Investing in your workspace doesn’t cost – it pays. Though spending sums of money can be painful, the outcome of not investing in your workspace is much worse. Without putting money back in your business, you risk falling behind competition, stagnating, or losing valuable employees.
What you do now for your company will set you up for success in the future, and having to use up your end-of-year budget is an excellent opportunity to invest it back into your workspace. Here are some of the best office investments you can make at the end of this year:
Improve your energy efficiency
By upgrading to sustainable resources and practices, you can reduce your annual office energy costs by 30-50%. Making an investment to improve the efficiency of heating, lighting and cooling in a sustainable way will not only deliver long-term ROI but also ensure that your company is doing its bit for the environment.
Improving energy efficiency is better for your cost, better for marketing, and creates a healthier work environment. Some ways you can invest include:
- Hiring a team to audit your office for energy efficiency
- Install motion sensor lights for areas that don’t see much traffic
- Switch to laptops over desktop computers, which use 80% less energy
- Review ceiling, wall, and window insulation
- Improving use of natural lighting
Invest in your office design
Investing in workspace design effects numerous facets of your organization, including improving your brand image, workplace efficiency, and employee satisfaction. Here are some specific changes you can make:
- Invest in ergonomic workstations to increase wellness and comfort
- Create a bright, open office filled with plenty of plants and/or outdoor views
- Enforce brand recognition throughout your building
- Add quality break room or relaxation additions
- Build innovation and collaboration zones to spark creativity
- Update technology and furniture
All kinds of design factors contribute to improved employee productivity, innovation and collaboration. While looking at your current space, ask whether you can utilise it more effectively. If you feel your office isn’t getting the maximum value out of its space (which is often the case), look into having a new floorplan designed. An office that is custom designed for your workflow and culture makes a huge difference in efficiency, output, and mood.
Invest in your workforce
Great work environments are the result of great people, making resources for your employees one of the best office investments a business can make. Employee development will save retention costs, but also has the potential to increase sales and output.
Some ways you can invest in your workforce include:
- Create a positive space to come to work
A great work environment covers both the physical as well as the interpersonal aspects. This means an inspiring workspace as well as a positive corporate culture. Use your culture to create authenticity, positivity, and camaraderie, not only amongst employees but within management as well. Fill your workspace with natural light, inviting colours, and comfortable furniture.
- Supply quality resources
Resources include ongoing support and training when it’s needed, as well as technology, tools, and assistance needed to get the job done.Create an employee development program. This is one benefit that employees weigh in the “pros” when searching for a job. Part-time employees don’t always receive the same benefits as full-time, so providing employee development as part of the hiring package gives you a hiring advantage over other companies.
Invest in marketing and promotions
Getting the word out about what you do and how you do it better than the competition is a key driver of revenue for any business. Some companies view marketing as only necessary for new businesses, or as a remedy when sales are down – don’t make that mistake. Successful companies never stop marketing, Coca-Cola sure hasn’t.
Ongoing marketing shapes your consumer base, secures your future, and keeps everyone up-to-date on how your company is progressing. Some of the most common ways of marketing include:
- Improving web presence
- Running promotions
An investment in your office and business is always a smart move, but these areas, in particular, reap a great ROI. With the end of year approaching, now’s the time to think about where you’ll make any office investments that will help get next year off to a strong start.