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09 20 2016

09 20 2016

Top Strategies for Renovating your Small Business

Whether the office or store for your small business is out of date or whether you just want to change things up a bit, undergoing a renovation is a great way to spruce up the place. In addition to simply remodeling office space or a storefront for aesthetic reasons, there are many great strategies you can implement during the renovation to ensure it’s not only going to make the place look good, but that it will also benefit the business in some tangible way.

From aligning branding efforts to building energy efficiency, you can use the renovation project as a means to streamline operations and reach more potential customers that hopefully translates into increased sales. Here are a few strategies for using renovation as a means to expand your small business:

Align branding efforts

For small businesses really focused on building brand recognition, one of the most important aspects of this process is ensuring every client-facing aspect of your brand is aligned and consistent. Renovating your office or store helps unify branding efforts. This can include painting a few walls the same color that’s used in your branding guidelines, or incorporating an aspect of your logo into the design of the space. By aligning your branding efforts with your remodeling project, you’re linking both the company’s physical space and its mental image in the customer’s or client’s head. This helps keep your small business top of mind, and creates a holistic brand across your entire organization.

Include energy-efficiency features

Small business owners are doing whatever they can to trim overhead and boost profit margins. One of the areas many owners are tackling is energy consumption. Consider building energy efficiency into the renovation plan as well. As noted by ENERGY STAR, the cost of energy has been rising and will only continue to do so in the future. The source noted that the best way to combat these increasing costs is to cut energy usage. Companies that take proactive measures to staunch their energy consumption can maintain lower utility bills. Features to incorporate during the remodeling process to lower energy usage includes installing programmable thermostats, double-pane windows or even automatic bathroom faucets. By incorporating these features into the small business renovation, you can potentially lower your annual energy costs by a substantial margin.

Optimize space efficiency

A small business renovation brings with it the opportunity to re-evaluate the company’s floor plan. Use this time to review the layout and try to identify potential departments or employees that would be better served working closer to one another or in a different section of the company.  Having a more efficient workspace can maximize employee interactions and boost productivity. In addition, a sleek environment also acts as a good selling point when seeking out new candidates for an open position. As competition for top prospects becomes greater, even the slightest incentive, such as an efficient floor plan, can be the one thing that makes the difference.

Make a show of it

Instead of trying to downplay any disruption or potential downtime that might arise during the course of the renovation project, highlight the fact to customers, clients, industry peers and the community. This could be a good way to illustrate that the company is growing, which can create additional business down the road. Use the renovation in promotional materials and even an entire marketing campaign. People are always interested in when something is undergoing a change, and remodeling a business is no different. The entire project then becomes easily shareable fodder for social media posts – you can even include progress pictures to show the public how things are coming along. Then when all the work is complete, use it as an opportunity for a sale, a promotion or some other kind of deal.

Consider alternative financing options

A small business renovation can be a major undertaking, requiring a large influx of capital for the project. From the contractors to the materials and the potential for some downtime, remodeling your office or store will require careful budgeting and resource allocation. In addition, the Houston Chronicle noted that other external factors can impact the cost too, such as rezoning issues. As shown though, these projects can generate growth opportunities if you implement a strategy to use the renovation to your benefit.

Another way to leverage these projects is to utilize a small business loan from an alternative lender. With quick and easy access to this crucial capital, you can undertake the renovation your company needs to succeed. Opting to forge ahead with piecemeal projects over a long time span will ultimately be more expensive since many contractors provide locked-in rates and deals for larger contracts. With the increased capital from a small business loan, you can ensure the renovation project creates even more added value to the company.

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