New construction is exciting, but renovating an existing business space can be just as rewarding. When you consider the cost of new construction from a build-out standpoint and the potential return on investment, commercial renovations may be the better option for your company. In addition to making your office space more efficient, renovating it can boost your company’s bottom line. A renovation project can have significant financial gains for any business. In fact, many companies that have renovated their buildings have reported increases in profits ranging from 30 to 60%. Whether you are planning or in the middle of a renovation project, here are 5 tips to increase your bottom line with commercial renovations.
Be Clear About Your Company Goals
Before you start looking for contractors, materials, or even a location, you need to be clear on your company goals. What do you want an office renovation to achieve? What kind of image do you want to project? Is there a reason you’re choosing to renovate instead of build? What are the goals of your renovation? These are all questions to ask yourself before renovating an office space. If you don’t know what you want or why you want it, your renovation will likely fail to meet your goals and will be a waste of money.
Hire a Great Commercial Renovation Contractor
Hiring a contractor to help with your commercial renovation project may seem like a no-brainer, but it’s important to hire a reputable contractor if you want to experience the benefits of a renovation. It’s challenging to identify a contractor that has the experience needed to get your renovation done on time and within your budget. If you don’t hire a great contractor, you may find that your renovation is behind schedule, over budget, and/or unfinished. A contractor with a proven track record of success is more likely to achieve your goals and keep your project on time and under budget.
Make Sure the Space is Functional and Well-Decorated
One of the biggest benefits of an office renovation is being able to create the type of functional space that is needed for the company. The way the space is designed and decorated can greatly affect a company’s ability to work productively. While the aesthetics of an office are important, you also want to make sure the space is functional. For example, if your company has employees that use computers, you should make sure your office renovation includes room for them to work. If you’re renovating an existing space, you may also want to consider how to best incorporate the existing decor. You don’t want to make drastic alterations to the space just for the sake of changing it. Consider how any renovations will affect the look and feel of the space.
Installing Energy Efficient Equipment
Many businesses overlook the benefits of installing energy-efficient equipment into their space during a renovation. Installing energy-efficient equipment such as LED lights, energy-saving appliances, and more can have a significant impact on your electricity bill. In fact, retrofitting your building with energy-efficient equipment can save you thousands of dollars each year. Not only will you save money on your monthly bill, but you’ll also reduce your carbon footprint. There are many energy-efficient products available on the market today that have a long lifespan and will last for many years to come. These products are more expensive than their traditional counterparts, but the payback period on them is usually much shorter.
Don’t Forget about the People in Your Office
Before you start renovating, make sure you’ve considered the impact it will have on your employees. While some office renovations can improve productivity and morale, others can be disruptive and stressful for workers. If you plan to renovate an existing office space, make sure you’re mindful of how it may affect your employees. Keep their needs and concerns in mind when scheduling the project and when choosing contractors. For example, if your renovation project will disrupt your employees’ workspaces, make sure you offer them alternative spaces where they can work while the renovation is taking place. If possible, try to schedule the renovation during times when your employees would normally be on vacation or off work.
Working with Commercial Renovation Contractors
When you consider the cost of new construction from a build-out standpoint and the potential return on investment, commercial renovation may be the better option for your company. In addition to making your office space more efficient, renovating it can boost your company’s bottom line. A renovation project can have significant financial gains for any business. Whether you are planning a renovation or in the middle of a renovation project, be clear about your company goals, hire a great contractor, make sure the space is functional and well-decorated, install energy-efficient equipment, and don’t forget about the people in your office. Look to Lower Building Group, we’re Vancouver’s top commercial renovations specialist.