The importance of proper and continuous business planning in terms of growth and risk management cannot be emphasised enough. A thorough business plan gives the company direction right from the start, and it must be regularly reviewed and updated to make sure you’re still aligned with your goals and strategies. Effective planning may take a lot of research and resources, but it will be instrumental to the success of your business.
Along the way, you need to consider various aspects such as the company’s legal structure, organisation, and daily operations management. One of the most vital parts of your business plan is your choice of premises. You need to make a smart property investment decision, therefore, since it affects business liquidity in several ways.
Buying vs. Leasing
If your business plan helps you reach the conclusion that the most feasible option would be to stay in a single building for a long time, you may want to buy a property rather than lease one. Buying makes a lot of sense if you intend to use the property for a long time or else sell/lease it out for profitable returns in case you need to move to another location.
Location will affect how you market your business to your clients and customers as well as how you deal with your vendors or suppliers. For instance, it would be easier for freight operators to deliver large shipments to your facility if you are located close to major highways. If you’re in retail, don’t forget to consider your proximity to competitors aside from target market profiling.
Comprehensive Expense Projections
You need to determine and prepare for all financial aspects of your investment property. Think of the plausible return on investment and the property’s sustainability in terms of keeping your cash flow healthy. Likewise, consider the outgoings and overhead costs related to the maintenance of your facilities.
Your choice of company premises will ultimately depend on your business requirements. Established firms like Brett Halvorson & Associates can assess the needs of your business and show you the kind of viable office, retail, or industrial property for sale in Perth that matches your requirements. With extensive resources and skill in finding great commercial properties, such a specialist can help you find the most suitable business premises that can keep up with your business needs as they evolve.
How to write a business plan, business.gov.au
Opportunities for business growth, business.gov.au
Industrial property: what is it?, realcommercial.com.au