Should You Remodel in 2011?

Posted on February 15, 2011

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 Almost everyone one has been affected in one way or another during these hard economic times. Property values have dropped and securing financing for new projects has become increasingly difficult.  Many plans to grow and expand businesses have been put on hold due to these economic conditions. However, there is a silver lining to this dark cloud. The market has shifted from acquiring new properties to remodeling existing spaces in order to reach new clients and boost sales.  It also permits you to remain competitive with new and existing businesses in these volatile times. Here are 5 reasons why you should consider remodeling in 2011:

# 1 Get a fresh look

               Has it been a while since you last updated the look of your space? Believe it or not, the look and feel of your business plays an important role in the decision-making process for a potential customer. Now is the time to address “must do” repairs and consider updating the colors, finishes and lighting elements to give your space a fresh new look. Making these simple upgrades is an inexpensive way to attract new customers to your business and retaining existing ones.

# 2 More efficient use of space

               By now you know which areas of your business are more popular than others. Maybe it’s time to re-organize the flow of the space to accommodate the needs of your clients. Remove elements that are seldom used and make room for activities that are more popular in order to enhance the use of your space. Or, maybe it’s time to de-clutter and get rid of old equipment that doesn’t see much use. A fresh, clean look that permits an easy flow of activity can influence a buyer’s decision to select your business for its products and/or services.

# 3 Add new features

Go Green!

These days, there is a growing interest in maintaining an environmentally friendly lifestyle.  Making use of energy-efficient appliances and environmentally friendly materials can leave a lasting impression on your members. By reducing your carbon footprint you will be able to decrease your overhead costs and may be able to qualify for certain tax exemptions in your area.

#4 Competitive pricing

               Since the construction industry has also been hit hard, you now have access to more competitive pricing than ever before! Substantial discounts in construction renovation cost can be realized due to the competitiveness within the industry. Be mindful that the lowest bid is not always the right bid and often does not result in the highest quality of work. Owners should compare more than just prices. Look for contractors who can stay within their budget, meet their deadline, and demonstrate quality workmanship. 

#5 You will be ready when the market bounces back

               Although it may seem like the economy will never get back on track, there is always light at the end of the tunnel! Making improvements now will be a sure way to add value to your business and increase the return on your investment when the market bounces back as the demand for products and services increases. Consumers are more likely to select a business that continually makes improvements as it shows a commitment to maintaining high standards.

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