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Commercial Building Maintenance Tips

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StrategyDriven Tactical Execution Article |Building Maintenance|Commercial Building Maintenance TipsOwning a commercial property is a hands-on job, and maintenance should be a top priority. Wear and tear is natural, but in order to generate a profit, there are some routine maintenance steps which you should carry out every year. Commercial building maintenance is generally pretty routine. This way, you can also avoid costly renovations which could hurt your profits.

Audit Your Energy Consumption

An energy audit of your commercial building is important to establish where you can lower your costs.

Energy costs are often one of the biggest overheads for commercial building owners, so doing an energy audit is a good way to determine what is eating up your budget.

An energy professional will carry out an inspection of your building and will determine where costs can be lowered, such as:

  • Swapping old lightbulbs for energy-saving alternatives
  • Repairing insulation around doors and windows
  • Replacing window glass
  • Replacing roof insulation and more

An energy audit will also allow you to determine whether your tenants are happy with and comfortable within your building.

Fix Your Fixtures

Another important part of commercial building maintenance of simple things, like the fixtures. You can use preventative maintenance software to help you keep track of what needs to be done and when.

Leaving damaged fixtures to sit will lead to more accidents and damage to the building. Damaged fixtures like broken lights, door handles, small windows, or damaged doors can make the building look shabby too.

Make sure you replace these fixtures when they need it to avoid a backlog of work and annoyed tenants.

Conduct A Monthly Safety Audit

Another major priority for your maintenance should be safety mechanisms and fixtures.

When it comes to an emergency, these safety fixtures need to be in full working order to avoid accidents and lawsuits.

Safety fixtures include things like emergency lighting systems, emergency exit signs, emergency doors, and fire detector systems.

Make sure you carry out a monthly audit of these safety mechanisms to make sure that they are all operating correctly.

Prioritize Remodeling

Remodeling can go a long way to keeping your property looking modern and well-kept. This is what your tenants pay you for too.

Keep your commercial property in the same condition as you would your home. If remodeling work is needed, get it done.

Replace ripped carpets, repaint chipped or peeling walls or ceilings, and refresh the building’s exterior with fresh paint at least once a year.

There are just some of the basic maintenance and remodeling requirements for any commercial building.

Stay On Top Of Pest Control

One of the worst issues to deal with when it comes to any commercial property is a pest infestation. This can cost you a lot of money in extermination, as well as having to temporarily remove tenants while you deal with the problem.

Keep in mind that even if your tenants haven’t complained about pests, this doesn’t mean there isn’t an issue. Stay on top of pest control by carrying out a pest audit with a professional at least once a year to keep pests at bay.

Eliminate Fire Hazards

One of the most devastating hazards which faces any property owner is the potential for a fire to break out. The only way to avoid a fire breaking out is to identify and eliminate all fire hazards throughout your property.

Do routine checks on smoke detectors throughout the building once a month. Replace the batteries once a year.

Make sure all fire exit doors are fully operational and passageways are kept clear. Make sure each floor of the building is equipped with fire extinguishers.

Keep Your Backup Generator Firing

Stagnant parts in a backup generator can spell disaster. As these parts remain motionless, air can get into the unit injector solenoid and render your generator useless. All emergency generators should be started for at least five minutes, once a week, in order to rev all the moving parts and keep things alive.

Transfer load testing should generally be done once a month, while a scheduled full load test should be carried out every year.

Prioritize Maintenance Of Facilities And Utilities

Staying on track with the full function of your building’s facilities is an essential part of keeping your tenants happy.

These facilities include things like elevators, escalators, public bathrooms, staff rooms, and HVAC units.

You should carry out a monthly inspection of the operation of all of these facilities to prevent accidents and maintain the high quality of your commercial property.

5 Things to Consider When Finding the Right Commercial Premises

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StrategyDriven Managing Your Business Article |Commercial Premises|5 Things to Consider When Finding the Right Commercial PremisesWhen you are looking to take your business to the next level, you need to start looking at commercial premises. However, where do you even start when it comes to looking for premises, and what do you need to be considering?

Commercial premises can help to elevate your business to the next level, so it is a decision that you do not want to get wrong.

1. Is the Premises Fit for Purpose?

To begin with, when you are starting your search, you need to look at whether or not a premises is fit for purpose. Changing the use of business premises, or trying to change something to fit your use will be costly and timely. It is better to get premises that are fit for purpose straight away, as opposed to trying to alter (or completely change) what you are looking at. Knowing what you need is crucial, even in the early ages of your search.

2. What Location Do You Need?

Creating a checklist will aid your search. For example, do you need a location that has great footfall? Are you looking for an out of town location, or is a huge parking lot important to you and to your business?

3. Is it Well-Built and In a Good State of Repair?

Some commercial buildings can look great on first inspection; however, when you start to look closely, you notice that work needs doing. For example, it may need a new commercial roof or it may need extensive repairs to make it watertight. If possible, try and visit the premises you are looking at on several occasions before committing or making a decision. To further aid your decision, you may also find it beneficial to seek assistance from a surveyor, or another contractor, who may be able to see things that you may have overlooked.

4. How Much Will It Cost Per Month?

Whether you are buying or leasing new commercial premises, you still need to know the cost per month. When you factor in everything from insurance, to business and trading rates – right down to electricity, water, and other utility costs, can you still afford it? You do not want to take on a large property if realistically you will only be using a quarter of it.

5. What Rates Will You Have to Pay?

Speaking to the owner, or asking the property agent, is always a good thing to do (even at an early stage in your search). Establishing what rates you will have to pay to the owner, or even to the local state, will help you see if the location is still affordable. For example, a lot of town center premises will have extra rates placed on them, to ensure that the area is kept clean and tidy for all visitors and residents. These costs will all add up, and they will be added to the top of your purchase price, or lease price. So, before committing, check not only that you are in the right location, but also check the property is affordable both now and moving forwards in the future.

What Do You Need When Opening a Retail Unit?

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StrategyDriven Starting Your Business Article |Retail unit|What Do You Need When Opening a Retail Unit?There are many different forms of business out there, and each one offers customers and owners alike something slightly different. If you have chosen to open a retail unit, you need to think about some of the following things.

Location

With a retail unit, location can be everything. You need to make sure that you track down somewhere that meets several needs. Of course, the unit has to be big enough for your business. Not only must it have a good layout on the shop floor, but there should be enough room in the staff-only areas like the stockroom and office for you to be able to successfully manage the business.

On top of this, the unit needs to be in a good place. If you are going to be relying on passing foot traffic for a lot of your trade, you need to make sure that you are located somewhere where you will get this interest. A busy high street or a shopping centre might be ideal. If you are tucked away in the middle of nowhere, you might not be able to get the foot traffic that you need.

You should also think about the needs of your customers. For example, if you sell particularly big or bulky goods, or if you expect your customers to purchase a lot from you in one go, it can be good to try to find a retail unit with an adjoining car park. This is going to be something important to your customers, and can be a great way for you to begin to build customer satisfaction and loyalty from the moment your brand launches.

Technology

Nowadays, there are many pieces of tech that every business needs to make sure that they have as part of their retail unit, even if it is a simple shop. For example, most shops nowadays take card payments, so you will need the terminals and software to be able to process these payments. With this, you need to look for the payment provider that offers the lowest credit card processing fees possible. This means that you will be able to take the most revenue from each transaction instead of paying excess fees. Though finding the lowest credit card processing fees should not be a priority when choosing a payment provider, it should definitely be something in the back of your mind.

A retail unit is going to need many more different pieces of technology to be able to run smoothly. Most businesses nowadays make use of some form of computer system to be able to keep track of several metrics. This computer system might be linked to the till and payment provider, but it could also be used to track stock, orders, and holidays for staff to mention just a few of its capabilities.

Even if you have what appears to be a very traditional store on the outside, you can still make use of technology in a few key places to help you manage the business more efficiently. Never doubt how much easier it can be to manage certain projects and operations with the right tech on your side.

Equipment

In a slightly different tangent than technology lies equipment. You obviously need to make sure that you have all the right equipment necessary to be able to open the business and run it properly. This can often mean that you need to find some highly specialised equipment. For example, if you decide to open a hairdresser, you will need all the equipment associated with styling hair. A café will need a kitchen outfitted and a coffee machine. A specialised repair shop will need the tools and precision equipment required for orders.

It can be expensive to outfit a retail unit with the right equipment but it is incredibly important that you do find it. Not having it to hand means that you might be tempted to try to get around it and complete the task with the equipment that you have might mean that you do not finish the task properly, potentially leading to more issues further down the road.
You might have to go to a specialist supplier to get the right tools and equipment that you need. However, there is a chance that you will be able to build a professional relationship with this supplier. If you know that you will regularly need to purchase disposable equipment as part of your business, finding a supplier to work with could mean that you are able to score a discount on bulk orders in the future.

The Shop Floor

You need to think carefully about how you decorate and arrange the public sections of your business that your customers will be able to see. This needs to be a good space that is welcoming and perfectly describes your branding. It can be more difficult than you might imagine to get this right. Ultimately, you need to make sure that you have a space that flows well, that naturally encourages your customers to browse.

It is incredibly important that you think about how the shop looks from the customer’s perspective. You might like your initial set-up and design, but it could be overly cluttered from the point of view of a customer. Likewise, you might want to go for a more minimalist look, but to a customer the store could appear to be very bare.

Don’t worry if it takes you several attempts to arrange things how you would like them. Consider taking a course in visual merchandising to learn more about how to arrange your shop floor in a more pleasing manner. You would be surprised to learn about how much this could help with gaining traffic and other interested parties.

Social Media

Even if you do not operate an ecommerce business, having an online presence of some variety is incredibly useful. If you want to be able to find new customers who can be converted into loyal ones, you should turn to social media. You cannot expect to rely on foot traffic alone.

Make sure that you have social media accounts across the big platforms like Twitter, Facebook, and Instagram, and make sure that you post on them regularly. These are key places where you can reach out to your customers and they can get in contact with you if needs be. It is also the perfect environment for you to show off your new deals and products that might be launching. Learning the best tips and tricks for social media will hopefully help you to push ahead and attract a new audience who are interested in what you have to offer as a business.

Opening a retail unit can be more work than people might realise. However, there are plenty of things that you can do to create a fantastic environment that many are happy to visit. From the tech and equipment you are choosing to include in your operations to the design of the shop floor and your choice of social media, opening a retail unit can be very complex. Make sure that you have everything that you need on your side, and take this challenge head on.

How to Become a Successful Property Developer

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StrategyDriven Entrepreneurship Article |Property Developer|How to Become a Successful Property DeveloperProperty development is an exciting way to start your business. Thanks to popular TV shows, developing property is often seen as a get-rich-quick scheme. However, making money from property is demanding and may take more time than expected.

It takes a bit of risk and lots of hard work to break even in the real estate market. But the good news is that starting a property development business can be relatively exciting. It offers flexible working hours, and no formal qualifications are needed.

If being a property developer appeals to you, then this article will help you. We have outlined tips on how to become a developer with a decent income.

1. Choose Your Path

Property development comes in all shapes and sizes. Hence, you must choose the route you want to take. You may have plans to grow in the future, but you must have a place to start.

Do you want to develop residential or commercial properties? Will the final project be for rent or sale? Or do you want to renovate run-down properties and give them a new resale value?

Knowing what you want helps you in making strategic decisions. You can also understand the kind of loans to take or where to get funds.

2. Develop a Plan

After choosing your path, come up with a business plan. The plan will help you get the funding for the success of your business. It also helps break down finances, potential income, and costs.

Creating a business plan gives you a map of how to start your business and its growth projection.

There are several business plan templates you can download based on your goals and business type.

3. Get Your Finances in Order

Developing properties, whether from scratch or renovating old houses, is a hefty investment from the start. To get a sufficient amount, you need to assess how extensive the project is, the costs involved, how long it will take to complete it, and the projected income.

Due to uncertainties, create the best and worst-case scenarios and set aside at least 30% contingency if the cost spirals.
You may choose to get a mortgage based on your property plan. Buy-to-let mortgages are easy to get, though you’ll have to deposit 25% or more. When seeking finances, research the local market and pay attention to inflation, interest rates, and employment rate in the area.

4. Choose the Right Location

When it comes to property development, location plays a crucial role. Look for an upcoming community as the property will be cheaper with a great potential to deliver good ROI. You may hire a general contractor to advise you on what to avoid when developing property in a specific area.

Some places might need more work on ground leveling. The type of soil will also determine the location of developing a property.

5. Don’t Get Personal

Remember, this project is for a property and not your home. You should develop a property that suits the market and not your taste.

The Bottom Line

Property development is a lucrative business for both long and short term goals. Approach it with care and a good strategy, and you’ll thank yourself for starting it.

How To Choose The Right Premises For Your Business

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StrategyDriven Starting Your Business Article |Business Premises|How To Choose The Right Premises For Your BusinessThe (growing) trend right now is for people to work from home, and for entrepreneurs to start businesses from their spare bedrooms or garages. Although this can certainly work for some, and it does have a vast number of benefits, it’s not going to be ideal for everyone, and sometimes an office space or storefront is essential to the success of the business. If you need to work away from your home either because you don’t have enough space or because the business calls for it, then you are going to need to think carefully about the premises you choose.

The issue with business premises is that they can be expensive, and this is why you need to choose the right one so that you don’t waste any money, and so that you can maximize your business as much as possible. Read on to find out more.

Location

Anyone who works in property will tell you that location is extremely important. It could be the difference between happiness and misery when it comes to your own home, and when related to a business premises, it could be the difference between success and failure.

Although you might be able to spend less in one location compared to another, there could be a big reason for this. Make sure you research all the potential areas for your business thoroughly first. Some things to consider include:

  • Footfall– will many people pass by (assuming this is important, of course)?
  • Public transport and parking – how will you or your employees get to the office, warehouse, or store? Will it be easy, or will it be a chore? If it’s the latter, you might have trouble attracting the right people to work for you.
  • Competitors – are you close to your competitors? It can often be best to be a little further away.

Price

Of course, once you have determined where you want to have your business premises, you’ll need to consider how much you can pay for it. Whether you are buying or renting, there is the monthly cost to think about, as well as a potential down payment. You will also need to factor in costs like heating, electricity, and broadband. How much is it really going to cost you each month to run your premises? Can you afford it?

In some cases, especially if the location you are looking at is a more expensive one, you will need to look at smaller properties or those that need more work than others. This can be a good thing; it allows you to put your stamp on things and design the layout just how you want it; glass polishing for the windows and floor polishing for the tiles and a fresh coat of paint could transform a run-down building into a beautiful one, for a bargain price.

Usage

Finally, it’s wise to determine what the property you are considering paying for is allowed to be used for. Some will have restrictions on them that mean, no matter how perfect they might be for you, you can’t turn them into a store, or they have to remain a store and you can’t use them for offices.

There are dozens of clauses like this, which is why when searching for a business premises it is best to use a professional; you won’t find somewhere only to be disappointed, and they will know just what will work for you.