Wortham Insurance & Risk Mgnt

Surviving and Thriving, continued... sure you are ranking the keyword phrase `Odessa self storage' so that people can find you. If done effectively, you can reduce traditional phone book advertising accordingly." Find a Niche and Fill It Curt Clinkinbeard, a marketing consultant and author of Customer Pillars, warns not to automatically default to shrinking your business. Many of the best entrepreneurial strategies go against the grain. "It requires courage, but often when everyone else is pulling back, this creates some tremendous opportunities for expansion," he says. "Keep you eyes open for great deals in business growth opportunities." At the store level, business growth opportunities could mean finding a niche and filling it. If you are in a strategic location, you could decide to use some of your office space as a UPS shipping center, or even apply to become a U.S. Post Office substation. Another business opportunity that works well in a downturn is an eBay kiosk program. Companies like Auction It Today serve as drop-off stores that handle the entire online auction selling process. This company offers the opportunity to bring this model into your self-storage facility with very low overhead and limited space to create an additional revenue stream and increase your store's foot traffic. Here's a novel idea ­ execute on the basics. "Too many people believe there is this whole other set of business strategies to employ during a recession," says Clinkinbeard, who is also director of training at The Foundation for the Advancement of Marketing Excellence in Entrepreneurs. "The reality is that a company has to do the basics, just like they do in good times; they just have to do them better because of the added pressure of the economy." The basics, in this case, are keeping your rents current, staying diligent about collections, continuing to pursue marketing avenues that prove ROI, and customer service. Customer service is a fundamental that's vital during recessions because customers may be under emotional and financial duress. If your managers can show compassion, professionalism, and a helpful attitude, it can pay dividends for your brand long after the recession is over. On the other hand, those managers who don't treat customers respectfully will send them to competing facilities faster than ever before. Beware of Discounting Next, resist the temptation to discount. It is very possible to reduce your prices and end up making not only less margin per unit, but also less margin overall. "Companies are often way too casual about lowering prices, believing this will help their cause," Clinkinbeard says. "Learn to run the numbers to see how much additional volume must be generated to compensate for reduced prices. Typically the math just does not add up in your favor." These are words of wisdom to the selfstorage industry. With $1 specials causing controversy in some circles even in the good times, having price wars in the midst of a recession is not a welcome approach in the industry. Dragging down the perceived value of the real estate is not a good long-term approach. Finally, keep a great mental perspective. So much about running a business is about being optimistic about the future. When business owners lose this, they lose a key essence of their company. "If the news depresses you, turn it off. Grab a good book, listen to some motivational tape, or go do some exercise," Clinkinbeard says. "Maintaining a good mind-set requires incredible discipline in these times, but is hugely important." Elizabeth Sanchez is a freelance writer based in South Florida, and a frequent contributor to Self-Storage News. You can contact her at SanchezWrites@aol.com. SELF STORAGE INSURANCE SPECIALISTS SINCE 1973 Michele Hahnfeld, CIC Wortham - Ft. Worth 817-339-3136 mhahnfeld@WorthamFW.com Jerry Cowan, CIC Wortham - San Antonio 800-779-4677 jcowan@worthamsa.com Loretta Speer, ASCR lspeer@worthamsa.com Peter Mako pmako@worthamsa.com Ryan Smith Wortham - Houston 800-395-8848 ryan.smith@worthaminsurance.com Carolyn Dolbey carolyn.dolbey@worthaminsurance.com Todd Davis, CIC Wortham - Austin 512-453-0031 tdavis@wortham-austin.com The Wortham Self Storage Team Worker's Compensation Plan endorsed by Texas Self Storage Association © Copyright TSSA March/April 2009 · www.txssa.org 45

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