To renovate or move the business instead? This is one question that often haunts the minds of business owners. Whether your business is now growing or needs a business premise makeover, you will need to ask yourself which option makes better sense.
Renovating your business premises and relocating have their own pros and cons. Failure to weigh in your options can stir trouble and cause a considerable amount of investment to go waste. Here are a few considerations worth keeping in mind before you move or renovate.
What to Consider When Renovating or Relocating Your Business
Whichever path you choose, it pays to do a bit of research and plan your project from the smallest details and up. You want to make sure you got everything covered, from the costs to the time frame and the finished product. Craft a contingency plan in place and be ready for any potential challenges you may face.
Aside from rigorous planning and consideration, make sure you keep sustainability in mind. Most consumers demand businesses to be more mindful of the environment. You can use this opportunity to boost your brand image and start marketing your business as a more eco-friendly brand.
For instance, your office now requires a new roof. Consider a roofing solution like corrugated plastic roofing sheets and buy them from a local supplier. The fact that you are buying a durable product from a local business to supply your required materials makes your project a more eco-friendly one.
Your total budget can dictate whether a renovation or relocation is a better solution. Check which options you can better afford and will help your business more in the long run. A full understanding of all costs involved will allow you to make the best decision for your business.
Don’t forget about the location. If your current location is in an ideal place for both you, your customers, employees, and suppliers, consider staying and renovating. If not, you need to check which location can bring you closer to your target audiences and staff.
Other crucial considerations are your plans. If you plan on growing your brand, then your relocation or renovation project needs to support your expansion goals. If your decision can only accommodate your current needs but not your goals five years from now, then you might be putting your investment to waste.
When Office Renovation Makes Sense
A business premise revamp can help you improve your company image while retaining your original brand location. Your customers won’t have a hard time trying to figure out where your new location is. A pleasant surprise will be waiting for their next visit after you’re finished with the revamp.
Your employees can also benefit from their brand-new office. If you incorporate their ideas during the renovation and improve the place in favor of their comfort, safety, and convenience, this can help revitalize your hardworking staff. This can help boost their productivity, all the while preparing your brand for the future.
You can also enjoy tax savings after reducing the renovation costs. If you have an extremely desirable location, then a renovation can be a better choice. Of course, you need to consider the potential downsides, including business interruptions, renewal of the lease, costs of the project, and the limitations set by your landlord’s binding contract.
When Business Relocation Can Be a Better Choice
There are circumstances when relocating is a better option. Are you not getting enough foot traffic, or are your employees and customers at a safety risk? Or if your space is no longer available or is now too expensive, then relocating makes better sense.
A business relocation allows you to expand or downsize your brand depending on your needs. You can avoid having to pay for new construction and instead invest in a viable office space improvement. You can even enjoy a less expensive remodel and leverage your tenant improvement dollars.
Like all good things, you need to consider the cons of the business relocation. This includes the potential loss of clients and the need to comply with new business regulations. Don’t forget about the moving costs, business interruption, and the risk of losing some of your employees.
Businesses can have varying reasons why a renovation or relocation is required. This can be due to an immediate need to downsize, accommodate business expansion, or bring their business closer to their target market. No matter your reason, make sure to weigh in your available options before finalizing a decision. This way, you can avoid making a costly investment and start helping your brand thrive better during these trying times.
