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Posts Tagged ‘small business’

Businesses: Protect the Privacy of Your Customers

Saturday, June 26th, 2010

If you are worried about identity theft, there was quite a chilling article on the ABC7 news site yesterday evening. A woman in Aurora, cleaning out an apartment that she rents, found a file cabinet in it. The apartment had previously been rented by a bail bondsman, and the filing cabinet contained documents from people who had bailed someone out of jail at some point, dating back to the 1990s.

“They all have birth dates, names, Social Security numbers, driver’s licenses,” said the landlord, Hermine Putman, in yesterday’s ABC7 article. She went on to comment, “That could create an identity theft for some of these people….If I throw it in the trash, this can get into the wrong hands.” Putman was absolutely right. But she was just getting started.

She went on, “I don’t have the time, in my age, to stay out in that heat out there to sort all those papers out, what should go to a shredder. Why was it left up to me, to do this?…I could have taken them and just threw them in the trash for all I care, but I do care.”

Putman, unlike the bail bondsman who abandoned the records, was determined to do the right thing. This made me think. Putman is a landlord for an apartment building. But the same thing could easily happen to a self storage facility manager or operator, and perhaps it is more likely here, because many businesses use our units to store their old, archived files. Of course, if we find any personal records, we will do just what Putman did–turn the files over to the police, in case they related to any ongoing identity theft investigations.

But, like Putman, I want to point out that the original responsibility for safeguarding those records lies with the business or organization that originally generated those records. If your archives include sensitive information belonging to your clients or customers, it is your responsibility to see that those records, when you no longer need them, are either returned to to the client or customer to whom they belong, or are shredded. I cannot say what your legal obligation is — I suggest you check with a lawyer to find out for sure. But morally, I have no hesitation in saying that you cannot ever simply abandon records, whether they contain financial information, medical information, information that could be used for identity theft, or even sensitive personal information such as might be contained in old diaries or student essays.

Frankly, there is no need to throw files into a dumpster, even if it is a recycling dumpster. Shredding the files does not stop them from being recyclable. It is not hard or time-consuming. If you cannot afford a shredder, check with the Better Business Bureau, and they may be able to let you know of a free shredding day.

Take the time to protect your customers. We do — we take tenant records very seriously. I urge all my business tenants — and even those businesses who don’t use self storage — to give some thought to your record disposal practices. Someday, the thoughtfulness of a small business owner may be the only thing standing between you and identity theft — and when that day comes, believe me, you will realize how serious a matter this can be.

Go, Denver!

Saturday, May 22nd, 2010

According to research reported in last week’s Denver Business Journal, Denver has the 3rd strongest economy in the nation — or at least the third strongest economy when compared to 365 other metro areas in the United States. It’s Denver’s best rating ever from Policom (the economics research firm that compiled the report). Last year Denver was in 7th place, the previous year it was in 17th, and in 2007 it was 19th.

You know what that means. That means Denver is headed for number one. At least that’s my interpretation of these results!

Policom’s data was based  not only on how Denver did in 2009, but on trends that have been underway since 1989. Maybe I’m exaggerating when I say that Denver will be number one soon — and then again, maybe not! — but Denver certainly isn’t going to drop back down to number 19 by this time next year. The economic changes measured by Policom have been taking place for more than 20 years. You can’t just turn that steam engine around…

So if you  are looking for a place to relocate where you stand a good chance of finding a job, or if you are looking for a livable, family-friend city to use as the headquarters for a small business (or a large one), look no further. Denver has everything you want — consistent growth, living wages, and — best of all — great self storage facilities with friendly, helpful staff.

Go Denver!

Denver is NOT “Cleveland with a Nice Backdrop”

Tuesday, April 27th, 2010

Eleven years ago, according to today’s Denver Post, the New York Daily News called Denver “Cleveland with a nice backdrop.” Even today those words still rankle — which I guess is why the Post reprinted them. No offense, Cleveland. You are still the Rock ‘n Roll Capital of the World. But Denver — Denver is the Mile High City. It’s within spitting distance of the Rocky Mountains. It’s the West, for goodness’ sake, not the Midwest. And culturally, that makes all the difference in the world. It’s not the backdrop that makes a city. It’s the people.
I don’t know why Fortune 500 companies are leaving Denver. In case you haven’t heard, we’re losing another one — this time it’s Qwest, which was just taken over by CenturyTel. CenturyTel is based in Louisiana and it doesn’t care to have a Denver subsidiary, so Qwest is heading for the Deep South. It’s like losing Frontier Airlines all over again (Frontier moved after it was bought by Republic Airways). It’s not quite as bad as when MillerCoors packed up and left for Chicago (where are you getting that Rocky Mountain spring water now, Coors? out of Lake Michigan?) What I do know is this — a community does not need a requisite number of Fortune 500 companies in order to thrive. The United States economy was built on small businesses — businesses like self storage companies, for example. Denver’s small businesses can support our economy just fine.
We are going to have to find another sponsor for the National Western Stock Show & Rodeo, though…
Qwest employees, if you decide to head for hurricane country along with the company, my advice is, put your possessions in self storage. No sense in moving them if you’re only going to turn around and come back. I think you’re going to miss Denver. And even if Qwest never makes it back here — my guess is that you will.

Will Health Care Reform Help Self Storage Owner Operators?

Tuesday, March 30th, 2010

Do I have health insurance? Only my doctor knows for sure… In general, though, small business owners tend to be uninsured. About sixty percent of people who lack health insurance are small business owners or employees — and about 90 percent of self-storage companies are small businesses owned by a single entrepreneur, according to a national Self Storage Association fact sheet.

Let’s say that I don’t have health insurance. How will the new health care reform bill affect me?

Well, for starters, if I run a business with 50 or more employees, I will have to get health insurance — and provide it to my employees, or pay a fee. I will have to make sure that the health insurance I choose covers preventive care, and make sure that I pick a plan that covers dependent children up to age 26. On the other hand, if I do not have that many employees, and most self storage facilities do not, then I do not have to provide health insurance–but I can still choose from among the options provided by the health care reform bill.  I will have several choices (and at least one newspaper has reported that the Secretary of Health and Human Services will be providing a website that I can use to compare the choices that are available in my state):

  • I can buy health insurance from a private company, pay for it myself, and receive a tax credit for about 35 percent of the health insurance premiums that I pay for insurance for myself and my employees, assuming I have ten or fewer employees.  If I earn up to 400 percent of the poverty level, I can get a federal subsidy to help pay for my health insurance.
  • If my income is low enough, I may be able to use Medicaid as my health insurance.
  • As of 2014, I can choose to participate in a SHOP — a Small Business Health Option Program offered by the states. This means I can pool my resources with those of other businesses and buy health insurance together, cooperatively, for all our employees. By participating in a SHOP I can get tax credits covering 50 percent of my employees’ health insurance premiums for two years.

Those are the basics. Everyone seems to be arguing about whether or not health insurance is going to cost small businesses more under health care reform. For most small businesses, and most self storage companies, except for small businesses in the lowest income brackets, it seems that the answer will be yes, if we did not provide health insurance before and now are going to be providing it. For small business owners who were already buying health insurance, it seems that the answer may be no — health insurance may become more affordable, or become an option for the first time ever, as a result of subsidies and cooperatives like these SHOPs, and as a result of tax credits and federal subsidies.

Is health care reform worth the possibility of added expenses — for small businesses or for the government? Well — all I can say is, it looks like we’re going to find out.

[Note: several facts in this blog entry were corrected on March 30 at 1:55 p.m.]

The Outlook is Bright for Denver Small Businesses

Saturday, March 13th, 2010

The Denver Metro Chamber of Commerce held its annual State of Small Business event this week. With the recession still in full swing, it could have been a gloomy and somber gathering–but it wasn’t. According to Mark Snead, the assistant vice president, branch executive and economist for the Denver branch of the Federal Reserve Bank of Kansas City (and here’s a map you can look at if you are wondering why the Federal Reserve Bank of Kansas City has a Denver branch), our economic tide has turned. “I’ve gone from thinking about what the downturn will look like to what the recovery will look like,” Snead said in Wednesday’s Denver Business Journal. “I’ve become much more optimistic in the last 60 days.”

What have the last 60 days been like for you? Feeling optimistic? Me too.

Patty Silverstein, who the DBJ was on the same panel with Snead, agreed, noting that recessions encourage people to become more innovative. That innovation, she said, is driven by small businesses. I have to agree. Anyone in the self-storage industry, I think, would have to agree–a large percentage of self-storage facilities are small businesses, conceived of and run by entrepreneurs in the best American spirit. And if small businesses are going to drive Denver’s economic recovery, I can’t think of a better group of people to rely on to do it.

Small Business Advice: Save Money By Lowering Overhead

Saturday, February 20th, 2010

Some Denver businesses have found a way to ride out the economic downturn without going out of business — they have managed to reduce overhead by downsizing. The biggest overhead expense for many businesses, especially service businesses, is rent. There are three ways to reduce rent expenses, if you are a business: move to a less expensive location, move to a smaller location, or run your business out of your home. Increasingly, many entrepreneurs are choosing to do the latter. Working from home works well for:

  • professionals whose clients do not need much face-to-face time in an office, or who can meet clients in the client’s office, such as lawyers, accountants, writers, editors, and consultants
  • people who run service businesses where they see only one client at a time, such as massage therapists, health care practitioners, veterinarians, tutors, pet groomers and petsitters, private investigators
  • people who run businesses in which the essential work of the business goes on off-site in response to a call, such as plumbers, air conditioning/heating repairworkers, construction work contractors and subcontractors, and information technology specialists
  • people who run businesses that are Internet-based
  • people who run businesses that don’t depend on customers who wander in off the street on impulse while shopping
  • people who run retail businesses with sales that are based on home parties or personal connections, like Tupperware, Usborne Books, or Young Living Essential Oils

It isn’t necessary to have a lot of extra space in your home to shift your business to your home. You need to have enough room for your day-to-day work, of course. But inventory and supplies can be stored off-site, in a nearby self-storage unit. At Extra Space, we have professionals who use self-storage to hold the files they need to archive, retailers who use our units to hold inventory, salespeople who use our space to hold samples, and repairmen who use self-storage to hold tools that they need but do not use daily. It can be a big relief to stop writing a monthly check for office rent in addition to the rent or mortgage payment check that you write for housing. For some small business owners, self-storage is the creative solution that saved their businesses. Think about it.

Denver Small Businesses Deserve a Rating of A

Wednesday, January 13th, 2010

Colorado is a great place to do business. Ask anyone.

Toward the end of 2009, the Small Business & Entrepreneurship Council, which rates the states on how friendly their legislative policies are to small business, gave Colorado a rating of 8th. That means that out of the 50 states, Colorado was the 8th most friendly to small businesses — up from 10th in 2008 and 11th in 2007.

In September, the Tax Foundation, a Washington-based group, called Colorado’s tax system the 13th most friendly to business in general. Our sales tax runs a little high but our property taxes tend to be low. The same month, Forbes ranked Colorado as the 4th best state for business in America. In fact, Forbes rates us number 1 when it came to labor supply — I knew Coloradans were the best workers in the country!

And Denver is even better than the rest of Colorado — we’re the third best city for business, according to studies done by Market Watch (a division of Dow Jones) in 2008 and 2009.

So why are we so down on ourselves? The Denver Business Journal says that its readers, rating their OWN businesses, gave themselves low grades. Twenty-six percent of DBJ readers gave themselves a C grade, 20 percent gave themselves a D, and 14 percent gave themselves an F. Only 14 percent gave themselves an A.

Business owners of Denver, please. Give yourselves the credit you deserve. You work hard every day. I know self-storage operators work hard — and we do a good job, too. This is no time for false modesty–I think we deserve an A. And you do, too.

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