The good news is business is booming. The bad news is this accelerated growth has you running out of space. Is it better to expand your current location with commercial tenant improvements or pick up and move to a larger space? Here we weigh the benefits of each.
Benefits of Commercial Tenant Improvements
1. IMPROVEMENTS CAUSE NO WORKFLOW DISRUPTION – Let’s face it. Moving can be a logistic nightmare. While equipment is moved, and workers migrate and become accustomed to their new digs, operations are either shut down altogether or slowed down. By staying put, and just improving your existing space, customer service or production isn’t disrupted.
2. IMPROVEMENTS ARE MORE COST EFFECTIVE – Expanding or building out your current location is much more affordable than moving into a new space.
3. IMPROVEMENTS LET YOU KEEP SAME BUSINESS ADDRESS – Changing your business address on work stationary and business cards – or Google and other online entities – is a huge hassle. One that’s often overlooked when businesses switch to a new location. Contact information must be quickly edited across many channels to avoid customer or vendor confusion.
Benefits of Moving to a New Location
1. MOVING IS A SIGN OF GROWTH TO CUSTOMERS & COMPETITORS -Startups naturally begin small. Growing out of a smaller “starter” space is inevitable. Moving into a newer or larger space is simply the next chapter. Just make sure the new spot can accommodate additional growth and expansion for years to come. This way you’re not in the same predicament you had just moved from in another year or two.
2. MOVING OFFERS MORE FLEXIBILITY – Not every commercial property can be customized to suit your exact wants or needs. A new location is sometimes the best way to hit the reset button and start anew. It enables you to find a workspace that can easily be customized to suit your exact specifications. A space that can simultanously boost efficiency, productivity, worker morale, and company image/branding.
3. MOVING ALLOWS YOU TO BETTER SERVICE CUSTOMERS – If you service walk-in customers, or meet with clients at your place of business, moving sometimes benefits them. For instance, you may need a larger space for a more comfortable waiting area. You may also need a space with more offstreet parking, better accessibility for the handicapped, or something in a better part of town. Moving may be the only option to achieve any of that.
The Final Verdict: Commercial Tenant Improvements Are Less Hassle & More Economically Advantageous
While both options offer their own unique advantages, commercial tenant improvements offer more convenience and financial advantages. Just be sure you chooose a qualified and reliable commercial tenant improvement contractor. Someone experienced in commercial buildouts/remodels and renovations. A contractor that will get the job done right, all while minimizing disruption to your day-to-day business.