There’s no question about it: The economy is tenuous and people are full of unease. That can mean different things for self-storage operators, depending on a customer’s specific situation. With all of the market uncertainty, now might be a good time to expand your operation to include an ancillary service such as records management.
Many storage operators are discovering the synergy between their existing business and records management. While records management is not a new concept, it is gaining momentum as this industry looks to draw a broader customer base, generate additional revenue and lower overall risk.
As a self-storage manager or owner, you already have two essential assets for successful records management: an established customer base consisting of great candidates for these services, and an existing facility. If your customers are satisfied with your self-storage services, chances are they will favorably consider your company for their records-storage needs. All you need is a little imagination, a sound business plan and the desire to enter the business, and you can provide a critical service that will continue to grow
High-Profile Records Mishaps
Mismanaging critical business records can result in disastrous consequences, and dealing with events after the fact can be costly. Recent investigative reporting and media publicizing the mishaps of several well-known companies have thrust records management and corporate accountability into the spotlight.
In addition, non-compliance to industry and government regulations have resulted in expensive litigation, financial penalties, bankruptcy and even worse—jail sentences. All of this is due to poor or inadequate recordkeeping. Because records can easily get lost or fall into the wrong hands, society is now demanding higher standards for the accuracy and availability of content.
Consider some of the main events of our era: terrorist attacks, natural disasters, changing technology. It’s imperative that companies document plans for their vital records and business resumption in the event of such scenarios. The majority of these plans require that records be maintained off site within a specified distance. With issues such as negative media attention at the fore, records management has turned into a thriving and profitable business for many self-storage owners.