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5 Ways Commercial Refurbishment Can Save Your Business Money

The most important financial consideration that the management of a business has to make is deciding the best way to invest the funds available to them. It’s necessary to make sure you’re getting the most out of your cash and making the best decisions possible by carefully considering whether any investment you make will offer worthwhile returns for your business.

When it comes to shop fitting, this can sometimes be a tough call to make. A good commercial refurbishment can cost your business thousands of dollars, so you’ll want to be sure that you’re going to see adequate returns on this investment before you begin a project.

To help you make this decision, we’ve put together this list of five reasons that a commercial refurbishment might actually save your business money in the long run.

1. Increased Sales

The most obvious reason to invest in a commercial refurbishment is to boost your annual sales. When it comes to retail spaces, a good shop fitting service will make your store more attractive to your customers which may, in turn, boost your sales.

In fact, there are lots of anecdotal reports of businesses experiencing a turnover increase of 15-30% in the 12-24 months following a store fit-out. This is usually more than enough to justify the cost of the initial investment as, with these results, the fit-out more or less pays for itself within a couple of years.

Even if your store doesn’t see an immediate increase in turnover, you’re likely to see the benefits over a longer period of time, as the new fit-out may very well strengthen your branding and lead to long-term gains and increased customer retention.

2. Efficiency

A new shop-fit out can increase the efficiency of your business operations in many ways, which can save you money by reducing business expenses and thus provide a return on your initial investment via savings.

One way in which it can achieve this is by integrating energy-saving lights and other electronic devices in your business space. Switching to energy-saving lighting can reduce your electricity bills and your carbon footprint. This has the added benefit of making your business more environmentally-friendly and attractive to the conscious-consumer market.

A shop fit-out can also make your store more energy-efficient in other ways. For example, installing new windows and doors with adequate installation can keep your store warmer and make you less reliance on central heating, reducing your heating bill and saving you money over time.

In addition to making your store more energy-efficient, it can improve your efficiency in a more general sense too. For example, your store may benefit from updating equipment such as checkouts and barcode scanners to newer models, allowing manual tasks to be completed faster and potentially reducing the time your staff needs to spend on these tasks.

By rearranging the layout of your store, it may be possible to make the use of space more efficient, so that tasks such as store merchandising and cleaning can be completed faster and more effectively.

3. Fewer Repairs

Updating your old fixtures and equipment to new models will likely make them more durable and less likely to fall into disrepair. Whilst it might be tempting to cut down on the costs of a refurbishment by using old fixtures, this might not save you money in the long run as you’ll have to frequently replace this equipment when it becomes damaged.

Updating your equipment and fixtures is important for other reasons too. From a health and safety perspective, using old equipment may increase the risk of your staff or customers injuring themselves whilst on business premises. Loose screws, jagged edges, and damaged flooring can all be health and safety hazards.

Not only is this bad business practice, but it could also potentially lead to lawsuits if a customer or staff member was to be injured and pursue a claim. Refurbishing your store or business premise every few years will minimize this risk by refreshing the space and making it safer and more up-to-date.

4. Free Marketing

A typical business allocates a large portion of their funds to their marketing budget. This makes sense as your advertisements and promotional efforts ultimately drive sales and profitability. However, you may be able to save on marketing costs by refurbishing your store.

This is because your store itself can function as a marketing tool. A store fit-out could redesign the front of your store to make it more eye-catching and enticing for passing customers. This is often a better promotional tool than any billboard or poster could ever be.

Having a store refurbishment also gives you a great opportunity to do a full-scale ‘relaunch’ of your store. A relaunch provides the perfect promotional opportunity as you can market the relaunch event and drive new customers to your store, boosting sales and providing returns on your investment.

5. Deter Shoplifters

It might seem not seem intuitive, but refurbishing your store might actually help with loss prevention by helping you to minimize losses from shoplifting. The layout of your store can have more of an impact than you might think on how difficult it is for shoplifters to target. In some cases, changing the layout of your store can be more effective than investing in security personnel.

For example, changing the layout so that the more expensive items are at the back of the store can help to prevent grab-and-run-style opportunistic thefts. You could also utilize fixtures that make it more difficult for shoplifters to access expensive products, or increase the visibility of certain areas of your store by rearranging it so that your staff/security cameras always have a clear line of sight to every area.

Made Up Your Mind?

If you’ve already made your decision, and you feel that your business could benefit from investing in a commercial refurbishment, Whiteoak Developments may be able to help. Our team of professional shop fitters can help turn your design ideas into reality. Get in touch today to find out what we can do for you.

What Fields Contribute to Commercial Refurbishment?

Designing and stocking a store is a unique skill, and it’s one that takes experience and expertise to master. However, many people fail to realize just how much goes into shopfitting and why it’s worth bringing aboard experts when it’s time to open or revamp a shop. Here are some of fields that influence commercial refurbishment and why they’re so important.

Psychology

The field of psychology is broad, as it’s based on the study of human behavior. Countless psychological studies have shown that small factors can influence whether a visitor is likely to make a purchase when visiting a store, and commercial refurbishment experts use this information when working with clients. Professionals can help you redesign your entire store’s layout, but sometimes a few small tweaks can have a major impact. Furthermore, commercial refurbishment experts can explain the reasoning behind their suggestions, allowing you to make the most of your redesigned store.

Marketing

Marketing is often viewed as a subset of psychology, and for good reason. When you work with a shopfitter, you hire someone who knows what the latest in marketing research reveals and how store owners can use it to their advantage. Maximizing your store’s potential requires ensuring all elements of your store work toward your goals, and marketing is a cornerstone to these efforts. Marketing also involves following the latest trends and determining if they’re worthwhile. If you’re interested in new marketing ideas, Commercial refurbishment experts can provide valuable insight.

Accessibility

Laws and regulations ensure that stores are appropriately accessible to people with disabilities. These laws can help you maximize your client base, but they can also be difficult to interpret. Commercial refurbishment experts study these rules and cases where they’re relevant, and they can relay this information to you when you’re opening or reopening your shop. Accessibility mistakes can cause you to lose potential customers, and they can lead to fines. Furthermore, errors can cause you to have to pay for potentially expensive redesigns. This expertise is invaluable, and the cost of hiring a commercial refurbishment experts is typically far lower than the cost of failing to provide adequate accessibility.

Energy Expertise

Green businesses are more likely to attract customers, and energy-efficient businesses can enjoy the benefits of lower power bills. Commercial refurbishment experts understand how important efficiency is when running a store, and they can provide valuable guidance. They can help you set up a store that minimizes waste while still providing a comfortable environment for customers and clients. Although it might still be worth hiring an independent energy expert, working with a commercial refurbishment expert can ensure you get off to a strong start.

Logistics

Although customers will only visit your store during certain hours, running a shop requires a substantial commitment. Maintenance is essential for keeping your store safe and welcoming, and restocking supplies is essential for maintaining your day-to-day operations. Commercial refurbishment experts understand the long-term process of running a store and can help you design yours to be easier to maintain. Factors as simple as making cleaning supplies easy to access can help prevent messes and clutter from building up.

Artistic Sensibilities

Strong branding is essential for making your store memorable to current and potential customers, and the commercial refurbishment expert you bring aboard can help work to create a cohesive brand for your store. Although you may want to hire an artist to create your logo and other elements, the guidance you receive from commercial refurbishment experts will be invaluable for ensuring you make the most of your artistic elements. Furthermore, stores need to be painted on occasion, and a fresh coat can help you enliven your store. Commercial refurbishment experts can point you in the right direction and find the right experts to help you along your way.

Construction Knowledge

In some cases, shops require significant reworks to best make use of their space. A commercial refurbishment expert can help you work through options for redesigning the physical layout of your store and work to uncover ways to do more with your limited space. Not all stores require extensive work; in many cases, a few small changes are all that’s needed. However, knowing what options are available is useful when making decisions for the present and the future.

Running a store is about more that just providing products and a place for customers to gather. Fortunately, expert help is available, and hiring a commercial refurbishment expert can ensure you’re on the right path. If you have any questions about commercial refurbishment, maintenance, or shopfitting, make sure to contact us to find out more.

Why Commercial Refurbishment?

While you had initially laid out a perfect commercial space, you may need to undertake some refurbishments over time. With time, operations change, your commercial undertaking grows demanding new things such as advanced technology equipment, increased human force just to mention a few. This means that your commercial space may require a makeover to hold the changes efficiently. Despite the changes, you may also just want to refurbish your commercial space as it grows out of taste. You can undertake a minor, medium or major refurbishment following your requirements. Here are some of the reasons why you may consider commercial refurbishment:

Branding concerns
The moment a potential customer steps in your commercial office, they start to create a perception of what to expect. This is why branding is vital. It allows you to control what others think of you. You do not want people to be met by worn out paint, broken furniture, out of date hardware, and untidy environment. Commercial refurbishment allows you to organize the space as you see fit; in a manner that portrays your business as a serious, well organized commercial undertaking.

When branding, it is the small things that matter, things such as uniform but a straightforward display of who you are. From letterheads, pens that customers find on your desks, that water dispenser you have lying around to the furniture that you use on a daily basis. With commercial refurbishment, you will spot what is out of date, what requires to be replaced, maintained, added or simply rearranged.

Efficient working environment
As your business grows, you increase the labor force and machinery to ensure that your operations are running smoothly. Commercial refurbishment allows you to set up space in an efficient way. Some of the most vital consideration while refurbishing your area is lighting and integration of modern and efficient green energy. Increasing efficiency in your working environment translates to increased productivity and at the same time decreased costs, amounting to profitability, a valuable aspect every commercial enterprise intends to achieve.

Safety
While growth is good, it may result in overcrowded space, a lot of clutter and definitely becomes a hazardous working environment. Apart from reduced productivity, the unsafe working environment could ruin your reputation by incurring multiple lawsuits. Employees can get hurt while working not forgetting that visitors are your responsibility while on your premises. Some lawsuits can be costly and even if not, it consumes your time. Commercial refurbishment enables you to reorganize the space and remove any unsafe materials and clutter while introducing modern and advanced features ensuring that space is safe for everyone.

Legal Purposes
The law sets standards that every commercial undertaking ought to follow. In time, such regulations change. As you strive to keep up with the rules, you may need to undertake commercial refurbishment. The regulations are set to protect the employees and other stakeholders as well as setting the standard that every business has to follow in taking care of the environment. Given that the operations of a company have repercussions say for example carbon emission and waste management, it is wise to consider refurbishment now and then to ensure that you comply with the law.

There are numerous advantages of commercial refurbishment. However, if not well planned, it may end up foiling your business operations. As such, it is wise to consider and evaluate certain features before embarking on the process. Such factors include:

The scope
How extensively do you want to refurbish? Is it a complete overhaul or just a minor refurbishment? Having a clear scope of what you want to achieve gives you a timeline and a specific budget, a significant aspect when planning for commercial refurbishment.

Maintenance and room for growth
You will need o keep your new look maintained to ensure it stays so for as long as required. As you refurbish, it is advisable to consider how maintenance costs will impact your budget in the long run. Since it is the dream of every business to keep on growing, consider how refurbishment will affect growth and always leave a room for more growth. That way, you will reduce future costs as you accommodate new integrations.

Status
You may not own the building your commercial undertakings are set. This means that your lease could be expiring soon, or the refurbishments may affect the structural features of the building. Consider how the landlord will take it and how productive the refurbishment will be.

Working environment plays a significant role in determining how efficient and productive business is. As time goes by changes are inevitable. The changes affect different aspect in varying ways. As a way of ensuring that your commercial undertaking is keeping up with the ever-changing times, you may need to consider commercial refurbishment. With the help of professionals, your work is eased, and you are in a position to get that office space that you desire, and the one that will improve your overall performance.