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Has the Time Come to Upgrade Your Facilities?

Admin • October 2, 2019

After your business has been running for years, your facilities are likely starting to age - what used to be sufficient and cutting-edge is now dated and cramped. Eventually, you will have to determine when the right time has come to build new facilities. This is a big investment, of course, so many business owners shy away from making such a large move. They often settle for their current site for far too long.

To help you know when your older facilities are no longer healthy for your business, consider these four indicators that the time has come to find your company a new home.

1. You Spend More to Stay the Same

As a building ages, it tends to cost more in various aspects. From old boilers and chillers to outdated connectivity designs to inefficient energy use, your old building may cost you more than you realize. And all of this expense is simply to maintain an adequate place to work, rather than to make improvements for a more efficient and smarter work place.

Do an analysis of all the related expenses that can be attributed to your old building's aging design and features. It should include things like utilities expenses (versus comparable energy-efficient designs), repairs and maintenance on installed equipment, costs of altering the space for employees' needs, and even janitorial costs caring for older materials.

2. You Have Easy Access to Additional Funds

If you could get help financing new construction, this might be the best time to take the plunge. Local and state agencies often offer programs that provide grants (free money that isn't paid back) or low-cost loan rates to encourage specific business expansion. Targeted construction might include building in a specific location or neighborhood or building new facilities that will help the community.

In addition, discuss with your accountant any state and federal tax benefits that could offset expenses. This often includes tax credits for energy-efficient design and depreciation write-offs for asset purchases.

3. Your Customers are Noticing

You might be surprised to know what your customers think about your current location. Make a habit of asking long-time customers about their impressions of your facility. A business that appears to be frugal will often get good feedback from customers for not overspending and keeping prices low. However, after a while, your customers might feel that the business has gone beyond frugal and into cheapskate territory.

How do new customers feel upon entering your locations? Is it up to their standards? Are they hesitant about doing business here? Are competitors more modernized? If so, you may want to consider whether the old space is damaging your reputation and affecting the bottom line.

4. Your Needs Have Changed

Finally, assess how your company's permanent needs have changed since you moved into the current work area. Perhaps you started out doing mostly physical sales but have since shifted to online, cloud-based, or remote work. In this case, an old building might not be up to the task of keeping up with all the latest technology.

Have your security requirements changed? Do you have a much larger (or smaller) work force on site? Are you doing specialized research and development? If the company is having trouble meeting its current needs in a building designed 20, 30, or more years ago, the smart move may be to update your work space.

If you have put off the pursuit of a new building for your business, an honest analysis of these four factors could help you see that the right time is now. At United Constructors of Texas, our design and construction pros can help. Call today to get started.

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