Analytics and reports for revenue and occupancy metrics, and KPIs to manage your self storage.
A well-made dashboard is a treasure trove of information about your business and potential. Data can be overwhelming from time to time, but to extract the maximum value, you have to keep an eye on the right metrics. Because every business is different, the definition of ‘right metrics’ also varies. To make things simpler for self storage operators and managers, we’ve created the analytics reports in the Storeganise dashboard. Basically, these reports work as a shortcut to reflect some of the most common and important metrics for our customers. However, you can customize these reports as needed to fit your business reality the best. In this post, we’ll go over some KPIs and analytics that can help your business grow in the following sections.
Tracking self storage revenue
Revenue is one of the 10 key metrics that every self storage business owner should be tracking. At the end of the day, the goal is to make a profit - so always include revenue metrics in your dashboard.
In the Storeganise dashboard per default, you can see the overall revenue, revenue by site, and aging summary. But you can drill into more detail by using the filters:
‘Ageing summary’ shows an overview for each site and three default time periods: 0-30 days, 31-60 days, and 61-90. This metric helps you evaluate the lifetime value of customers and the frequency of turnover.
To compare the performance of sites side-by-side, you can use the ‘Revenue by site’ dashboard. Again, you can apply filters to breach down and go into minute detail of the dashboard. Use the insights to determine strategic investments in your facilities or the effectiveness of pilot projects.
Current vs max revenue
The ‘Current vs Max Revenue’ dashboard gives you an overview of the performance efficiency of your self-storage. The dashboard considers the occupancy and pricing to calculate the potential maximum revenue from a given site. Comparing this to the actual revenue gives you information on the variance and the revenue efficiency of that site. The goal is to maximize the efficiency KPI and keep it close to 100%. You can achieve a revenue efficiency higher than 100% by up-selling your customers to additional offers and services. The dashboard will help you find and isolate sites that perform sub-par and need adjustments to their strategy.
Occupancy and customer turnover
Your occupancy determines the revenue your facility brings in. This makes it the second important metric for your self-storage business. To understand what lies behind your revenue numbers, you have to drill down into your occupancy KPIs.
The dashboard shows you the most important indicators for the current month and a trend comparing them to the previous month:
Average Revenue across sites
Average rental duration in months
The trends give you an overview of the overall direction of your business and will help you to identify cyclicality in the industry. Use the insights for more targeted marketing and sales activities.
The occupancy ratio dashboard breaks down the sites into four categories: available, blocked, occupied, and reserved. This information too is helpful for your marketing and sales activities, as well as allocating budget. The ‘by site’ breakdown helps you compare the performance of different locations.
Managing your self storage with Storeganise
The Storeganise self storage software isn’t only beneficial for frequent performance tracking of your sites, it automates your facility to the fullest. Manage payments, invoicing, billing, and other aspects of your business from any device and location.
Related Article: 10 Metrics Every Self Storage Business Owner Should Be Tracking