In these tough economic times, many businesses are reviewing their expenditure. Business space can account for a significant proportion of outlay and our Commercial Team has prepared the following 10 point action plan to help you reduce the cost of your accommodation.
1. Sublet excess space to offset your overheads and you may even generate additional income.
2. Your lease may contain a rent review and you should plan ahead for any potential up lift (however unlikely you think it might be).
3. Identify any break options and the conditions attached to operating them 12 months in advance of a break date.
4. Consider appealing your Business Rates . The savings on a successful appeal of the current 2005 Rating List can be backdated. The 2010 Rating List is due to be released shortly - act now to ensure your accommodation is properly assessed.
5. Effective space planning could alleviate pressure on your existing space or even reduce the amount you occupy while releasing accommodation you could sub-let.
6. If you are struggling to pay your rent , your landlord may consider being paid monthly rather than quarterly in advance.
7. Outsource storage to maximise useable floor space.
8. Understand your dilapidations liability and pro-actively maintain your property in accordance with your lease. Short term savings on maintenance often result in significant costs in the long run.
9. Analyse your utilities contracts and speak to your suppliers to see what offers/concessions they are prepared to make.
10. Switch off lights and air conditioning when not required to ensure you maximise energy efficiency.