Business expansions and renovations are costly. From the start, you should know that it’s not that cheap to invest in a commercial addition in Fort Wayne, Memphis, or wherever your business is located. You will spend a lot of money to expand and renovate your space. However, the pros still outweigh the cons in this case. Let’s look at some of the major benefits a building renovation can give your business:
The Benefits of Renovating on a Business
Better Use of Space
One of the major benefits of renovating your office or shop is that you are able to optimize all the space available to you. Old outdated layouts can now be updated into more modern designs.
One of the top office design layouts is the open concept layout, which lets your space look bigger and more spacious. It takes away the cramped feel of a typical office and creates a more dynamic environment for employees to interact for better production. Also, an updated and modern look is attractive to prospective employees. A well-designed working environment can increase both recruitment and retention rates for business.
Nowadays, a lot of business owners are looking at cutting costs with their energy consumption. While it will be initially costly to have your office or shop renovated, the long-term pros far outweigh the short-term cons.
Energy consumption makes up about 50% to 60% of a company’s total monthly expenses. Upgrading to a “green” office with double-pane windows, automatic faucets, and a programmable thermostat can significantly reduce your annual energy consumption by 30% to 40%.
Visually Attractive to Clients and Customers
A fresh new look is inviting to the eyes of clients and customers, both old and new. There’s nothing like a newly-renovated place to pique people’s curiosity. This new look is the key to bringing in more new clients. It also makes a bigger impression on your existing clientele that could probably lead to recommendations to other prospective clients. Plus, nothing gets people talking than a renovation. Structural and design facelifts generate buzz in the local community which gives you additional promotion and marketing via word-of-mouth.
You will know if your renovation is successful based on your employees’ response. If it makes the job easier for them and they’re excited to go to work, then you know you did the right thing.
New environments, colors, and designs inspire people and make them more enthusiastic. An inspired and enthusiastic person is more productive than an uninspired one. Better performance from your people means better opportunities and returns for your company.
A well-executed business renovation will inevitably raise a company’s revenues to certain levels that may qualify them for a business loan for future expansion or branching out. The government is willing to give out business loans to qualified enterprises since small businesses help create jobs for more people which generates an increase in tax revenues.
Renovating an office or commercial space can be costly but the long-term effects can be beneficial to you and your company. Do not think of it as an expense. Rather, think of it as a sound investment to secure your company’s competitive edge and future.