service with an Internet-based service such as VoIP.
Buy in bulk when it makes financial sense. Sometimes office supplies can be purchased from bulk warehouses or purchased online. After analyzing how much you current spend, adjust your spending when it makes sense to purchase items in bulk or online.
If you pay for services such as snow removal or lawn mowing, get a new bid each year from those who provide the services. Maybe the service provider will give you a lower price if he knows that you are looking at possibly changing providers. Maybe you’ll find another company that will give you a better price than the provider you currently have.
Have you seen an increase in your yearly insurance premiums for your employees? If so, get a quote from a difference insurance company. It’s possible that you could save significantly on your insurance.
“5 Ways For Your Storage Facility to Save Money.” The Self Storage.com Blog; 4 June 2014.
“27 Money-Saving Tips from Successful Small Businesses.” Open Forum; 1 April 2011.