Knowledge Is Power

Being a business owner is so easy and I encourage everyone to do it. I mean the long hours, the management of staff, keeping the property up, ensuring everything is functional, etc, is a blessing and everyone should do it at least once. Ok, well maybe owning a business is not for everyone. When you are looking at or trying to maintain your business, every decision that you make ultimately affects the bottom line.

From how much you pay your staff, to how much you pay someone to mow your grass, to how much electricity it takes to raise your computerized gate, these are all things, plus more that you have to look at monthly. Your bottom line is how you see if you are a profitable business or a non-profitable business. And there aren’t many not-for-profit self storage organizations out there. When making any decisions, you have to think to yourself, how this decision will create a profit for me in the future. If you are not thinking this way, you are possibly placing your money somewhere it should not be. You could be carelessly throwing your money away.

I will always preach that the first line of defense of your bottom line comes from how well your staff is trained. If they can understand the P&L (profit and loss report) as you do, show them some kind of incentive to reach the goals you establish, your bottom line will be extraordinary. Everyone in my business understands how we make money and how we lose money. Knowledge is power and now I just empowered my whole staff to make sound business decisions around the bottom line. In result, the store profits, they all get a share of the profits at the end of the year.  Make good decisions; understand what is costing you money and what is making you money. Trim down the costs, and increase the profit. 

Joel Little, Experienced Manager

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