So you’re thinking about renovating your commercial property in Alberta. What’s keeping you on the fence? Expense of course. That, and the fact that you’re concerned about any loss of revenue that may or may not occur during the renovation process. These are valid points, however, there are many more variables found on the flip side of your commercial coin, ones that demonstrate that going without a renovation for much longer can cost you much more in both the short and long run. Since time is of essence, let’s jump right in to it.
1. Keeping Up to Code
Older commercial properties in Alberta were built under outdated building codes. This sets the table for all sorts of concerns, including overall safety of the building which opens you up to a wealth of commercial liability concerns that can leave you bankrupt.
However, the intent of this point is not to scare, but to note the economic opportunity. Complying with the latest commercial building code updates can lead to economies of scale and lower prices as companies compete with brick and mortar based product/service providers that meet the new code requirements. While that may seem all fine and dandy for the consumer driven economy, does this help your bottom line? You’ll see that it does as we move on to the next point.
2. Energy Efficiency to Save on Utilities
The old building codes of Alberta ignored energy efficiency. What remains, are buildings with a thermal resistant R-value as low as R12. The resulting cost in monthly energy usage has a direct short and long term impact on your bottom line. By renovating your property and retrofitting for better insulation you will reduce your energy expenditure beginning from the very first month. Not only are utilities cut, you may receive commercial tax benefits that you never before qualified for. This all means that you can begin seeing a return on investment right away. What you choose to do with this (i.e. reduce prices to edge out competition) is up to you!
3. Energy Efficiency for Marketing
There’s another business angle to renovating for improved energy efficiency. A big segment of today’s consumer base chooses to throw their support (and disposable income) behind businesses that are known to operate sustainably. There is proof in this pudding. For instance, studies across the border show that energy efficient hotels were able to charge higher rates for comparable rooms, indicating consumer willingness to spend more for the sake of sustainability. The same studies show that even banks enjoy a revenue bump as the result of certification. With Canada consistently named a top country for green building, will your business help Alberta contribute, while providing yourself with an invaluable marketing message to attract more business?
4. You Have Experienced Growth
Another reason to move forward with a commercial renovation, is expansion. If your business has experienced recent success, you will want to strike while the iron is hot, using your momentum to expand operations. This often involves more equipment, more product, and more staff. To accommodate any of the above, you will need to expand your brick and mortar mortar space along with those operations.
5. You Want to Make Room for Growth
Sometimes the chicken comes before the egg (or vice versa?). Before you can experience growth in business, you may need to create the space to do so. Use something as simple as a quaint coffee shop as an example. If consumers know that your space fits only a dozen occupants at a time, they may not even bother passing by to see if there is room for them and their friends. Instead, they’ll head on over to a competitor who does have the space to accommodate them. If your analysis uncovers the fact that you have not grown because there is no room to do so, then take the necessary action.
6. Weather Damage
Harsh Alberta weather takes its toll on commercial buildings. You of course have attended to any significant damage sustained from recent storms, but what about the smaller, less obvious structural issues? Far too often building owners let them slide, especially if those issues don’t impact day to day operations and current customer experience.
However, putting off even the smallest of repairs is a very bad idea. A small structural issue can become a much bigger one within weeks or months, with early disregard leading to significantly greater future expense and liability concerns to boot.
7. Weather Preparedness
If you’ve been fortunate enough to escape the brunt of strong Alberta windstorms, freezing temperatures and fires, it doesn’t mean you’re in the clear. If your building has not been retrofitted to account for all of these concerns, it is best to take preventative action before the season for each arrives. Essentially, that means right away.
8. Functional Improvements for Better Business Flow
This applies to the activities of in-house staff and customers alike. Commercial architects and designers of today have applied decades of studies together with current technological data to arrive at key conclusions for each type of space, be it retail, office, or other. These conclusions seek to optimize a space for staff productivity and customer flow, both of which (as applicable) will better serve the bottom line of your business. Perhaps it’s time to take a good hard look at your commercial space, bring in a designer, and see what can be done to make the necessary functional improvements.
9. Aesthetic Improvements to Attract More Business
One of the biggest reasons to consider a renovation is the most obvious. The better your commercial property looks, the more business it can attract. This is especially true for retail, hospitality, and leisure operations, although the same can be true for office spaces and everything else in between. Heck, local residents get excited about a renovation, and because of this, it in itself becomes an invaluable marketing tool to build eager anticipation for completion. Even lost customers from months or years ago can become loyal ones once again.
If you’re ready to hit the refresh button on your brick and mortar in Central Alberta, contact Apple Building Systems Inc. for all of your commercial building renovation needs today.