Commercial renovations are great opportunities to revitalize your facilities to improve your company's prospects. However, you need to avoid certain commercial renovation mistakes that could hold you back in your progress.
The following are six mistakes you should avoid when you're making plans for a commercial renovation.
Failing to calculate the approximate return on investment of the project
You should always be calculating the return on investment for any investment you make in your company. This helps you determine the value of the renovation for your commercial interests.
It may be a bit challenging to calculate return on investment for a renovation, but you should at least get an approximate estimate of how much your renovation will increase the profitability of your company.
Planning for a budget that's too tight
While setting a budget for a renovation project is important, it's impossible to calculate how much your renovation will cost exactly. There is always the possibility that added costs will come up. That's why you should fit some leeway into your budget and make sure you can handle added costs if they come up.
Ignoring input from staff members
If you want to renovate one of your facilities, you might want to discuss the project with your staff members. Your staff members can probably offer you some valuable insights on important improvements you need to make to your facilities that will lead to more satisfied customers and employees.
Not having a clear goal in mind
A commercial renovation should have some clear issues in mind that it is designed to address. Set some objectives you want to achieve during your renovation and make sure to keep them in mind throughout the project.
Failing to partner with the right contractors
When you need to have a commercial renovation done at your facilities, it's a good idea to partner together with contractors that you can develop a long-term relationship with.
Get to know different contractors when you're getting quotes on your renovation project and hire the contractor who you feel can really understand the vision you have for your company for the future.
Overlooking possible tax or financing incentives
If you really want to achieve a great ROI with your renovation project, you should pursue tax and financing incentives.
You might be able to enjoy certain tax credits if you're able to add some energy efficiency features to your facilities. Adding safety features to your facilities could make it easier for you to acquire financing when needed or lower your commercial insurance premiums.
Contact a company like B. E. Vaughan & Son, Inc. to learn more.
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