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Planning Ahead for the New Year

Nov 08, 2012

by Brom Hoban, TSSA Director of Communications

Planning for the new year is as much about looking back over the past year as it is about looking ahead. Looking at accomplishments and challenges over the past 12 months enables one to see where progress was made, and where improvement could be made. This applies to all things from sports to business.

Athletes keep journals to track such factors as their training, diet, and recovery, and by reviewing those details, are able to see what workouts and circumstances led to their best performances.

So too must businesses review and plan. Take a really good look at all the facets of your business. The new year is a great time to do this. Look at the articles in the November-December issue of Self-Storage News, including “Preparing Your Self-Storage Operation’s Budget for the Upcoming Year,” by David Wiechering, “Looking Ahead to 2013: Expand or Refurbish Your Facility?” by Charles Plunkett, and “Benchmarking For the New Year: Comparing Your Expense Structures to the REITs- How Do You Stack Up?” by Steve Mellon. These articles provide some good information to help you map out a plan for the upcoming year.

While you’re mapping out your plan, think ahead and take a look at where you really want to be by this time next year. Are your occupancy percentages where you want them to be?  How about your rental rates? Does your facility need a little sprucing up? While looking at what you want to achieve for your self-storage business, remember to look at what's happening with your competitors as well.

The idea is to create some realistic goals, and write them down. Committing them to paper (or your computer) means you're much more likely to achieve them than simply keeping them in your head.

Of course you’ll also want to consider how to go about achieving those goals, and you’ll need a way of measuring your progress.

By planning ahead, and taking the necessary steps to improve, you’re likely to meet with success in 2013!

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