In Part 9 of our series we will discuss The Facilities Wall and the importance of having business facility that breeds a healthy work environment. We all need a place to work. But where will that place be?
- Will you work from home?
- Will you share facilities with someone else?
- Will you rent commercial property?
- Will you buy or build your own brick and mortar location?
Other Things To Consider When Answering These Facilities Questions:
- How far a commute are you comfortable with?
- Based on your type of business, in which geographic locations will you be able to attract the kind of help you need?
- How much space will you really need, considering projected growth and cost of the facilities?
- What about length of leases, mortgage costs, and interest rates?
The key in selecting the right place for your work is to make sure that you are clear-headed and not impulsive or emotional in your decisions.
- What is the most cost effective way for you to accomplish your business goals?
- Before procuring a property, have you and your team laid out a business plan for where you want to be in the next 3-5 years and what it is “realistically” going to take to get there?
- Do you have the cash flow to support the facility? Don’t just consider the rent or mortgage payments. You also need to consider things like utility costs, building maintenance, landscaping and snow removal, etc.
- What if your business plan doesn’t come to fruition, or if there is a downturn in the economy? How much revenue can you lose and still be able to occupy the space.
- Are you getting ahead of yourself? Would the money you are contemplating investing in a facility be better spent in other ways, such as new product development, process improvement, or employee training?
The bottom line is to make your facility choices carefully. You may be stuck with them for a long time.
©2014 by Gary L. Smith and Optimum Performance Technologies, LLC (optechs.com). All rights reserved.