{"id":173,"date":"2022-08-02T17:19:11","date_gmt":"2022-08-02T17:19:11","guid":{"rendered":"https:\/\/www.runstella.com\/blog\/?p=173"},"modified":"2022-08-02T17:54:40","modified_gmt":"2022-08-02T17:54:40","slug":"top-5-tips-for-family-run-local-portable-storage-companies","status":"publish","type":"post","link":"https:\/\/www.runstella.com\/blog\/top-5-tips-for-family-run-local-portable-storage-companies\/","title":{"rendered":"Top 5 Tips for Family Run, Local Portable Storage Companies"},"content":{"rendered":"

Over the years I have worked with many family businesses in the Portable Storage space and one thing is for sure, these are the nicest clients I have ever worked with. Sometimes too nice, but we\u2019ll get to that.\u00a0 These companies are set in their ways and have formed habits that often are hurting them.\u00a0 The impetus behind starting your own business is to be your own boss, and make your own decisions including when you\u2019ll go on vacation! \u00a0 And you want to be the best local option for your industry and provide the\u00a0 BEST customer service. After all, you live in the town and run a business there- which comes with its pros and cons.\u00a0 You\u2019re always going to do right by your clients..even if it means offering the lowest rates or waving fees.<\/span><\/p>\n

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But\u2026sometimes, this kindness hurts your family and your business.\u00a0 You are often a husband\/wife, father\/son, mother\/daughter combo which comes with its challenges.\u00a0 Are you going to \u201cmanage\u201d your family member the way you would an employee who you don\u2019t have a personal history with? Likely not.\u00a0 Are you comfortable telling Mrs. Jones down the road that you had a rate increase?\u00a0 If you\u2019ve been doing it the way your dad, mom, or your grandparent was doing it, likely everything is a handshake and written down \u201csomewhere\u201d. You have no idea where many of your containers are, not to mention their Box #s. \u00a0 Because of all the manual work that goes along with running a business, you likely don\u2019t have time to offer any added options (think accessories or insurance) not to mention, keep track of collections. It\u2019s time to make changes.<\/span><\/p>\n

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There is a way to be that \u201cfamily business\u201d but not give away the farm aka: your retirement. Below are a few pointers you can implement to make your business more profitable, and save you time, all while providing the best price and customer services of any business around you.<\/span><\/p>\n

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#5\u00a0 Hire an outside employee<\/b><\/p>\n

\"\"<\/p>\n

Managing your family member(s) is not easy and emotion gets in the way.\u00a0 This hinders your ability to delegate properly and set proper goals to grow your business. \u00a0 The good news about portable storage is that your overhead is minor compared to other businesses. You really need one solid employee to manage the day-to-day (aka: everything!) and a Driver.\u00a0 Your job should be to make the phones ring, manage your employees with weekly meetings (setting goals, etc)- and throw spaghetti on the wall (try new things!) in an effort to increase your revenue\/profit.\u00a0 Many feel like they\u2019ll lose control by hiring someone but think of it as gaining freedom.\u00a0 According to the <\/span>HR Daily Advisor<\/span><\/i>, \u201cAn external candidate may provide a fresh perspective, which can be beneficial for the team and for the organization\u2014it can help to get out of old habits.\u201d\u00b9
\n<\/span><\/p>\n

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#4\u00a0 Stop giving away the Farm & Be Responsive<\/b><\/p>\n

One of the most frustrating things we see is when companies are charging dirt low monthly rates and transportation fees- <\/span>when they don\u2019t have to<\/span>.\u00a0 They just are because they always have or they think they have to.\u00a0 Your rates should be set based on competitive analysis along with what the market will bear. \u00a0 If you have a customer who has been paying $125 for a 40\u2019 container for 5 years, it\u2019s time for a rate increase (does your contract mention a rate increase?).\u00a0 Come up with a weekly process (for your new employee)- to create a template to pull rates of all the local competitors. \u00a0The goal is to ensure your overall cost is slightly lower (or slightly higher- many do this) than your #1 competitor.\u00a0 You will win the deal for these reasons: 1) Your response time is quick*; 2) Your rates are competitive; 3) You are Honest and Local.<\/span><\/p>\n

\"\"<\/p>\n

Most say if your lead response time is within 5 minutes, you will close the deal.<\/span>\u00a0 According to the <\/span>Harvest Business Review<\/span><\/i>, \u201c<\/span>Firms that tried to contact potential customers within an hour of receiving a query were nearly seven times as likely to qualify the lead (which we defined as having a meaningful conversation with a key decision maker) as those that tried to contact the customer even an hour later\u2014and more than 60 times as likely as companies that waited 24 hours or longer.\u201d\u00b2<\/span><\/p>\n

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#3\u00a0 Set your Billing Policies<\/b><\/p>\n

In today\u2019s day and age, it is a given that you pay for a service when it happens. For services such as portable storage or other rental scenarios (trucks, machinery, housing, etc), securing your reservation with a credit card is the NORM, not the exception.\u00a0 And paying the Delivery and first month’s rent upfront is standard.\u00a0 Build your policies based on standards, not on exceptions. As a mom-and-pop business, when the exceptions arise, treat them differently if need be. But always have your standard policies, otherwise, you\u2019ll spend the time you do not have chasing money…\u00a0 To reserve a container,\u00a0 require a credit card to be on file.\u00a0 The card will not be charged until the day prior to the Delivery (after all you are renting them a $3500- $5000 asset).\"\" Have a cancellation and reschedule policy- which eases their mind. \u00a0 The card on file will be charged each month for their ongoing rent. The customer should manage their money, you should not.\u00a0 If they need to refill their bank account before the charge goes through, that is on them to do, not you to remind them. Whether you\u2019re in Nebraska, Florida, Washington state or Texas\u2026 a Farmer, a Student, a Nurse or a Business Men\/Women, Millennials or Elderly.. <\/span>mostly<\/span><\/i> all have credit cards.\u00a0 Are there Red Flags? Yes. Identify them and have a plan. This does not mean you won\u2019t make the exception of accepting cash, ACH or a physical check. \u00a0 Make the exception! But it\u2019s just that. An exception. And you must know that consequences are often paired with exceptions. These are usually the ones you spend the most time on. \u00a0 But if the majority of your customers are following your policy, your company’s health will improve.\u00a0 Policies save time and money.\u00a0 Everyone follows them and if an exception comes up- discuss it and address it. If you want to stand out, offer a Pre-Pay discount, Prorating, and\/or Daily or Weekly Rentals! It\u2019s a service to your clients and to you (for many reasons for another blog).\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

If you have a large volume of repeat business from a Corporate customer who requests to be invoiced, set your terms and policies (late fees, etc)- and follow them. Have an annual contract. Policies are in place to protect you.\u00a0 Do not pick up an empty container if there is a past due balance.\u00a0 Your Lease Agreement should cover all of your policies.\u00a0<\/span><\/p>\n

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#2\u00a0 Try New Things<\/b><\/p>\n

Once you have your policies in place and have hired a new employee to do the heavy lifting, you can come out of the Hull and steer the ship in order to grow the business. Challenge yourself to come up with one new offering every quarter to add to your Service offerings. Try it!\u00a0 What can it hurt?\u00a0 But have a plan and a policy with every decision you make.\u00a0 Contents Insurance or a Container Damage Waiver are two key offerings that come to mind. Not only do they provide peace of mind to you and the client, but they are highly profitable offerings that every customer needs. \"\" The customer is buying a policy that costs roughly $6-$10\/month to the insurance vendor.\u00a0 You are investing time to manage the relationship with the vendor, handle reporting, etc- so it\u2019s standard to upcharge by 30-50%.\u00a0 Then there are all of the necessities your Renter would need such as; Locks, Moving Supplies, Dolly or Ramp Rentals.\u00a0 Or what about a discounted rental package that includes all of the things they\u2019ll need if they are moving? \u00a0 What about shelving or electricity or vents for your Construction customers? DriPacs, Moving Blankets, Ratchet Straps, Plastic Totes. Come up with creative ways to market these add-ons! Now running your business has become a bit more creative and rewarding again!\u00a0<\/span><\/p>\n

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#1\u00a0 Automate your Business<\/b><\/p>\n

Likely you are using Excel and QuickBooks to run your business and manage your inventory.\u00a0 You’re likely spending an extra 5-10 hours a week doing manual data entry\/billing that otherwise can be managed by Software.\u00a0 There are many software options out there for Portable Storage Software. Set up Demos with each one to understand the differences and how it can help you. \u00a0 It may seem daunting as change is HARD.\u00a0 But change is also what can bring you to another level in your business. \"\" According to a <\/span>Forbes <\/b>article <\/span>How Automation Will Trigger A Small-Business Renaissance<\/i><\/b>, \u201c<\/span>A small business\u2019s biggest advantage is providing a unique customer experience that larger competitors can\u2019t replicate, but business owners and operators wear many hats and have limited time to deliver on that potential. Software automation promises to give small-business owners more time for the inherently human aspects of running their businesses, which magnifies and multiplies their advantage.\u201d<\/span>\u00b3 It\u2019s also quite common that at the same time you hire an employee to help manage the day-to-day is when you choose to automate the business.\u00a0 Usually, your hire is more technical than you are- so it helps to have someone lead that charge. But always learn the software yourself!\u00a0 Once you get over the hump of the transition, the skies will clear and allow you to continue to manage, build and take a break!<\/span><\/p>\n

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Bottom line: <\/span><\/span>\u00a0Your family started this business to have freedom and make a living, all while offering a stellar product to your neighbors. \u00a0 It was once fun! \u00a0 It\u2019s time to tap into that creative business mind again. When you don\u2019t lie awake worrying about the little stuff, but instead, you are churning up new avenues of growth- whether it\u2019s new sales channels,\u00a0 new products to add to the portfolio, events or charities to be a part of or marketing ideas- you are at least investing your time growing the business and steering the ship in the right direction, not picking up the nitty gritty pieces.\u00a0 Per the 1971 Sitcom, The Brady Bunch, \u201cWhen it\u2019s Time to Change, you\u2019ve got to Rearrange.\u201d\u00a0<\/span><\/p>\n

 <\/p>\n

Cathy Putnam<\/span><\/p>\n

Stella Software<\/span><\/p>\n

August 2, 2022<\/span><\/p>\n

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SOURCES:<\/span><\/span><\/p>\n

    \n
  1. HR Daily Advisor: <\/span>https:\/\/hrdailyadvisor.blr.com\/2018\/11\/01\/pros-and-cons-of-hiring-externally\/<\/span><\/a><\/li>\n
  2. Harvard Business Review:<\/span>https:\/\/hbr.org\/2011\/03\/the-short-life-of-online-sales-leads<\/a><\/li>\n
  3. Forbes: <\/span>https:\/\/www.forbes.com\/sites\/forbestechcouncil\/2018\/06\/05\/how-automation-will-trigger-a-small-business-renaissance\/?sh=54cbe989b90c<\/span><\/a><\/li>\n<\/ol>\n

     <\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    Over the years I have worked with many family businesses in the Portable Storage space […]<\/p>\n","protected":false},"author":1,"featured_media":180,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nTop 5 Tips for Family Run, Local Portable Storage Companies - Stella<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.runstella.com\/blog\/top-5-tips-for-family-run-local-portable-storage-companies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top 5 Tips for Family Run, Local Portable Storage Companies - Stella\" \/>\n<meta property=\"og:description\" content=\"Over the years I have worked with many family businesses in the Portable Storage space […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.runstella.com\/blog\/top-5-tips-for-family-run-local-portable-storage-companies\/\" \/>\n<meta property=\"og:site_name\" content=\"Stella\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-02T17:19:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-02T17:54:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.runstella.com\/blog\/wp-content\/uploads\/2022\/08\/13-family-business-ideas-v2-e1659461015874.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin@npgroup.net\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin@npgroup.net\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.runstella.com\/blog\/top-5-tips-for-family-run-local-portable-storage-companies\/\",\"url\":\"https:\/\/www.runstella.com\/blog\/top-5-tips-for-family-run-local-portable-storage-companies\/\",\"name\":\"Top 5 Tips for Family Run, Local Portable Storage Companies - 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