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Role of facilities in today’s business environment

Role of facilities in today’s business environment

The term "facility" is used to refer to a wide range of buildings, complexes, and other physical structures.

It can also be seen as an installation, device, or other things which enable something or a place for activities to occur. We have as examples a space or an office or suite of offices; a floor or a group of floors within a building; a single building or a group of buildings or structures. 

These structures may be in an urban setting or freestanding in a suburban or rural setting. Facilities include office buildings, hospitals, hotels, retail establishments, grocery stores, auto shops, and sports complexes. 

What to consider when making business facility decision

One of the major decisions that a business owner must make is choosing a facility from which they can run their business. If a business is not being run from home but  from outside, then an owner will likely have some big decisions to make.

If business is now being started and the necessity for selecting a first business facility arises, owners must spend some time to consider what is needed from the facility. This process will require a lot of hard planning, as well as some measure of dreaming. If you have been in business for some time and are now considering moving to a new facility, you may have a good idea about what you need. 

Finally, there might be a clear picture of the facility needed and also some potential sites spotted for your business. 

The next question is often the hardest one: should you rent or buy? Because important and complex tax and cash management issues are tied up in this rent or buy question, many small business owners rely heavily on the advice of their accountant or attorney when making this decision. 

You may also wish to do so. But even if you do, you should be aware that the decision on the rent or buy question will influence other business decisions that go beyond tax and cash management issues.

The First Step: What do you need in a facility?

As a business owner, you have it as one of your vital concerns to accurately determine your facility needs so that the facility where you conduct business contributes to your profitability. When you envision the model facility for your business, you may think through several lines. 

You may consider:

• The interior layout: the available space, how it would be partitioned into lodgings or work spaces to best fit your purpose

• How it could be built or ornate to offer the capabilities and working environment that best suits your operation

• Its exterior: the aesthetic (and that of immediate surrounding) and the message that it carries about your business

• where it is located (on a busy street, or less busy road)

• Its delivery for essential structures such as parking lots.

Choosing the location 

As a business financier, you have to ensure that the property in which you conduct business will contribute to the growth of your business, rather than decreasing it and in so doing, you should consider the following; perhaps you may also consider the area to site your business and the following questions should be considered:

• Should it be within the core of a city, on the outskirts, in a small town, or out in a rural area? 

• Whether the location has proximity to necessities such as trained labour, easy access to airport or other transportation facilities

• Gather all the necessary information about the community in which you wish to locate the business.

• Look at potential sites and buildings, and envision how well your business would function in each. 

• Look out for geographic areas not well served by potential competitors.

Or based on bad past experience or existing facility, it will make you consider the following things to avoid:

• poor business location

• insufficient building space

• poor transportation access for clients, service providers and staff

Functions of Facilities 

It is obvious that many questions deserve answers as you examine a business facility. More predominantly, if this is your first time in acquiring a business facility, I recommend that you should map out your facility needs in some detail. 

In doing this, you should consider what investors primarily look out for in a business facility and how the facility can support their businesses. 

As an investor, you can significantly enhance your chances in acquiring a facility that will have a positive influence on your bottom line if you prudently consider the purpose that the facility must serve for your business. 

A good facility should:

• Be efficient for business operation 

• Be able to showcase your business in a good light 

• Be able to permit you  for upcoming business growth 

• Enable you accomplish the above objectives at a minimal cost 

 

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