Your current business property and its associated expenses either contribute to or detract from your profitability. If your facilities are contributing to continuous higher sales and profits you are way ahead of 93% of other businesses. If your business is like most businesses then determining what you can do to position your facilities to help you make more money needs to be a management consideration.
Property expenses include all costs related to the occupancy and use of any property, including land and buildings, where you conduct your business. Typical property expenses include rent or mortgage payments, property association fees, building repairs, cleaning, and maintenance.
Your business facilities must perform the following key functions for this to be a wise use of your money:
- Foster efficient business operation
- Present your business in a good light
- Allow for future business growth
- Accomplish these objectives at an economical cost
The start for determining your business facility needs is figuring out what is required to foster an efficient business operation.
Again, your facilities exist to help you generate higher sales and profits. If you are unable to answer “yes” for your current property to each of the four key functions of a facility, then it’s time to adjust your current facility layout and appearance to meet your business needs better. The next question is determining who is accountable for making this happen.