I recently gave a talk at the 2022 Inside Self-Storage Convention and was asked to write a follow-up article on Financial Literacy. The talk was titled “Reading Your Financial Story, Interpreting Your Self-Storage P & L’s And Other Financial Statements.”
I am amazed at the number of self-storage owners and business owners with little or no financial knowledge, myself included when I got into the business.
There is much more to being successful in self-storage than buying low and selling high.
Your numbers and ability to tell a story from the numbers are the dials you turn and the levers you pull to grow your business.
The ultimate goal is to have the numbers tell us a story. Then, we can use the story to tweak the business. Or, if we are looking at someone else’s business, know what we can do to improve it.
Let’s explore this together.
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