Ultimately, any plan to extend a commercial premises will be to improve the operation and efficiency of your business. Maybe now is the time to bring that operational process in-house instead of constantly outsourcing it, and this proves to pay off in five years or less.
However, in order to plan for this extension, you really do have to justify it. No business enters into these considerations lightly; it requires a focused effort in both attention and care to keep things moving at the correct pace, but it also requires a long-term vision. That vision is what sustains you through the investment of your capital and the long work it can take to retrofit new space to your needs.
In this post, we’re going to discuss three of the final justifications companies use to start the process, to have plans signed off by their superiors or the board, and how to get the best return on investment:
Having A Clear Architectural Blueprint
You can’t move forward if you don’t know exactly what you’re building, so investing in the perfect architectural plan shows everyone what the finished space will look like and how it’ll function for your needs. This blueprint should be developed alongside architectural professionals with a special interest in the commercial sector, and they should be able to prove to you past projects they’ve worked on. It will define decision you make, from budgeting to hiring contractors to ordering materials.
Moreover, your architect needs to understand load-bearing requirements, HVAC systems for larger spaces, and how to maximize square footage for your specific operations. If you have a good one, they’ll also handle the permitting process and help discuss the plans with structural engineers to ensure everything meets building regulations.
Ensuring Strong Financial Backing
Your expansion won’t happen without solid funding in place, but sometimes it’s true that waiting for bank approval can mean missing your construction window. Commercial loans from DFW Hard Money give you the capital you need to move quickly on your project and can offer a lifesaver to businesses that can’t proceed without everything perfectly costed. You’ll want financing that covers the construction costs but also a buffer for the additional expenses that always pop up no matter what.
Moreover, securing funding before you approach contractors puts you in a stronger negotiating position. Builders offer better rates to clients with financing because it completely removes their payment risk, and you’ll also avoid the situation where you’re halfway through construction and scrambling to find additional capital because the first estimates were too optimistic.
A Robust Operational Timeline
Without the timeline, you may build the place, but internal fitting and operational deadlines might not be met. It needs to map out permitting durations, which can range from four weeks to six months, depending on the area you’re developing in and the scope of work. Also think about any specialized equipment or custom materials, which might need to be ordered three to four months in advance. You’ll also need to consider any construction phases even starting with the planning permission, as too many businesses have been tripped up by taking the process for granted..
Such an approach should let you break the project into phases, in which you move staff temporarily and better maintain customer service levels throughout the build. After all, your company doesn’t stop just because you’re expanding!
With this advice, we hope you can continue to move forward in your commercial development plans.
