Save Money on Commercial Space with These 10 Helpful Tips

Save Money on Commercial Space with These 10 Helpful Tips

Posted on by Plemmons

For every successful business, there comes a point where you outgrow the kitchen table or garage.

Getting a bigger space becomes essential for growth.

Growth
Source: Abbi Waxman

The question is, how do you find a perfect space for your business to thrive?

  1. Know your budget. Do not go over your budget.
    • Get a space that will allow you to continue growing. Be economically minded when space shopping.
  2. Know your businesses needs.
    • Different businesses will prioritize different factors. Trucking and distribution will have a different priority set compared to an IT company.
  3. Leave wiggle room in your operating budget.
    • Know the issues that may arise for your unique business.
    • Keep a rainy day fund for vital equipment replacement.
  4. Know your personal AND business credit score.
    • Especially vital for newer businesses.
    • In lieu of business history, a personal guarantee can sometimes gain lease approval.
  5. Do NOT sign a lease that does not make sense for your business.
    • Consider the needs of your business a timeline. Why sign a 54 month lease when you may need more space in 36 on your current growth rate?
  6. Read. Your. Lease.
    • This contract is going to be a vital piece of your business going forward. Know it inside and out.
    • Ask questions! Never leave anything to an implicit meaning, ask for explicit clarification.
    • Negotiate! Until you sign, many things are up for negotiation or discussion. The worst the leasing firm can do is say no.
  7. Calculate your moving and logistics costs.
    • Moving trucks, personnel, tech installation, etc. all come into play here.
    • Consider moving mid-month to minimize downtime once paying rent.
  8. Secure all items of value.
    • Don’t leave tools, electronics, and other valuable items visible from the outside. Especially do not leave them in any company vehicles.
  9. Know your subletting rules.
    • Subletting from another business is a great way to get the space you need without paying the full market rate.
    • It can also make you some good money if you have space to spare.
    • Check with your leasing company to make sure you are permitted to do so in your lease.
  10. Have questions? Ask them!
    • The last thing a property manager wants is an unsure or uninformed tenant.
How to Get the Best Bang for Your Buck When Renting Commercial Real Estate

How to Get the Best Bang for Your Buck When Renting Commercial Real Estate

Posted on by Plemmons

Winter is Here.

Winter

When it comes to renting Commercial Real Estate, it’s safe to say we know a thing or two.

2018 is nearly upon us, that means we are in the middle of prime moving season. For commercial and residential alike.

Moving during winter is advantageous from a financial and customer service viewpoint. On top of getting more personal attention from leasing agents, you can also find yourself in the position to get some good deals.

That is, as long as you are ready to pull the trigger.

How to save a few bucks when renting

As with most negotiations, if you play your cards right you can save a substantial amount of money renting real estate.

Here are some professional tips:

  • Know your number – Arrive to a showing appointment knowing how much you can spend on a space. Never start negotiations without a number in your mind.
  • Know your agent/landlord – You want to work with someone who has been a part of the team for a long time. Those are the ones that can give you a deal since they know their way around the business. If you get the vibe that you need someone more experienced, there is no shame in asking for exactly that.
  • Referrals – Tell them how you found them. Most companies will have some sort of kickback to you and whomever got you interested in the space.
  • A penny saved is a penny earned – Do not underestimate small savings. Fifty bucks here, seventy-five there, it all adds up. For example:
    • Application Fee: $50 If you seem like a serious client, most companies will consider waiving this.
    • Free Week: Offer to move in around the 20th. You may find them willing to allow you to start moving in but start paying in the new month. Potential to be moved in and operational before you are paying rent. This can be hundreds if not thousands of dollars saved.
    • Ask if there are any “B-Level” units: Maybe there are more puddles in that part of the parking lot, the view is of a railroad or neighboring building, the electrical room is nearby, etc. If you are willing to compromise on small things, they may have a space that is otherwise identical for significantly cheaper. This could be result in thousands of dollars saved a year.
  • Know the company – Coming across as knowledgeable about the company you are negotiating with can go a long ways. It shows you are dedicated to getting a space if you put the time in researching.
  • Make. An. Appointment. – This is less a stickler for us than other companies. Regardless, to ensure you get the best experience from the most capable leasing agent, make an appointment. Also, it is the polite thing to do.

Finally, if the price is right and the unit works for your business needs. Be ready to negotiate. Remember, while a company may own the space, you are negotiating with a person. They likely have a number too and 80% of something is better than 100% of nothing when a unit is vacant for another month.

Plemmons Pro Tip: That works at hotels too. Past the usual check in times you can usually find a manager that will rent vacant rooms for a discounted rate rather than letting them by empty for the night.

Don’t say Plemmons Industries never did nothing for ya!

Four Ways to Manage Expectations for a Productive Business

Four Ways to Manage Expectations for a Productive Business

Posted on by Plemmons

Expectations. We all have them, about everything. What happens when expectations do not match reality?

Disappointment. As a small owner, disappointment in team members leads to discontent. Discontent leads to departure.

Managing expectations is the only proactive way to ensure your team members are satisfied with their position.

Be open. Be honest.

Honesty is always the best policy.

First of all, write an honest job description that includes a realistic overview of the position and responsibilities.

Have a direct and honest interview process. This should always involve a Hiring Member that is symbolic of the brand. This is the time, before the expectations to see if this person is naturally on-brand. Inauthenticity on both sides of this process will lead to a troubled relationship from the beginning.

Know who you are hiring.

Join Our Company

You posted your position over three weeks ago. So far, you have yet to get a decent bite until today when you have what seems like a dream applicant shows up in your inbox. They are brought in for an interview, and they seem like the solution to everything needed in the position. In addition, they have years of experience in similar work and here they are, applying for your position when you required minimal experience.

Should you hire them? Likely, but you should also realize that an over-qualified individual applying for a position is generally looking for this role temporarily. Can you offer them realistic advancement?

You never want great talent to walk away from you.

Do not let things stew.

Difficult conversations make everyone sweat.

Know what can be worse? Coming to work and having something to say but not having the courage to face the conversation. As a result, you’re miserable for days, weeks, months, even years?

If a team member is dissatisfied with their position, responsibilities, hours, etc. they cannot be on brand. The focus is now on discontent.

Don’t wait for things to blow over as they may boil over instead.

Plus, happy employees are 12% more productive.

Make them feel valuable.

“Wealth consists not in having great possessions, but in having few wants.” -Epictetus

Team Members

Take care of your team members and in turn expect them to take care of you. Genuine care is priceless. To receive value from a team member they have to be shown that they are valuable. From earlier articles, more employees want time off than anything else.

A great example of this in our business is the concept of valuing all people’s time the same. Giving a team more flexibility with their time can be a value add to all team members.

Giving your team members a sense of value and flexibility in their time breeds loyalty. The type of loyalty you can rely on.

Team members with faith in their work, faith in their company, and faith in their leadership are team members who you want to keep around.

Why’s the Water Up to my Knees? A Flood Guide.

Why’s the Water Up to my Knees? A Flood Guide.

Posted on by Plemmons

If you live in western Washington, you likely live near a river. Enjoy the view and don’t worry, you’ll be prepared for mother nature.

Thanks to our friends at King County for these important flood tips:

Know if you’re in a flood plane.

If you own a home, this is something that should be disclosed when you purchased. If you’re unsure, here’s King County’s mapping tool.

Assuming your home is in a flood plane, your mortgage likely stipulated you having flood insurance but, it never hurts to call your homeowner insurance agent and confirm it. Especially going into what’s shaping up to be a rather wet winter.

Have a plan.

The time to establish what your family should do in the event of a flood is now, when there’s not actually a flood.

Some tips:

  • Pull all valuables off the floor and stash them in the highest and most well ventilated location you have.
    • Make sure to have images and receipts for these items for insurance purposes.
  • Know how to evacuate any pets/family that cannot move themselves.
    • Animals in particular can be swept away in a current, if possible do not have them in water above their mid-section.
  • Know multiple routes out of your neighborhood in case one is flooded/disabled.
    • Typically the route leading away from the river along the highest road possible is your best bet.
  • Have a dedicated meeting location in case family is not all at home. Cell Phone towers can be damaged during extreme flooding so discuss this in advance.
    • Closer to your home but away from the flood plane the better. In case someone ends up evacuating on foot.
  • Have an emergency kit. All the usual suspects: water, bandages, flashlights, etc. Here’s some more suggestions

The news just said my house will likely flood tonight. Now what?

Well, at least you’ve got some prep time right? Note, these are mostly money saving tips in the event of a severe flood, do not waste time doing them in an actual emergency.

  • Turn off your gas valve.
    • Water+Gas Line = No fun.
  • Turn off circuit breaker and main electrical line.
    • Helps prevent burnouts and makes home safer to re-enter post flood.

Oh, there’s water in my house.

Don’t panic. Like most natural disasters, panicking does not help. Stick to your evacuation plan and keep these tips in mind:

  • Don’t walk, run, wade, meander, bike, or drive through flooded areas. We like King County’s saying for this:
    • Turn around. Don’t drown.
  • If your vehicle stalls in water, abandon it. You can swim. Your car? Not as much.
    • We’ve yet to see a life jacket for an F-250 or Prius.
  • If water is too deep for you to safely evacuate your home/area get to as high a point as possible with an escape route or your roof. Make sure to take as much warm clothing and supplies as you can carry up with you.

We survived a flood!

Perfect! Now here’s how to not end up a post-flood-freak-accident statistic:

  • Examine your home for structural damage before going inside.
    • If your roof is drooping in, we’d suggest not going inside. Same goes for odd crackling electrical noises outside.
  • Hire professionals to examine your home for damage.
    • It’s worth your deductible to have a professional check your gas, electrical, water, etc. Before attempting to use it.
  • Document damaged property and all water lines.
    • You’ll want pictures and documentation of this for insurance claims
  • Drain basement if needed.
    • Only 1/3 of the water per day. Draining the entire thing at once can cause severe structural damage or collapse.

Flooding is a part of life in the PNW. Preparedness = Safety, this is what insurance is for.

Holiday Office Party? Try This Instead.

Holiday Office Party? Try This Instead.

Posted on by Plemmons

‘Tis the season. What are you doing for your staff?

What they want the most,

Time off.

Randstad US published a study regarding what workers prefer over the holidays in the workplace. The results?

70% of American workers said time off is what they loved most about the season. Seems obvious right?

Well, here’s what might be less obvious:

Your workers are taking time off, what are they doing?

62 percent of workers said they’re going to take vacation during the holiday season even when 52 percent noted their employer doesn’t give extra time off during the holidays.

28 percent use accrued sick time at the end of the year regardless of health to have more time off.

63 percent of employees admit to checking their email when on vacations and 31 percent will even call into the office to come across as more diligent.

Almost 1/3 of employees job search or explore during the holidays since business slows down in most non-retail industries.

Office party? Not interested.

90% of those surveyed said they’d rather have an extra day off or a bonus than an office party.

62% say they feel obligated to attend an office party with an even higher percentage the younger the age group.

47%  of those 18-34-year-olds believe their company should participate in some sort of charity.

What can you do?

The way our small business does it is to give more holidays. We want our employees to enjoy their families, travel, relax, and recharge. With this in mind, our team knows the new year is the time for our best effort! Everyone is rested.

Perhaps in a little more debt but ready to pay that off. ‘Tis the season to reboot and charge into 2018 with a new commitment to the team.

 

Email Marketing: Effective, Efficient, and Engaging

Email Marketing: Effective, Efficient, and Engaging

Posted on by Plemmons

Email Marketing: Efficient, Effective, and Engaging

Email marketing is a modern tool that business owners must use to keep their business and brand front and center. Everything is a powerful opportunity to build a connection with your audience when done properly. Email marketing done poorly will tarnish your brand.

Here are some tips for success:

Make it Personal.

Have you ever opened up a business email it feels like the content and products are speaking to you?

Spoilers: This email was not created ONLY for you. The fact that you thought it meant the marketers are doing it right. There’s a reason that people occasionally jokingly call Emails, “electronic letters”, and that’s because a personal touch goes a long way.

Pick a certain client to write the mass email to. Make sure to keep the tone neutral enough to have it easily relevant to anyone reading. Get familiar writing this type of email as well as utilizing the tools of your respective platform. Nearly all email campaign services will have built-in tools for inserting client information into the email to make each one personal to the targeted recipient.

Don’t overkill it. 

Nobody likes spam. You do not want to be a business known as an inbox spammer. You will likely have a large number of recipients who mark you as spam and you can find yourself getting the boot from your email campaign provider. Seriously, some providers give the boot for anything over a 1% spam complaint rate.

Your content hungry subscribers will be much harder to scare away with content as long as you keep it relevant to their interests.

Avoid clickbait.

“One weird trick to lose 4 inches off your waist in 4 days!”

You’re marking that as spam. Everyone is marking that as spam.

Those email tags I mentioned earlier for client information can usually be inserted into your subject lines. Don’t be afraid of the OCCASIONAL name drop in the subject line. Don’t abuse this. It becomes less personal if you do it too often and this is an ace up the sleeve that you do not want to lose.

Simple subject lines. 

Your subject line should be exactly that, a subject line. Give them a reason to click on your email. They can see the first sentence of the email before clicking on it so don’t oversell the subject. It displays poorly on mobile devices and you are more likely to get slammed by automated spam programs.

It’s not free, even if it’s free.

We all know the saying that you “get what you pay for,” email campaign and automation software isn’t an exception to this rule. As someone who has used well over a dozen different email campaign and automation systems in their time, want to know which ones are the best?

I’ll give you an objective top 3:

MailChimp

Campaign Monitor (Cheaper version of MailChimp Essentially)

Constant Contact

The most cost efficient one of those with a moderately sized database is going to run $100 plus a month.

And, it’s worth every penny. Every. Single. One.

A year-long email drip campaign in one of those programs once you’re an expert can build complete with A/B testing, link backs, and social media plugins in an afternoon.

This is a tool, not the shed. 

Email marketing is just ONE piece of your marketing. Traditional word of mouth, social media, etc. Also, play key roles when it comes to the advertising of your small business. Growing your presence without years of operation requires you to play smarter AND harder to legitimize your brand.

Done strategically, email marketing can be a massive boost to your business and once it’s going well, one that doesn’t require much micromanagement.

You’ve got other things to do, like figuring out where your next office space will be 😉

Want to have us discuss anything in particular on our next blog? Curious as to what Plemmons Industries can do to help you grow your business?

Get in touch with us: ContactUs@PlemmonsIndustries.com