Measuring the Success of Your Self-Storage Business
How do you measure the success of your self-storage business? If you’re not measuring your key business objectives, you may not have a clear path to growing your business. Measuring KPIs lays the foundation for making data-driven decisions and improves communication with stakeholders. Of course, you have to know what metrics are essential to your business to determine a path forward. Critical KPIs can vary among self-storage companies based on their positioning and life stage. However, every business needs to measure its success.
Knowing the business problems you need to solve (or prevent!) will help you determine the metrics you need to measure. For example, if you need to decrease payment delinquency, you first need to know how many tenets become delinquent per month. Then, you can look for patterns in the data. Is there a particular time of year when delinquent payments become more frequent? This data can spark ideas for resolving the issue, such as sending out payment reminders or offering additional payment methods. You should also measure the effectiveness of the proposed solution. Otherwise, you won’t know if it works!
Measuring factors associated with payment delinquency is just one example of critical KPIs. You can also measure customer acquisition costs, retail sales, or controller connectivity. Each business function has metrics that could be helpful. With a clear set of actionable KPIs in place, you will ensure that you are effectively measuring the right metrics and moving towards your intended goals for your business. Still not sure where to start? Download a beginner’s guide to KPIs to help you start measuring the success of your self-storage business