Improving renovation return on investmentPublished 23/11 at 16:24
The primary reason for running a renovation project is usually to add value. Whether that’s by rectifying a problem, updating an offering or optimising the space, renovation can improve both the function and aesthetics of a business.
Connie Johnson, vice president of marketing at surface preparation company National Flooring Equipment, explains how technology can help improve a renovation project’s return on investment.
The starting point for a renovation project is to establish what the end goal is for the organisation. In most cases, the project is not just to replace the door, but actually to meet a business objective. The objective could be something as critical as to bring in more customers or improve a building’s efficiency. For example, in a café or restaurant, it is important to install flooring that feels and looks good under a customer’s feet, is easy to clean if a drink is spilt, and is slip-resistant for safety. In a casino, a busy carpet may encourage visitors to look up, resulting in an increase in spending thereby helping the business to increase its profits. A patterned carpet will also conceal any spills, making the carpet cheaper and easier to maintain.
A floor covering can even impact the energy efficiency of a business. In large warehouses or supermarkets, a reflective polished concrete floor can cut energy bills. For a project to have any real return on investment, it must be clear what problem the renovation is trying to solve, and what environment the business is trying to create. Once the goals and objectives of the project are defined, there are several ways that a business can maximise the return on investment of their floor. The first stage is during the renovation itself.
When renovating a business, it’s critical that the work does not disrupt daily activities. Many companies remain open during renovation or refurbishments, which means business owners must be conscious of noise, dust and debris. The contractor can choose a battery or electric powered machine, use dust collection equipment and regularly remove any debris or rubble to help keep the business in operation during the project. Thus technology can help a contractor to perform the renovation more quickly. A commonly overlooked factor is ergonomics; the more comfortable the contractor is, the more quickly the job can be performed. For this reason, surface preparation equipment that can be adjusted can help improve the speed of renovation is ideal.
Versatile equipment on the job site will also improve return on investment (ROI). For example, with the right tooling, National Flooring Equipment’s Helix grinder can grind, polish, edge grind and scarify a surface, offering four capabilities in one machine. Whether the machine is owned outright, hired or used by a contractor, the use of one machine can improve the speed and ease of which a renovation can be completed.
Advances in coating technology can impact the floor’s ROI, both in terms of meeting a business objective and in the floor’s lifespan. Consider this example; if a business is flooded the floor is mouldy and ruined. Is the solution to lay the same covering again and risk a repeat occurrence? The probable best option is to address the issue underneath the floor by laying a moisture barrier thereby safeguarding the floor against future water damage.
Renovation return on investment is about more than the cost of the project. True ROI is achieved by a project that helps a company to meet a business objective, either saving energy costs or increasing customer spend. Ensuring the floor will last the test of time so the business can continue to reap the rewards of the renovated floor is another important factor. Surface preparation is critical for improving lifespan, which should be borne in mind when considering next adding value through renovation.