Should You Buy Or Lease Office Space in Vancouver
June 24, 2010 by admin ·
The Reflection of the Marine Building in Vancouver's Burrard Business District.
Vancouver Office Space: Buy or Lease?
Vancouver is a city that is booming with real estate. When you’re in the market for office space for your business there are a few things that you should think about before making this investment.
With ever-changing office vacancy rates in the city of Vancouver and stock markets globally, it is uncertain what the future may bring. You need to carefully weigh the pros and cons of leasing or buying office space.
Here are some pros and cons of leasing vs. buying in Vancouver.
Pros of Buying Office Space
- Tax Deductions – the associated costs of owning and running a commercial space can provide expense deductions.
- Fixed costs - locking in your commercial mortgage can give your business clear, fixed costs.
- Additional income - owning your office can add the advantage of renting out extra office space and adding more income.
- A Retirement Fund – the prospect of owning commercial space allows the owner to sell out and fund their retirement.
Cons of Buying Office Space
- Upfront Costs - buying space usually costs more money upfront which is not practical for new businesses and entrepreneurs.
- Lack of Flexibility - a new or growing business may experience unexpected needs in the future.
Pros of Office Space Leasing
- Free-up Working Capital – with your money not tied up, your business can respond to opportunities in the market.
- More Time – allows more time to focus solely on running your business.
- Prime Property – leasing allows opportunity to be in a great location with a high image.
Cons of Office Space Leasing
- Variable Costs – when you lease you may be subject to annual rent increases and higher costs at the time when your lease expires.
- No Equity – When you lease you are funding someone else’s retirement with your lease payments.
There are pros and cons to both buying and leasing. Making a decision will come down to finances, tax, and personal issues.
Investing In Vancouver Office Space
Here are some simple tips and things to think about before investing in Vancouver office space.
- Decide How Much to Invest
When considering how much money you should invest in your office space you should think about your present needs, how much you can afford, and whether you wish to use this space as an investment vehicle.
- Think About Timing
When is the right time to buy or lease an office space in Vancouver? Factors to consider are your personal situations, and “market timing.” Market timing is your judgment of whether the market will be going up or down.
Spring and fall usually have greater market activity, and a wider choice of reasonably priced properties for sale, than summer and winter. However, looking back over many years it is clear that no season is predictably the least expensive time to buy in this area. Sometimes the best time to buy is when nobody else is looking. A little-known secret is that there is usually a noticeable drop in prices at the end of December, creating an opportunity of which very few buyers take advantage.
When looking for an office space in Vancouver the most important thing is that you consider the long run and the needs of your business.
Vancouver Business Networking Where You Work
June 18, 2010 by admin ·
Robson Square lit up at night during the 2010 Olympics.
Getting involved in your local Business Improvement Association is a bit like joining a board of trade on the street where you work. You get to know the local banker, barista and nail bar owner on a first-name basis. They provide a great opportunity for Vancouver business networking.
Based on a long and successful history in the United States, the Business Improvement Association represents all businesses within a neighbourhood bringing together local merchants, entrepreneurs and professionals.
In Vancouver’s Lower Mainland, there are 35 individual Business Improvement Associations. Downtown Vancouver itself has seven BIAs including Robson Street, Gastown, the West End, Yaletown, Chinatown and Strathcona.
Unlike other business organizations and associations which charge a fee at the door for everyone who attends, participating in BIA events, meetings and committees are free. All business owners within the zone contribute financially through an annual levy against property taxes.
Whether you own a business or work for one, attending meetings and joining committees provides an inroad to developing local clientele as well as networking among those who run businesses or work near you. It also provides free access to marketing surveys, neighbourhood profiles, special studies and reports for the area.
Most Business Improvement Associations are run by a volunteer board of property owners and business community members. Apart from regular meetings, the BIA holds special events, business networking events and forms committees to promote community awareness, marketing and street beautification /image enhancement as well as safety. Marketing committees get involved in everything from developing advertising and media campaigns to orchestrating street festivals and community events.
If you are a professional, getting involved in your BIA will bring you in touch with neighbourhood lawyers, accountants, insurance brokers, and medical and dental practitioners. The opportunities for business networking and making new contacts with other Vancouver professionals and business owners are excellent.
If you are a newcomer, the first step is to get to know your BIA’s executive director or president. This individual is your personal welcome wagon host to the local business community – in many cases, on a first name basis with business owners and bankers alike.
Vancouver Business Networking at the Local B.I.A.:
To find out more about the Downtown Vancouver Business Improvement Association, go to http://www.downtownvancouver.net
For more details on business associations within Vancouver, visit http://vancouver.ca/commsvcs/cityplans/bia/index.htm
How a Live Answering Service can Assist Your Small Business
May 11, 2010 by admin ·
A live answering service can be a great asset to a business. In order to discuss the advantages of a live answering service we must first define it. A live answering service is a business service that answers clients’ phone calls and dispatches messages.
There are many ways that a live answering service can assist your small business.
Why do I need a live answering service?
- First, if your hours of operation are around the clock, 24/7, you are going to need someone to manage your calls when you are not available to answer them. If you are not 24/7, customers are still going to call when you are closed, out to lunch or unavailable. A live answering service will reassure your customers you will be there for them to answer and respond to any calls, or answer questions if you are there or not there.
- Live answering services can save you money. Hiring an employee in-house for the task of answering phones can be very expensive. A live answering service is a cost effective and professional alternative to hiring more staff for the same purpose.
- A live answering service will be able to keep up when your company grows. If your business cannot manage your overcalls during the day, a live answering service can. Normally, overcalls go to voicemail or automation, but a live answering service is a good alternative. Ultimately it becomes your staff and is able to answer basic questions about your business. Also, if you need more advanced services (such as order processing or package training) the advanced call center could help manage your needs. Your business will never out-grow a live answering service!
How it can give you a leg-up!
- A live voice to answer your phone calls will give you a big advantage over your competitors. A professional staff will help you when you are busy helping clients. This frees up time for you and puts you at ease that all of your phone calls are being taken care of.
- People are three times more likely to leave a message with a live voice than a recorded voice. Usually, a voicemail message leads to more hang-ups which results in lost revenue. A live voice is there to answer their call when they need help.
- It is more personal. A live answering service can customize their answering with your company name. The representatives will take messages, enter data into your web form, or forward calls to you as if you’re in the next office.
- It’s just more convenient for you! You don’t need to take the time hiring and having a new employee fill out paperwork. You can sign up for a live answering service and cancel at any time with no trouble at all.
A live answering service is not only going to help your small business around the clock , but it’s going to cost a fraction of what you’d pay an employee. It can help bring your company more revenue because of the personalization of a live person rather than a voice recording.
Now, you know a bit more about what a live answering service can do for your small business!
How To Make Your Office Space More Green
April 26, 2010 by admin ·
Plants help to make your office environment more green. (Credit: MsCaprikell / cc)
Whether you’re leasing or buying an office space you should consider going “Green.” Making your office more environmentally friendly can actually save you money and reduce your company’s ecological footprint.
Let’s take a look at some office-greening opportunities.
1. Heating and Cooling
- If you have access to your office thermostat, heat your office to a maximum temp of 21°C when occupied; when you are not around turn it down to 16°C. Use automatic setback thermostats to adjust the temperature for weekends and evenings.
- Use weather stripping and caulking to minimize heat loss from possible cracks near windows or doors.
- Consider solar shading to reduce the amount of heat from the sun that penetrates your office building
- Try to remember to keep the blinds closed to conserve heat in winter and keep it out during summer.
- Think about outside air economizers that use outside air to cool down buildings when the air outside is cooler than the air inside.
2. Go Green with Your Printer
- Try to buy and use recycled paper.
- Use eco-mode on your printer if it has one.
- Save paper by printing on both sides whenever possible.
- Recycle your used ink and toner cartridges.
- When buying a printer, choose one that is Energy Star compliant.
- Do not set your printer to come on when you turn your computer on. Only turn it on when necessary.
- Check out Soy-Based Ink. Not only is soybean ink better for the environment but it has many other benefits. Soy Ink’s prices are comparable to petroleum-based ink, but less soy ink is needed. It produces brighter, sharper colors because of the innate clearness of the soybean oil. And, it emits less harmful toxins.
3. Lighting
- Turn off the lights in the room when not in use.
- Do not leave your office lights on overnight.
- Use light wall colors. The lighter your paint colors the more daylight they will reflect meaning you will need less overhead lighting.
- Replace standard incandescent bulbs with compact fluorescent lamps wherever you can. They use 75 percent less energy while producing the same light output.
4. Office Supplies
- Recycle used office supplies whenever possible
- Purchase products that are made from post-consumer content such as paper and plastic products.
- Eliminate your use of products that there are no green alternatives for, such as rubber bands.
- Turn of machines when you leave for the night and activate sleep modes for printers, copiers and fax machines.
- Consider consolidating these machines by purchasing a machine that performs multiple functions in one product.
5. General Ideas for a Greener-Office Space
- Place recycling boxes or centers in a prominent location so that you and employees remember to recycle.
- Encourage re-usable mugs, glasses and dishes rather than disposables.
- Have at least one large plant in your office. They not only are great for decoration but they recycle the air.
- E-mail instead of Faxing whenever possible
- Use organic products for cleaning of washrooms and offices.
- Get and use a battery charger. Re-usable batteries will save time and money and reduce the amount of toxic materials sent to landfills.
All of these ideas are simple and inexpensive ways of making your office space more environmentally friendly. Going green is something that can save you money and you can feel good about.
Our Contribution:
Some of the things we have been doing at Elite Business Centres to reduce our environmental impact:
- We recycle paper, glass, plastic and are working toward a paperless office.
- All money collected from bottles and recyclable containers is donated to a different charity at the end of each year.
- Recently, we added sensors so that if an office has not been occupied for 40 minutes, the lights automatically go off.
- We are participating in a “turn your monitor off” campaign to encourage everyone to turn off their monitors at the end of the day, rather than rely on energy-consuming screen savers.
Effective Handling of Sales Leads
January 6, 2010 by Elite Business Team ·
by Karline Mark-Eng
It is surprising how many sales leads are lost unknowingly on a daily basis. Cleaning business owners can easily spend a couple of hundred dollars a month on their advertising such as flyers, community newspaper ads, Yellow Page listings, etc. But, when those prospective customers pick up the phone to call your business, what do they hear? Are they immediately impressed with your professionalism? Is their call answered promptly and courteously? If they don’t reach you, are they assured a prompt call-back with a quotation?
Give yourself full marks if this is the case. However, this is not so with a great number of businesses. What the prospect instead hears is: A garbled answering machine taped message, background noises of young children and pets demanding attention, the harried voice of someone who is behind schedule and rushing out the door or worse, no answer! Undoubtedly the first impression received by the prospective customer is not a positive one. They may assume your company is too small to handle their project. So, instead of those important sales leads being handled properly, they are mismanaged and the prospect is lost to the next company on their selection process.
Hiring a professional telephone answering service is a very economical way of ensuring your company is presented with a professional image at all times. The centre may be asked to page you directly with any new sales leads and to hold the rest of the calls until you call in for them in between appointments. By selecting a company which specializes in “personalized” service, your callers will assume the person answering is your full-time secretary.
One such service which caters to small business clients is MPS Executive Suites. Karline, the owner/manager, is very aware of the importance of handling each call as if it may be your biggest new contract of the year. She says, “we have a very important responsibility to help our clients’ businesses grow. If my clients are successful, then we will be too.” Murray Forbes can attest to the quality of service the association receives from MPS. “Besides handling our calls, the staff also assists with our other office needs such as typing, copying and even boardroom rentals. I can trust the staff to add the professional business touches to all aspects of our work.”
When it comes to reviewing your office overhead expenses, having a professional answering service doesn’t necessarily cost more. If you choose carefully it can generate extra sales leads and extra revenue that more than pays for itself.
How To Enhance Your Corporate Image
January 6, 2010 by Elite Business Team ·
by Diana Gray
When people think of creating a corporate image, they most often think of their advertising material and website. While these are definitely important items to present well, it doesn’t stop there. Your corporate image is being “viewed,” either positively or negatively, every time someone calls you. Do they hear the noise of kids crying in the background, a noisy café or just an answering machine message?
Although there are a lot of worthwhile advantages to working from home and operating without the high cost of a full-time office, it doesn’t have to “look” like you are a small-time business. For a low monthly fee, your business can have a professional address on your business card. For a little more, a virtual office package, offered through a professional business centre, can afford you the corporate image of having a staffed office.
Establish instant credibility
Take your home address – or worse, a post office box address – off your business cards. One tells your potential customer that you have a one-person, perhaps part-time hobby business. The other says, “I really don’t want you to know where I do business or how long I might be around.”
A business mailing address and virtual office are low-cost services provided by business centres, where reception staff can receive mail and parcels and greet visitors who unexpectedly drop by to see you. In addition to establishing greater credibility, you will enjoy the efficiency of being able to focus on your work and appointments rather than, for instance, having to wait for a courier to arrive to your home. A voice mail or e-mail from your “office” will keep you informed of important documents that have been received for you.
If the time comes when your home office is no longer working for you, you can upgrade your virtual office into a full-time office without any of the long-term commitments or high set-up fees and hassle. Your turn-key completely furnished and equipped office with full support staff awaits you.
First impressions count
How many times has meeting taken place in a coffee shop? Was it as productive as you had hoped? Often, the distraction of cellphones ringing, the conversations at the next table, the clatter of coffee cups or a cash register closing is not only frustrating, but takes the focus away from concluding a deal.
Holding the meeting in a professional business environment keeps the concentration and discussions focused. It also communicates the message that you are serious about your business and respect the other person’s time. For about the same price as the tab at the coffee shop, you can rent an office or equipped meeting room by the hour or by the day in the business centre where you have established your mailing address. This not only enhances your image, it also makes your meeting more effective.
Your phone is your lifeline
It today’s highly competitive environment, exceptional customer service is no longer a luxury, but a necessity, to keep your customers happy and informed. When a prospect receives a garbled answering machine message or is left in a voice-mail maze, it provides the competition an opportunity to offer something better.
Having friendly, informed and helpful receptionist answering your phone adds an extra level of personalized professionalism that speaks to the quality of your business. It lets your customers know that you care about them and their business, and that you value their time. Being able to be directly connected with your important callers – while the less urgent matters are screened for later handling – adds to your productivity and time management.
Focus on growth
Many businesses fail because they are too busy working “in” in their business and not “on” their business. Time is your most limited asset. The best way to gain more time in your day is to recognize the tasks you are doing that could be done more efficiently and effectively by someone trained in that area.
Gregor Anton, B.C. president of Leader Global Consulting, is a believer in contracting out for business centre support services. “Having the experienced office staff at the Central Park Business Centre take my calls, handle my seminar registrations and make follow-up calls adds hours to my business day. They not only save me time, but also reinforce the business message that I teach in my marketing bootcamps, to focus on business growth.”
Business centre staff is available on an hourly basis to book appointments, update databases, prepare professional documentation including contracts and spreadsheets – and more.
Take advantage of the flexibility and variety of services available to ensure you have the tools you need to leave a lasting positive impression on every customer and prospect.
Whether you have a virtual office or a full-time office, a professional business centre can provide you the foundation from which your business can expand to its greatest potential.