When you own a commercial property, your priority is to make it as profitable as possible. You spend most of your time determining fair rental prices and seeking inexpensive ways to increase your ROI.
However, you can’t lose sight of all the individual trees when you survey your forest. Here are six smaller considerations for commercial properties that can make a significant impact on your bottom line.
1. Securing Your Storage
As a commercial property owner, you run an increased risk of theft. One national survey in Britain indicated that 24% of retail establishments experienced burglary beyond shoplifting, compared to only 4% of residences. Thieves know there’s less of a chance of surprising someone after hours, and they take advantage of the darkness to smash and grab.
Therefore, you need to secure your facility. A high-quality, opaque garage door conceals your workshop contents from prying eyes. It could also save you cash by insulating against cold air in winter and the worst of the summertime heat. If you have picture windows displaying your wares, invest in a pull-down metal screen — bars alone can still let opportunistic criminals grab smaller objects within easy reach.
2. Maintaining Data Integrity
This consideration can make a huge impact on your bottom line, depending upon your industry. The accounting firm that rents office space from you has a fiduciary duty to protect their client’s personal data — but as the property owner, you should provide the necessary infrastructure for them to do so.
For example, you may need to upgrade the wiring of older buildings to fiber-optic technology to allow for the highest internet speeds. With today’s global society, much work takes place via the cloud, and organizations need rapid access to securely save documents containing proprietary information.
You should take precautions to safeguard your business records if you haven’t already. Ensure you protect your electronic equipment with the latest anti-malware software and keep your devices updated.
3. Automating Repeated Processes
How much time do you waste replying to emails that only require a read receipt or other lower-
level operations, like reviewing standard lease agreements? Why not let the miracle of technology handle the menial tasks so you can devote more of your time to expanding your enterprises?
To determine the right software package, begin by defining your business goals. For example, if you own several facilities, managing lease renewals and getting documents signed could occupy a significant portion of your time. Now that you know what your software needs to do — check these contracts for completeness and compliance — you can find the right product to streamline your operations.
4. Improving Indoor Air Quality
You probably learned quite a bit about indoor air quality over the past year. While there is hope on the horizon that the current pandemic will soon abate, other nasty germs lurk on the horizon. Plus, you want to minimize the number of sick days your employees take — and avoid falling ill yourself.
Talk with your maintenance team about how frequently you should change your air filters. If you recently purchased an older building and have concerns about mold growth or witness any growth on any HVAC components, consider getting the ducts cleaned. You’ll create a healthier and more productive workplace.
5. Creating an Ergonomic Workplace
Every year, 600,000 workers call in sick to cope with repetitive strain injuries. While ergonomics may seem like a smaller consideration for a commercial property, it can make a tremendous difference in productivity.
If you conduct business operations out of your property, not only lease space, please consider letting your staff have a say in their workstation design. Some employees might benefit from variable-height desks that some claim ease back pain.
However, others who aren’t neurotypical could get dizzy when standing too long and benefit more from an inflatable fitness ball than a chair. Remember, one size doesn’t necessarily fit all — so give your workers a choice in comfort.
6. Minimizing Your Carbon Footprint
Environmental consciousness is crucial to the ongoing viability of the planet, but you don’t need to scare yourself into becoming more eco-friendly. Well over one-third of consumers say they would pay up to 5% more for sustainable products, and Generation Z is most likely to shell out extra cash.
Therefore, if you want to keep present and future customers happy, make sustainability part of
your marketing mission. When building new or renovating commercial buildings, consider applying for LEED certification by choosing renewable materials and reducing your carbon footprint.
You can also make smaller, yet cost-effective, changes between major projects, such as switching to LED lighting and installing recycling bins.
Keep These 6 Smaller Considerations in Mind for Your Commercial Property
If you have a commercial property, you can get so involved with the big picture that you forget the minor details that make a difference. Keep these six smaller considerations in mind for your commercial property.
Oscar Collins is the managing editor at Modded. He writes about cars, fitness, the outdoors and more. Follow @TModded on Twitter for more articles from the Modded team.
Really loved this post. The way of explaining each and every point is amazing.