It’s no longer a matter of “if” your company will be moving into new office space, but rather “when.” says William D King.
If you’re dreading the extra work and cost that come with moving, take some time to learn about these five factors first —
It could save you money and more importantly, help your business run more smoothly once the move is complete.
How much can we afford?
This is important information for whether or not you should pursue the opportunity (or how long you’ll need to hold out before finding one). Try measuring against these four criteria:
How many potential employees do I have today?
When will I need to expand my workforce in order to keep up with our growth plans? The amount of space you need immediately will likely be different from long term plans, so it’s important to get a realistic idea of what you can afford in your price range.
How much do I want to spend?
Variances exist between companies operating on lean budgets and those that don’t need to worry about overhead. It’s definitely possible to find an office that fits within even the tightest budget, but for many businesses, it makes sense to spend more than they initially planned in order to free up capital for other business expenses or investments. How quickly should I expect my team to grow? If you anticipate needing significantly more room down the road, consider renting additional office space now while real estate is still affordable. At similar companies in your area and find out if they’ve had to downsize or go through another move.
Where do I see my business in the next five years?
What kind of culture am I hoping to cultivate? Where is our industry heading, and how does that require us to communicate with each other? If your company’s employees are all glued to their smartphones or laptops, then you might need larger desks (and more office space) than a team of executives who work best in face-to-face meetings.
How much will this cost me over time?
When comparing potential office spaces, consider long-term costs like rent price versus square footage, utilities, storage options for archived documents (or extra computer equipment), parking fees (garage versus street). Factor in any other costs you might not normally think of, like additional taxes or fees that come with renting versus buying an office explains William D King.
Office fit-out is a major investment in financial, emotional and legal resources for any company. This is the perfect recipe to screw up the design of your new office space if you are not taking into account some important factors that every business should consider before moving into a new office. Make sure you avoid these 5 rookie mistakes in your next office fit-out project, with expert advice from Bellerby & Co.
Every home loan is assigned its own risk rating which enables people to compare loans on an equal footing. It helps potential borrowers choose between various loans available in the market by indicating the one most suitable for them. Different types of loans are also classified according to the risk they pose for banks.
For example, home loans are classified as low-risk and high-risk credit facilities. The interest rate charged on a low-risk credit facility is less than that charged on a high-risk one. Therefore, the higher the risk attached with a particular loan, the more is its cost of acquisition. What’s more?
There are specific parameters used by each bank to classify loans as “low” or “high” risk depending upon their past records of defaults/delinquencies in repayment of loans. One finds here an elaborate description regarding the classification of every type of loans including personal loans, educational loans, business loans etc. based on their default rates or delinquency rates.
In general, loans are considered as high-risk if the borrower fails to repay installments on time says, William D King. In this case, banks charge a higher rate of interest. If you have been avoiding taking a loan because of its high rate of interest or increased EMI. You can go ahead and take it after checking your loan’s risk profile through Prowess. You can avail loans at competitive rates from reputed banks and NBFCs depending on your risk rating.