A commercial property is something that any business will want to acquire. Think about it. You cannot possibly run a business without a place to hold operations. Regardless of the size of your company, location and space matters. They are a necessity. So you’ve gotten yourself a commercial property recently. What’s next? Surely, things don’t stop after acquisition. So what else is there to do? Here’s a to-do list from Singer Vielle.
To Do Item # 1: Double check on documentation. – Even after the transactions have already occurred, deals have closed and contracts have been signed, it is still important to double check on your documentation. A commercial property is a huge investment for your business. It is a big ticket asset. You surely would want to ensure that it gets recorded properly within your financial statements. Remember that you have to record it based on historical or actual cost and not market value. At the same time be sure to have its useful life assessed at best.
To Do Item # 2: Make the necessary renovations. – You might want to revamp the whole place or at least change some features to it in order to fit your intended purpose for the property. By all means do so and keep it scheduled. This way no delays will occur and your operations go as smoothly as possible.
To Do Item # 3: Prep and dress it up. – What are you using it for? It is important to decorate the interiors in such a way that it invokes productivity for employees and brings in customers for sales. The ambiance and aura of any property can affect the tasks and dealings of people that go in it.
To Do Item # 4: Keep it ‘work appropriate’. – In relation to keeping the place aesthetically pleasing, it would be best to make it functional as well. After all it’s a place for work and where operations are held. Gather your team and brainstorm for ideas. Getting a professional may even help if you achieve this.
To Do Item # 5: Have maintenance on check. –After the purchase of a commercial property or even years after that, entrepreneurs have to see to it that proper maintenance procedures are undertaken to ensure its upkeep. The better taken cared an asset is, the longer it becomes of use to your business. Moreover, it prevents unwanted circumstances like accidents and keeps losses at bay as well.