Upgrading Your Commercial Property? 3 Things to Consider First
Your business is too important to pick just anywhere to set up shop, which is why it pays to do your due diligence. Before you choose a commercial property, it is important to think through the process carefully, especially since your choice could significantly impact your ability to remain profitable. Here are three things to consider before putting in a bid on commercial properties.
1. Past Growth
Before you settle on a commercial workspace, it is important to think carefully about how much your company could grow down the road. While you never know how things will unfold, you can gain a more accurate idea of what might happen by looking at your past growth. Talk with your accounting team about how much your sales have grown from year to year, and think about where you are headed. Try to find a commercial space with enough room to continue your current growth pattern, just in case you need to hire more people or add more equipment.
2. Employee Morale
Your workspace can impact employee morale significantly, which is why it is a good idea to look for a bright, uplifting space. Pay attention to the office area, the main common spaces, and even the parking lot to see what your employees might be confronted with on a day-to-day basis. If you aren't sure what your workers might think of a space, take some pictures of potential properties and show them to your employees.
3. Germ Transmission
These days, being able to transform your space to prevent germ transmission is important. Think about where you would put things like plexiglass barriers, or how you would separate employees from one another in common areas, especially if you plan to work in the office before the COVID-19 pandemic is resolved. If you have employees who are terminally ill or immunocompromised, make sure they will have the chance to work in an area that is largely isolated from other areas. Think of how you would manage operations if an employee were to get sick and make sure your space is flexible.
Anytime you start thinking seriously about upgrading your commercial space, work with a commercial mortgage broker to understand your financial options. Find out how much of a loan you could qualify for, and what you want the property to be like down the road. By choosing the right place, you can maintain your financial liquidity, while also building your business and brand.