5 Ways Renovation Financing Will Help Your Business Grow
In this post, we’ll review five aspects of your business that you could renovate, so that you can generate more sales and grow your overall operations. Let’s get started:
How to Use Renovation Financing
1. Energy Efficiency
Per recent statistics, the average monthly cost for commercial electric bills is around $664 per month. According to the EIA, these rates could grow an additional one percent this year. Understandably, this is likely a consistent cost that you may notice is putting a huge dent in your monthly cash flow.
By carrying out business revamps using your renovation financing, you can cut down on this expense. There are many ‘green’ products available that can help you use less energy. If you’re going to invest in a renovation project, you might want to consider incorporating energy efficient materials and equipment into your plans. It will likely pay off long-term!
2. Better Use of Space
Let’s face it – we have all been tempted to make impulse buys based on how a store is laid out or how the products are presented at the register. Improving the décor of your location, changing the shelving or re-doing the entire layout can help customers find what they are looking for more easily. This is a smart way to utilize the working capital you recently received.
By expanding your space or re-designing the layout, you’ll be able to serve more customers. You won’t need to worry about a cramped environment, which may be lessening sales currently.
3. Brand Experience
With so much buying and selling now taking place online, shopping has moved from a need driven exercise to an experience driven one. Consider, for example, how virtual reality could be used in-store to show a customer how their interior would look if they used a certain color of paint for their walls. Using your business renovation loan for this area could help you build an improved brand experience. With around 66% of consumers spending more money with brands they feel loyal towards, using your store to boost the brand experience could in-turn increase revenue.
4. Improve Employee Morale
Although your business should be customer-centric, remember to think of your employees, too. Having a store or premises that your employees feel proud of and comfortable in will likely improve their performances. The working environment plays a big role in employee motivation, and using your renovation financing can help you turn a cold, outdated and delipidated space into a welcoming and encouraging place to work at. In your renovation plan, consider adding a larger break room, or updating equipment such as employee-used refrigerators, coffee machines or furniture.
Remodeling can also help with processes, for example, making it quicker for staff to find stock or serve customers, so not only is there an uplift in morale but productivity is also increased.
5. Attract Customers With a Relaunch
Finally, a refresh of your establishment could tie in with a business relaunch which will help attract new and previous customers back to your business. Utilize your working capital to pay for advertising, which will inform patrons that you’ve updated certain aspects of your business.
Since you’ve already received additional working capital, it’s time to put it to use! Starting a business renovation project can help you expand your business. Renovation projects can be a promising way to move your business into the future, so that you can stand out against your competitors.
Has your business utilized the additional working capital that you received for a renovation project? Tell us about it in the comment section below.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.