When you're in charge of a new business, no task is too small. New self storage facility owners may have limited resources when opening their business, leading many to get involved in the routine operations. In fact, a survey from small business loan company Kabbage showed that 52% of small business owners put in 60 hours of work a week and often make personal sacrifices to help support their company.
This statistic rings true within the self storage industry, with many new owners single handedly trying to manage all of their business. Regardless of how much time and effort storage owners put into the administrative tasks of their business, they should not lose sight of their core focus: growth and profitability.
To help you prepare for even the smallest barriers to expansion, the below list is comprised of issues that companies frequently run into when trying to grow their business:
Knowing how to manage your storage business' finances is absolutely essential and should be prioritized above all other tasks. Creating a well thought out budget can shed light on exactly which areas you need to invest.
The very people who surround you, professionally, contribute to the growth of your business. SmartCompany Magazine interviewed startup expert Verne Harnish, Founder of the Young Entrepreneurs’ Organization (YEO) and Co-Founder and Principal of Gazelles Growth Institute, regarding potential barriers to growth. He explained that business owners often make the mistake of implementing senior management for leadership purposes. Instead, owners should be relying on mid-level managers who can lead employees and assist with less involved tasks.
Additionally, business owners should actively recruit in order to bring in the best talent. If you can't afford full-time employees, your business can also look to contracting agreements. Existing employees should also grow along with the business, so be sure to help them develop through training and mentor programs.
Setting company goals, as well as constantly assessing these goals, is crucial to growth. Keeping an eye on the market and competitors will also help give your business the competitive edge it needs within the self storage industry. A good way to start is by creating a SWOT analysis. By identifying your company's Strengths, Weaknesses, Opportunities and Threats, you can actively monitor your risks and find potential ways to differentiate yourself from the competition.
Help for small business owners
There are plenty of services that self storage owners can utilize to assist in growing their business; nevertheless you will capitalize a great deal by investing in outsourcing Human Resources responsibilities. HR outsourcing companies, such as AlphaStaff, can assist owners by providing employee related compliancy, payroll and healthcare solutions and more. While a trusted HR outsourcing team takes on these types of administrative functions, storage owners everywhere can finally focus on their business’ growth and success. Through its Self Storage Division, AlphaStaff has been able to witness firsthand the efficiencies that outsourcing HR tasks can create within a storage related business.
About the Author:
Jeniece Carter-Henson, Vice President of Strategic Business Development, joined AlphaStaff, a national HR outsourcing company, in August 2011. In this role, Ms. Carter-Henson leads the continuing expansion of AlphaStaff's Self Storage Division, a division dedicated specifically to entrepreneurs within the self storage industry. Jeniece has assisted a great deal of storage owners in minimizing legal risk and optimizing their business through AlphaStaff’s HR outsourcing services. She holds 20 plus years of experience within the HR outsourcing/ PEO industry and 15 plus years of executive sales leadership experience. NOTE: The information contained in this article is not legal advice or a substitute for legal counsel.