Office Fit-out for Small Budgets but Big Impacts
Office Fit-outs can make a world of difference to your office space as well as your company as a whole. The right fit-out can maximise productivity, lead to higher employee satisfaction, develop a brand image, and utilise resources more efficiently. A fit-out can even be specified to be aligned with your objectives, vision, and values of your company. Therefore, giving you the chance to build a seamless experience for your customers, team, and organisation. There are multiple benefits to getting a new office fit-out. However, they’re not the only things to consider when deciding to revamp your office.
Different customer behaviour research shows that the main determining factor when it comes to making a purchasing decision is the cost. When you think about revamping your office, it’s essential to consider two of the most crucial things before deciding. The first is to fully understand your requirements. To understand better what this may entail, here is an office fitout checklist to answer any questions you may have. The second is to have a clear budget.
Average Cost of a New Office Fit-out
Office fit-outs are dynamic projects that require a great deal of knowledge and planning. You need a keen eye to successfully implement proper space planning, installing meeting rooms, partitioning, IT equipment, and lighting. A long list of things usually means high costs, but you’re probably wondering, “What does something like this cost?”
Asking how much does this cost is like asking, “How much does dinner cost?” – Well, it depends! Do you want to cook at home? Do you enjoy fast food? Or do you want dinner from a five-star restaurant?
Knowing what you’re looking for in an office fit-out is essential when it comes to the all-important ‘cost question’!
Let’s take a look at a few examples below.
- Basic Office Fit-out: This option will provide a conventional office design. It consists of new flooring, basic office desks and seating, and decorations. Such a project will cost around $785 AUD per square meter.
- Mid Range Office Fit-out: This option will provide a higher quality of materials and be used in larger office space. You will be charged around $980 AUD per square meter for a mid-range office fit-out.
- High Spec Office Fit-out: This option will provide a top-notch workplace. It involves interior design experts and workspace planners to meet all your demands and outfit with everything you want. Price can be anything from $1235 AUD per square meter and up.
It makes it easier to determine if an office fit-out is something you want with reference points in mind. It allows you to adjust your budget to meet your demands.
Return on Investment of an Office Fit-out
Your budget will ultimately decide if you require a new office fit-out. You may be feeling overwhelmed and discouraged if your budget is smaller than the ‘basic office fit-out’ cost. Don’t worry, though, office fit-outs also help in recuperating costs.
So what if you are a cash strapped company? And don’t have the luxury to take on projects that don’t provide you with a good return on investment (ROI)? These are questions we get asked a lot at Interia! By focusing on the ROI of your office revamp, we ensure long-term savings for your company.
The ROI of the project helps reduce the overall cost of the project in the long term. Cost reduction is possible with savings, increased productivity, or contributing to wellbeing and staff retention. Let’s examine a few ways an office fit-out can reduce organisational costs and save money.
Reducing organisation costs
- Energy Consumption Reduced – Energy is expensive! Focusing on cutting down electricity costs can save you money each month. One way this can be done is by swapping the standard 4-tube fluorescent light bulbs to LED alternatives. Sepco stated that the LED bulbs are 85% more efficient, have a longer lifespan, and fewer bulbs are needed. With smart designs, natural lighting, and automatic lights, you can significantly cut down your electricity bill each month.
- Wellbeing and Staff Retention – Utilising natural light also improves the wellbeing and productivity of your team. A recent article by Harvard Business Review found that access to natural light increased 78% of people’s wellbeing. Furthermore, the productivity of seven out of 10 people at the office increased as well! In addition to utilising natural lighting, you can add comfortable furniture to use and relax on. Office layouts that promote collaboration and places that provide ample room for movement will improve wellbeing.
A report by WHO shows how vital wellbeing is at work. Regarding reducing sick days and increasing retention rates, wellbeing and mental health were the most important. An article by CEO Today quantifies how sick days can affect your business. Whereas, in 2016, on average, a company with 49 individuals saw a sickness absence rate of 2.2%. Which resulted in the company losing in total 49,000 AUD (hourly rate of 26 AUD)!
Revamping your office to improve workflow and wellbeing of team members can be expensive and time-consuming. However, the benefits of doing so can affect your bottom dollar. With a small increase in wellbeing and a decrease in sick days, your company can save thousands of dollars each year!
ROI is an important factor when it comes to making a decision to get a new office fit-out. But the issue of having a small budget may still be affecting your decision. In the next section, we will talk about how to get your project done with a small budget!
Small Budget? No Problem!
You may be thinking, “Okay, I can recuperate my investment costs, but I’m strapped for cash now. How do I do this on a budget?” We plan on giving you the insights to do just that! We want to make it a little easier to get the results you want for the budget you’ve set.
There are multiple ways you can cut costs while still getting the right fit-out. Focus on the following to meet your company’s goals and vision, all while staying under your budget.
Here are a few things you can do to keep the costs down:
- Plan Ahead – This may be the single most important thing to do when considering an office fit-out! No matter the size of your office or the fit-out you intend, it’s important to know what’s available. If you feel uncomfortable with the process, the best thing to do is gather more information. Our blog is an excellent place to start, as we provide over 100 articles that will answer all your questions! By properly informing yourself of the project and having a concrete idea about what you want, you will be able to stay focused on what you want and say no to extras, ultimately saving you money!
- Choose the Right Building – This applies to changing locations or looking to open a new office! They say ‘location, location, location’ is all that matters, which couldn’t be more true for your new building. If possible, pick locations that have partial fit-outs already installed as well as locations that have optimal layouts and areas already installed like kitchens and additional restrooms.
- Reuse and Repurpose – When moving offices or revamping your existing one, there are opportunities to reuse and repurpose items. For example, you can use items that still meet the quality and functionality required to be effective. Or, maybe employees love certain items in the lounge, well there is no reason to get rid of those either! Remember, having a seamless office that promotes productivity and a stellar brand is important, but so are your employees. Make sure to keep them happy during the whole process as well.
- Open Plan Office – An open plan can save you lots of money when it comes to constructing your new office. By not needing to worry about erecting walls for closed-off areas, you can save money and promote collaboration. If you do need some sort of privacy at the office, privacy screens and partitions can be utilised instead. These tools can provide you with an affordable and flexible option to get privacy anywhere in the office. Also Read: Pros and Cons of open plan office design.
- Get Help From a Professional – Involving a professional is one of the best ways to save money and time. With experienced project managers, they can help you realise your dream office – all while reusing and repurposing things and saving you money. Professionals also can leverage their pre-existing relationships with subcontractors to save you the hassle of dealing with different companies. Interia has a well-established network with a wide knowledge base. We can help you with all of your needs, or recommend a professional in your area!
You Have the Power, Ready to Decide?
Deciding to get a new office fit-out may be challenging for multiple reasons. One thing that you don’t need to worry about is having a small budget. By planning ahead, having a precise idea, and consulting a professional, your new office fit-out can meet your budget requirements.
With opportunities to get a great ROI on a new office fit-out, you can be sure to recuperate costs. Additionally, being able to raise the wellbeing of your employees is crucial. With improved wellbeing, you can increase employee productivity while also reducing the number of sick days. A new office fit-out might be just what you need to become more functional, productive, and promote your brand image.
Invest a little or a lot; your new office fit-out will make a big difference for your company. Talk to our team today and find out how to save, recuperate, and realise gains in your new office. Small budget, but need a significant impact? We got you covered!