Three Ways To Overcome COVID Business Challenges
In our new world governed by COVID restrictions, managing a business and the building within which it operates is now more expensive and complicated than ever before. The dangerous combination of increasing operational costs and decreasing revenues can significantly impact your current and future profitability. For this reason, it is essential to be cautious when investing in COVID safety measures for an office or establishment. We also need to try and be strategic as well as effective in our safety approaches.
However, the list of potential safety upgrades is very long, if not seemingly endless. Yet, we may have to accept that COVID may be joining the list of traditional illnesses like common colds and flu as it will be with us for a long time to come. We should also be aware that a new biological threat could be introduced to our species at any time, so we shouldn’t really sit back and go into paralysis due to the analysis.
At Uptown Energy Solutions, we have researched the recommendations of some leading commercial property management organizations, and based on their suggestions, we have compiled a list of potential building upgrades you may want to consider and incorporate to maintain safety against COVID.
1. Plan your COVID safety measure expenses
Basically, your COVID safety measure investments will fall into three categories:
a. Those which will have no effect on operational costs (signs and stickers)
b. Those which may increase our operational costs (cleaning supplies and more strict air management systems)
c. Those which may reduce our operational costs (efficiency technologies and automation)
If your goal is to maintain or improve your company’s (or your tenants’) profit margins, an excellent high-level strategy would be to include at least one recurring cost-saving measure for each cost increasing measure. Or, at least try to make the two sides balance out their effects on your bottom line.
2. Incorporate technology for operational efficiency
Try to focus on investments that will add value to your property, whether a COVID vaccine is found quickly or not. Almost every day, we learn about a new technology purported to reduce occupants’ and staffs’ risk of COVID transmission. However, many of these technologies are new, unproven, and potentially very costly.
Focusing on technologies that have a verifiable effect on your operational efficiency while also bringing positive outcomes to your COVID response is a safe bet. For example, installing new HVAC systems may improve indoor air quality. This, coupled with a PV solar installation, can reduce your operating expenses and demonstrate a commitment to resource conservation all at the same time.
This type of improvement can generate a considerable return on investment and is far less likely to diminish in value if and when COVID ceases to be a threat. Especially when it comes to considering the future resale value of your building, or when facing the potential for a lease re-negotiation, anything you can do to show that you are maintaining a focus on smart business fundamentals will be a significant benefit.
3. Highlight your safety measures
Show stakeholders, customers, investors, and vendors that you are spending on the long-term sustainability of your business and are committed to the health and wellness of the individuals within your community.
The pandemic has caused all of us, regardless of industry, to re-evaluate the needs we have from our space and to ask more questions than ever. We want to feel comfortable and confident our management team is doing everything in its power to minimize risk (both financial and health-related).
But are we prepared for the future? Are we investing in more sustainable practices? Are we invested in our community?
These questions and feelings can only be addressed by talking with people about what you are doing, why you are doing it, and why it is appropriate.
Now more than ever, we should be communicating a focus and confidence that we are tuned into the latest technologies, which will help us continue to remain competitive. We plan for our business to be here for a long time to come.
Overall, we recommend that businesses continue to look forward, prepare for anything, and be ready to explore ways to turn an obstacle into an opportunity. At Uptown Energy Solutions, we believe that we can help commercial property owners of any kind create positive business outcomes by reducing costs, increasing brand loyalty and confidence, and beating their competition. This was true before COVID and is even more true now after.
As a full-service solar and energy efficiency provider, our primary focus at this time is to provide PV solar and battery solutions for commercial, government, and not-for-profit organizations. That way, they may reap the numerous potential benefits of on-site solar generation, including, but not limited to, reducing both long and short term operational costs. Our secondary business line provides LED lighting and green building consultation and solutions to help reduce the property’s overall energy consumption and reduce before they produce. That way, even if they spend on COVID safety measures, they still end up saving on electricity, which can add up as a significant expense over time if you aren’t too careful.
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