Wow, where did 2015 go? It’s that time of year to take a good hard look at your self storage business and decide if you had the growth you planned for, what challenges did I overcome this year and where did I make mistakes. If you are honest with yourself you know you made mistakes. So, how do I go forward?
For me, I’ve spent the last few weeks putting together my budget for 2016 for each of my facilities and companies. Though it seems difficult at times, definitely time consuming and quite an undertaking, I know it’s worthwhile. Now keep in mind, a budget is a guideline. It let’s you prepare for the coming year and how to plan for revenue and expenses. I’ve never understood why someone would have an investment and not plan to grow it, nurture it and take care of it. It doesn’t matter if you are going to own it a few more months or for years to come. So, the hard work that goes into examining my facilities and building a budget specifically for that facility has always made sense to me. Just like doing preventative maintenance.
How do I increase revenue? What can I do better? Can I cut my expenses? These are all important considerations I need to have in mind as I build my 2016 budget.
This is also when it’s important to look at my personnel. Do I have the right manager at my facilities? Do their goals mirror mine? Sometimes it is a difficult decision to make, but for the health of your company change has to happen.
It’s a new year and it’s time to make it the best year ever.