Before the pandemic, office spaces were getting smaller because businesses were trying to save on overhead costs. Some employees are even encouraged to work from their homes instead of using up essential office space. But because of the pandemic, many of these small offices and businesses have to close and forego their lease. It was a lose-lose situation for the tenant and landlord. That is why if your business happens to remain standing now, count yourself blessed. Many never had the opportunity.
This is also the best time to think about expanding your business. Rental prices are down since no one can commit long-term to a contract. Landlords are forced to offer their commercial spaces for lower than their original contract prices, so grab this opportunity. While you shouldn’t jump the gun by signing a five-year lease, there is wisdom in trying to secure at least a two- to three-year lease if the location is good enough.
Protect Present Assets
But if you’re going to have a small renovation in the office, make sure that your current assets are well-protected. If you’re taking up the next vacant office space, ask your contractors to use construction floor protection products when renovating the unit. That will ensure that your existing flooring is protected from accidental breakage. Remember that though your business is thriving, spending too much on renovation and redesign is also a no-no.
Set a Limit on Your Budget
Don’t forget to set a limit on how much you can spend. As much as you want to give the expansion your best shot, it is not wise to spend so much on your office right now when money is still a bit tight for your customers. You have no idea until when your clients can continue supporting your business. Prepare an analysis of your budget. How much are your earning and spending? It’s okay if you don’t have the money for the renovation right now. Plenty of businesses even had to close. The important thing is to know how much you need so that you will be well-prepared next time.
Relocate Your Employees
Expanding your business’ physical space means moving things around… and not just things, but people, too. Where are your employees going to be relocated while you are renovating the office? It will be unsafe for the employees to work in the office. Plus, the noise from the construction may be too much for them. It will distract them to the point of becoming unproductive already.
There are two options: the first one is to let them work from their homes (but provide them what they need), and the second one is to rent a coworking space from where they can operate. Talk this out with your employees. They have as much say about it as you do.
Make Sense of the Time Frame
How many months will it take to complete the renovation? No business has all the time in the world for disrupted work. If they can’t go back to the office in two weeks or one month at the most, that will be too much productivity lost. Aim to finish the renovation in about a month. If the contractors need more time, consider transferring to another building, preferably one with the right size you need. There is no point expanding in a building complex that doesn’t suit your business needs anymore.
Expect and Address Problems
Everyone wants to think positively about the office expansion. Of course, it is a good idea. Of course, you will recuperate whatever money you poured into it. However, for this to work, you have to be realistic. What are the potential problems you are facing because of the expansion plans?
The first one is the budget. It is more likely that you will spend more than you will spend less. The second one is the deadline. Can the contractors meet the deadline, or do you have to close your business for an extended period? Any of these options will lead to customer loss, so it’s important to make any risk that you take count.
The best thing about planning to expand your office is just the thought that you can do it. With so many businesses closing either because of the pandemic or not, count yourself lucky that you are actually thinking about expanding your physical space and business operations. The problems that might arise because of the expansion are minuscule compared to what you had to go through to get to this point.