Now that we are nearing the tail end of the COVID-19 pandemic, the world is starting to open back up. So many changes have occurred over the past year, including changes to state laws regarding social distancing. This makes it a good time for you to evaluate your self-storage facility and to do a complete audit.
On today’s show, we have an operations expert in the self-storage business, Kathryn East. She is a wonderful mentor and coach who helps new storage facility owners evaluate and define their goals to help make their facility work for them. Today, she will be guiding us through why self-storage facility audits are a crucial part of improving your business.
Safety
Self-storage facility audits are more important than ever, and now is a great time to do it. One of the most important factors in maintaining a successful storage facility is safety. Your number one priority should be to keep your tenants and employees as safe as possible.
We have had to greatly adjust our lives due to the COVID-19 pandemic by taking extra safety precautions. You should provide hand sanitizer, masks, and other cleaning supplies to make sure your facility is as safe as possible.
Outside of the new pandemic rules, you should also do an audit of your general safety practices. This might mean taking a look at your security systems, such as cameras, security guards, and other personnel.
Payments and Accounting
Now is the perfect time to do an audit on your self-storage facility’s accounts receivable. You need to take a look at which tenants are paying on time and which ones are not. With 36 million people out of work, the unemployment rate sits at around 4.8%. You might be experiencing an uptick in late payments.
To keep great customers, you might want to consider getting rid of their late fees or offering some assistance. A good customer before the pandemic will remain a good customer as long as you are accommodating.
You should still be conducting good and smart business, but you might want to reach out to some of your late customers for more information on what is causing their lay payments and to inquire about ways that you can help.
On the other hand, if you have a customer who has been late for more than six months, you might want to consider talking to them about moving out of their storage unit. This part of the self-storage facility audits should be done on a case-by-case basis. Keep in mind that people do experience hardships in their life, so they might need you to work with them.
Contract Evaluation
Along with evaluating the contracts of your tenants, you should also evaluate contracts you have with other businesses. It is a perfect time to conduct an audit of how much money you are spending and how you might be able to eliminate some of those fees.
Many businesses, at the moment, are providing assistance to people who need it. You should evaluate your mortgage lender contract, utility bills, and employment contracts. This can help you identify where you might be able to save money in the long term.
Summary
Self-storage facility audits are more important than ever before due to the rapidly changing climate we find ourselves in. Now is the perfect time to hire someone to conduct an audit for your facility. For more advice on how to ensure your self-storage business is a success, check out our FREE Blueprint that will provide you with all the information you need!
