Should you renovate your office or build a new one?
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Should you renovate your office or build a new one?

  • Highlights

  • Importance of having a good business office

  • How to decide when to renovate your office

  • How to decide when to build a new office

  • Importance of getting funds for your business office



Every company's office space is directly linked to its employees’ productivity and morale. It also affects the impression you give existing and prospective clients. So, it is important to put some thought into whether a renovation is enough, or if you need to build your office from scratch.
Take a look at the various scenarios in which is ideal to opt for a renovation and when it is time to splurge on building a new office. This way you’ll be able to make a decision that makes the most sense for your business.

When you should choose to renovate your office:


If your office is already well-equipped

If your office has the best systems, software and equipment, a renovation will suffice. You can easily upgrade anything you want within the same space, like change the plumbing, repaint the interiors or buy new furniture. A business loan can easily help you fund these upgrades.

If your office holds practical or sentimental value

If your current office space is where your company was founded, it might feel like your firm’s identity. Secondly, if your office is in a prime business district or where you get walk-in customers, you may want to stay right there. In this case you can consider renovating your office to combine the best of the old with the new.

Additional Read: Need Urgent Finance for Your Small Business? Choose a Bajaj Finserv Business Loan

If your company completed a merger or acquisition

Merging with another enterprise usually results in the need for a larger workspace and more facilities. If your office is spacious enough, you can simply renovate it to give your interiors a new look. You can also change the layout to accommodate more people and equipment.

If your office is in an older building

Old offices aren't usually fitted with energy-efficient technology. If this is becoming a major expense, you can try to add more energy-saving products to the workspace. This can include double-paned windows (to avoid temperature fluctuation) and compact fluorescent lamps along with energy-efficient lights, solar powered fixtures and ACs.

If you need better access to resources

Even if your office has lots of space, clutter can cause chaos and inefficiency. Also, as you grow and diversify, your existing layout may no longer be as useful. Renovation is ideal in either of these cases.

Benefits of Online Loans

How to apply for a Bajaj Finserv Business Loan

Business loans from Bajaj Finserv are designed specially to help growing businesses meet their financial requirements. Easy to apply for and hassle-free to avail, these loans come with several unique benefits that make them the ideal mode of business finance for small and medium sized enterprises, such as a Flexi loan facility that lets you borrow when you need, and prepay when you can. They require only a minimum of documentation to apply for, and come with easy eligibility criteria. Here, we tell you the step-by-step process to apply for a Bajaj Finserv Business Loan.

How to apply for a bajaj finserv business loan

When you should rebuild your office:

Additional Read: The Top 5 Reasons Companies Apply For a Business Loan

 

If your office needs a technological overhaul

Certain buildings or spaces are unsuitable for modern technology. If your business relies on electrical systems, heavy equipment and machinery, it is better to consider a rebuild.

If you want to create a new identity

If you feel that your office’s environment doesn’t fuel productivity, consider building it from scratch.

It gives you a clean slate so that you can construct an office to your exact specifications. If the appearance of your business is of prime importance, this option allows greater freedom.

If you need to make structural changes

If you want to make structural changes to your office to make better use of space, building from scratch can be more cost-effective. These projects are expensive and require a set of permissions when renovating, as well as a business loan. But, this isn't always the case when you build anew.

If you want to be sustainable

While renovation works for small changes, building an office allows you to makes major alterations. For example, building an office can improve energy-efficiency, as you are free to use new building materials, floor plans, and electrical and plumbing systems.

If you want to reduce maintenance costs

Since constructing involves using new materials, you won’t have to worry about maintenance costs for a long time. You can also avail of a construction warranty. This ensures that you enjoy low maintenance costs for years to come.

While you renovate or rebuild your office, consider working remotely, or provide your employees with an alternative. A co-working space can be an ideal solution in this case. Remember that whichever option you choose, you'll have to bear a significant expense, so look into business financing options to help you with the same.

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