When you’re already bogged down with the stress of managing one storage facility, searching and buying more property can sound like a nightmare. When owners are buying multiple facilities, they now have much more on their plate, including the management of all the administrative, HR compliance and multi state compliance regulations of their business. On top of this markets have become more competitive and property values fluctuate with the economy. A veteran in the buying process understands that self-storage owners need to be able to calculate the facility’s value and capitalize rates before purchasing, or selling, a new investment.
Understanding these values is only part of managing a successful business. Achieving profitability means using the most effective tools to administer the intricacies of daily business operations. Self-storage owners have a valuable resource at their disposal to help balance managing existing facilities while buying new ones: it is through outsourcing human resources that owners can organize and capitalize business operations and yield a positive financial impact.
Multi site compliance
When you’re in charge of keeping more than one facility organized, you’re aware of the importance of running the business as smoothly as possible. In general, compliance rules and regulations are constantly changing and can be hard to follow let alone implement into your facilities. With an outsourcing company, you have professionals who are experts in monitoring the various changes in ethics, safety standards, labor management, and contractual risks making it easier for you to focus on the logistics of buying and selling. They’ll help keep processes compliant with in every state and in line with all levels of government regulations.
In order to effectively manage your business operations, you’ll likely need support managing employees. Unexpected business administrative blunders pop up all the time – payroll malfunctions can ruin a tight schedule. Fortunately when you outsource administrative tasks, challenges like these aren’t just taken care of by your third party, but they’re also proactively prevented. Having one company manage multiple facilities also brings a uniformity which allows for a standardized process. Outsourced professionals meld their expertise of managing employees, benefits, insurance and technology industries into one knowledgeable service that takes care of all your workplace needs.
At the end of the day, you have a lot on your plate as you’re trying to negotiate the market, but running crucial business operations doesn’t have to be one of them.
- Jeniece Carter-Henson Vice President of Strategic Business Development