Your Business Needs Assessment

Now that you have some sort of business plan set in place that you can relate to from the previous article, it’s time to move forward with your business assessment. At this point you have figured out a few more things with your business and you are ready for the next step.

What to do before you start looking for an office rental in Toronto

This step is before you are looking for office space to rent in Toronto. A business assessment is a methodical tactic that will give you a better understanding of where you are currently in your business, the direction in which you are heading and the space between where you are now and where you want to be in the future. It’s commonly one of the first steps and most important steps in the beginning that can provide valuable changes to improve your business.

Getting your business assessed in Toronto, it’s ideal to hire a leasing agent. Hiring an experienced leasing agent in Toronto who has experience in riding rentals in both short and long term commercial office space and making recommendations will not only save you time and money but all the frustration you would have when trying to figure this information out on your own.

Ideally you want to find a leasing agent who specializes in renting office space in Toronto

Why hire a leasing agent to help you fins a new home for your business? A commercial leasing agent will help you:

  • Shorten The Time It Takes You To Find A New Office Space

  • Give You Knowledge On Similar Businesses

  • Improve The Valuation and Victory Rate

  • Continue To Let You Focus On What You Do Best

Know what your time is worth

When a person hires someone else to do a specific task for them whether it is personal or business related, it is because they are not skilled in that area and the other person can provide expertise and experience in the area they are educated in. Or they know how to properly evaluate the value of their time. For example, if you are worth $200 an hour than why would you waste your time doing laundry which you could pay someone else $25 an hour instead?

In the long run it is most cost efficient, because the owner will spend so much time trying to find and figure it out on their own when they could of called someone who was already informed. Time is money in every business.

 

What Details Should You Give Your Leasing Agent?

 

  • Where do you want your business to be in five years?

  • Where are you now and what is your budget?

  • What are your short term and long-term objectives?

  • How are you planning for change and is your business capable of fulfilling that change?

Depending on the size of your business it may also be beneficial to speak with a business consultant before making a big move. Why? This is because a business consultant has different experiences and advice to give their clients, perhaps taking on a new lease isn't necessary, or this isn't the right time, maybe even a different strategy would be more appropriate. It’s not to say that the advice is not true, a business consultant has simply just encountered different experiences and each consultant can provide valuable direction for your growth and on suggesting possible alternative moves.

It’s often good to get a few different opinions when you are in business, especially from people who are not associated with your business in any which way.

If moving into a new office is the right move for you than before you go looking for office space to rent yourself, your leasing agent will be able to explain a few important tips to you in regards to finding the right location, office size, terms, and included features and amenities.

This information will certainly help you narrow down the office space to rent in Toronto. If you do foresee potential business grown from say 5 to 15 employees within the next year or two be sure to have room to grow in your lease. 

In terms of evaluating your business needs and strengths, when speaking with a business consultant, or an exercise for yourself consider the SWOT analysis.

It’s always good to think of the SWOT ANALYSIS

S- Strengths

W- Weaknesses

O- Opportunities

T- Threats

swot analysis

The strengths in your business are the strongest parts and greatest marketing points.

The weaknesses are what you are lacking in your business model and what you are omitted from your investments.

Opportunities are self-explanatory, which include new events, new target markets, new investors and potential leads and anything that will help get your business out there and in front of new customers.

Last but not least, threats. What kind of threats does your business have? What kind of negative market developments could influence your business? Who are your potential customers and what types of threats do they propose?

As a business owner, it’s always good to know your businesses ‘SWOT ANALYSIS’ when someone asks. This shows you know what you are taking about and what types of worries you might have moving forward. If at any point in time you are networking your self, it’s good to know your businesses strengths and be open for new opportunities.

Now it’s your turn to consider adding a leasing agent and a business consultant to your team and seek their advice. Regardless of what they tell you, the information will be beneficial in one way or another.

Stay tuned for the next article on ‘Office Space Criteria.’ It’s another important article you will not want to miss!