Relocating or refurbishing an office may be considered as the most expensive process an office can go through and it needs to be planned carefully considering the high number of costs involved.
Moving without any planning could make it extremely stressful for you and for your finances because you can easily lose control of the budget.
When you first start planning your budget, you have to consider all the costs that may occur during the process from the ones for new equipment such as new furniture, flooring, IT and Telecoms and so on, to the other additional costs such as transactional costs, rent, insurance fees, legal fees, dilapidation costs and so on.
You can’t be aware of every single cost that may arise, but you can easily request quotes from suppliers and draw a first draft of the costs you may have.
By defining it you limit the risk of over spending and also you are prepared to take quick action without slowing down or stopping the process.
Given the importance of this process it is highly advisable that you allow a contingency to cover costs that may arise and you hadn’t thought about such as last minutechanges or potential unforeseen issues with the building when fitting out your office.
Planning a budget is as important as planning the entire fit out with the difference that you should have more flexibility and be able to change your budget according to your needs.
Many businesses have embarked inan office relocation without preparing a detailed budget and they usually end up spending more money than they had thought. Seeing that most companies don’t have an unlimited budget, it’s worth planning an office relocation carefully also considering ways to save money on it and find other opportunities without putting your finances on the edge.
Capital allowances provides you a tax relief deduction when buying assets for business use. It could help you save up to 70% of your costs when claiming it back; you can also think about office furniture leasing to help you relocate or refurbish your office without spending all your capital in one go.