10 Oct 2017 8:55 AM
In a perfect world, money would be no object when it comes to your practice fitout. In reality, however, you have bills to pay, payroll to meet, and a bottom line to protect. That’s why it’s important to do your research and create a practice design that will show a strong return on investment.
Get it right and a new practice fitout will boost your revenue, not drain it. Here are four tips for saving money on your new practice fitout.
1. Identify your market position
Think about the demographics of your neighbourhood and the clients you are trying to attract. Will they respond to a luxurious practice that places a premium on patient comfort? Or are they looking for a more functional provider they can trust not to over-charge them? Your practice design should reflect the socio-economic demographics of your clients.
For example, don’t overspend on luxurious additions if your patients are likely to be budget conscious. On the other hand, if your clients will likely have cash to splash, investing in five-star options will help to differentiate your practice from your competitors.
2. Set goals for your fitout
Before you get excited and starting picking out carpet swatches, consider exactly what you want to achieve from your fitout and set out your priorities.
For example, if your main goal is to increase the number of clients you can see in a day, then you’ll want to pay particular attention to your traffic flow and facilities. However, if your renovation is more a branding exercise, then you may be able to save money by keeping the fitout strictly cosmetic.
3. Define your scope of works
With your goals defined and priorities set, it’s time to define your scope of works. The more detailed you can be here, the better. When it comes time to start collecting quotes, you’ll get a much better result if you can supply a detailed scope of works.
This will allow your contractors to provide a more accurate quote and reduce the likelihood of budget blowouts down the track. It will also ensure you’re comparing apples to apples as each contractor will be quoting on the same well-defined scope of works.
4. Collect three quotes
When it comes to the quoting process, remember the rule of three. It’s vital to collect at least three quotes to ensure you’re getting the best price. Add your three quotes together, then divide that number by three. This will give you the average quote price. Compare each quote to get the average cost.
If the quote in question is above the average, consider any extra value it offers to justify the higher cost. If the quote is below the average cost, assess any corners it may be cutting such as the use of lower quality materials.
Cassin & Sons specialises in custom medical and veterinary fit outs with more than 28 years of experience in the healthcare fit out industry. Call our friendly team on 1300 122 774 to find out what we can do for you.