Your Pleasanton contractor encourages you to ask these financial questions before committing to a commercial construction project.
If your business is booming and growing at an impressive rate, then you’re most likely thinking about expanding your operations. For many businesses, expanding their business requires renovation to meet their needs. Before you jump right into a construction project, your Pleasanton contractor advises that you ask yourself these financial questions.
1) How do company finances look?
The strength of your business’s finances will determine whether an office renovation or expansion project is possible for you. As you work to create a budget, it’s important that you consider both short term and long term company revenues. If your business is consistently operating in the red, has several large, outstanding loans, or relies most heavily on short term clients, then starting a construction project might not be in your business’s best interest.
2) How will we finance the project?
Chances are you do not have the money to fund the construction project on hand. In most cases, the primary financing options for business is through a bank loan or loans from other lending institutions. That’s why you have to determine your business’s lending capacity. If you have a good credit rating and do not have any large, outstanding loans then you should be able to get the loan you need to pursue your construction project.
3) What is the scope of my project?
Finally, before you can begin a construction project, you need to consider what features are necessary and which are luxuries. While you might want to give your employees everything they want in the new building, this isn’t always possible. Instead, identify the features that are most vital to your business’s operations. You can always add in extra amenities, but be aware that these extras will increase your building costs.
These are the major financial considerations you should make before jumping into a construction project. If your business is ready to take the plunge, then trust Proforma Construction. Our team of professionals can help you meet all of your commercial construction goals and exceed all of your expectations. Whether you need a Pleasanton contractor or have a project in the surrounding California area, we’re here! Contact us today to see what our services can do for you.