How to add value to your business with great interior design
Did you know that great Interior Design can as much as double or even triple the value of your business?!
It’s a fact and we, at McCabe Design Group have seen it with our own eyes. Following some of our design projects, we have seen clients’ property and business values double in a very short space of time!
So how is it possible that great interior design can achieve such results?
Well, there are a number of ways in which hiring a designer and creating a great, well planned, inspiring design can directly lead to more money in your pocket. Here are just a few examples:
- Initial Cost and Time Savings – When hiring a designer to plan your design and source your materials and labour, you will ultimately save money on the entire process.
Traditionally, business owners may have relied on the advice of individual suppliers and asked them for their ‘in-house’ interior design expertise. And whilst this might seem like a clever cost saving at the time, what you can end up with is a case of too many cooks spoiling the broth. Each supplier will, naturally, push for more of their product to appear in your design and you can end up with a hodge-podge design that is disjointed and off-putting to your customers. Hiring a good commercial designer from the outset will not only ensure you end up with a great design, but that your scheduling and sourcing and construction and fire safety and launching etc are all done properly – thus avoiding costly mistakes in both the short and long term. More money in your pocket!
- Creating Greater Curiosity, Demand and Sales
When launching or relaunching a business, having a premises that is well designed and incorporates some of those special ‘wow’ moments into the customer experience will ultimately drive greater curiosity in the business, which in turn will bring new customers through your doors and drive up demand.
In addition to that initial ‘wow’, however, and the first flushes of new business, a clever design will also be done in such a way that it leads your customers (both new and existing) through your business and your offerings with a view to achieving sales. Supermarket designers are masters at this. They know exactly how to create a design that will guide customers to new and interesting products and to encourage sales of products that the customer may not have otherwise considered.
Both elements of the design are important influencers in driving up sales and increasing that bottom line.
- Commanding a Higher Price Point
A well designed premises will almost always allow you to command a higher price point for your products and services.
This one comes down to perception and demand.
Where a customer perceives value or luxury, they will pay accordingly. If your place of business is well designed and exudes a confident air of ‘we are the best in the business’, then your price point is naturally allowed to reflect that and a customer will expect such a price point.
A new premises design should also drive up demand as discussed above. And by the very basic laws of Economics, Demand goes up, price goes up – again allowing you to increase your price point.
Which means…more value in your business, more money in your pocket!
- Encouraging Longer Visits
In certain industries, like the hospitality and some of the retail industries, a well designed premises will encourage customers to not only visit more frequently, but to stay longer too.
In the restaurant business, this longer stay can directly lead to more sales – eg that second bottle of wine, or that third course of a mel.
Bottom line – if your customers are comfortable and your product offering is any good, they will stay longer and spend more, thus increasing the bottom line
- Ultimately Increasing Your Business Value AND your property value.
Although this list is certainly not exhaustive and there are many other ways that great design can increase your bottom line, these are just some of those more obvious effects on the value of your business that a good design can have.
Of course, the more revenue that you generate in sales, the greater the value of your business as a going concern, should you decide to sell or borrow against the value of your business.
The final, and obvious point is that, of course, great design will drive up the price of your business property.
All in all, not a bad day’s work from your humble interior designer!
To chat to one of our designers about how we can increase the value of your business, contact us here.