Should You Renovate Your Office Or Build A New One?
Every company’s office space is directly linked to its employees productivity and morale. It also affects the impression you give existing and prospective clients. So, it is important to put some thought into whether a renovation is enough, or if you need to build your office from scratch.
Take a look at the various scenarios in which is ideal to opt for a renovation and when it is time to splurge on building a new office. This way you’ll be able to make a decision that makes the most sense for your business.
When You Should Choose to Renovate Your Office:
If Your Office is Already Well-Equipped:
If your office has the best systems, software and equipment, a renovation will suffice. You can easily upgrade anything you want within the same space, like change the plumbing, repaint the interiors or buy new furniture.
If Your Office Holds Practical Or Sentimental Value:
If your current office space is where your company was founded, it might feel like your firm’s identity. Secondly, if your office is in a prime business district or where you get walk-in customers, you may want to stay right there. In this case you can consider renovating your office to combine the best of the old with the new.
If Your Company Completed A Merger Or Acquisition:
Merging with another enterprise usually results in the need for a larger workspace and more facilities. If your office is spacious enough, you can simply renovate it to give your interiors a new look. You can also change the layout to accommodate more people and equipment.
If Your Office is in an Older Building:
Old offices aren’t usually fitted with energy-efficient technology. If this is becoming a major expense, you can try to add more energy-saving products to the workspace. This can include double-paned windows (to avoid temperature fluctuation) and compact fluorescent lamps along with energy-efficient lights, solar powered fixtures and ACs.
If You Need Better Access To Resources:
Even if your office has lots of space, clutter can cause chaos and inefficiency. Also, as you grow and diversify, your existing layout may no longer be as useful. Renovation is ideal in either of these cases.
Also Read : Tips On Organising Your Business
When You Should Rebuild Your Office:
If Your Office Needs A Technological Overhaul
Certain buildings or spaces are unsuitable for modern technology. If your business relies on electrical systems, heavy equipment and machinery, it is better to consider a rebuild.
If You Want To Create A New Identity:
If you feel that your office’s environment doesn’t fuel productivity, consider building it from scratch. It gives you a clean slate so that you can construct an office to your exact specifications. If the appearance of your business is of prime importance, this option allows greater freedom.
If You Need To Make Structural Changes:
If you want to make structural changes to your office to make better use of space, building from scratch can be more cost-effective. These projects are expensive and require a set of permissions when renovating. But, this isn’t always the case when you build anew.
If You Want To Be Sustainable:
While renovation works for small changes, building an office allows you to makes major alterations. For example, building an office can improve energy-efficiency, as you are free to use new building materials, floor plans, and electrical and plumbing systems.
If You Want To Reduce Maintenance Costs:
Since constructing involves using new materials, you won’t have to worry about maintenance costs for a long time. You can also avail of a construction warranty. This ensures that you enjoy low maintenance costs for years to come.
While you renovate or rebuild your office, consider working remotely, or provide your employees with an alternative. A co-working space can be an ideal solution in this case. Remember that whichever option you choose, you’ll have to bear a significant expense. Ensure that your business does not suffer during this period. Opt for a Business Loan from Bajaj Finserv to make sure you have enough funds to meet everyday needs. Bajaj Finserv also offers an excellent line of credit facility that caters to all your customised needs.