When you hire a construction company to improve your commercial property, you’re making an investment in the future of your business. Just like any other investment, though, you need to be sure the money you spend is within your budget and will produce the returns you want. Here are a few tips for keeping your commercial remodeling budget under control and for making the most of your project.

How to Create a Commercial Remodeling Budget

1. Know Your Means

Before you begin planning the project, review your company’s cash flow over the last few months. Look at the income, and compare it to fixed and variable expenses to determine how much money you can safely devote to an improvement project. If your margins are too small, start saving for your remodeling project instead of launching right into construction.

2. Have Concrete Goals

Look at your existing building and make a list of the changes you’d like to see. Arrange them in order of priority. That way, when you’re ready to discuss the project with a building contractor, you can create a plan which addresses all your goals without any unnecessary extras.

3. Get Quotes

Once you have a detailed list of goals, talk to the contractors in your area, and get initial quotes on the work from multiple sources. Not only will this help you choose a contractor who will use your money effectively, but it will also give you a reliable estimate for the project, allowing you to plan a budget with concrete numbers in mind.

4. Budget for Emergencies

Even the best plan needs some room for surprises and last-minute changes. Set aside some extra money in case the project runs over the expected budget. If needed, divide the construction project into stages and take them on one at a time.

5. Keep the Business Running

As you plan, consider how the construction project will affect day-to-day business. If possible, look for ways to keep the business running while the construction takes place—for example, can you consolidate operations to one area of the building while another area is being improved, or use a different property for the work? If that isn’t practical, factor the lost revenue into the budget.

Keener Construction in Russellville, AR, is a certified building contractor with extensive commercial remodeling experience. Their building service is the go-to source in River Valley for construction, renovation, and repairs. If you’re ready to start your project, give them a call today at (479) 968-5338 to schedule an appointment.