With 2024 fast approaching, it’s a good idea to start planning out your maintenance budget for the new year. With a solid plan in place, you’ll know where to allocate funds to cover all the important aspects of maintenance for your commercial properties. This post will help you create a well-rounded budget that keeps your business functioning at its best in 2024.
Recognizing Key Priority Areas and the Existing Condition of the Building
Going into the new year, it’s crucial to examine the current condition of your properties, from on-site buildings to exterior grounds. Identify specific areas that require urgent attention or repairs, and prioritize them in your budget.
Check on key areas that typically need routine maintenance like plumbing, electrical and HVAC systems, and also take a close look at the condition of your outdoor irrigation and landscaping.
Lastly, while conducting your assessment, make sure to look out for specific issues that pose a significant safety risk and include them in your budget plan. Examples of this may be updating first aid and fire safety equipment, or making repairs to prevent falls and other injuries.
Creating a Preventative Maintenance Plan
Preventative maintenance is essential to improve the functional lifespan of your properties. Doing the necessary work now will help you avoid any expensive repairs, closures, or delays in the future.
If you haven’t already, now is a great time to organize a maintenance schedule that provides details on the range and frequency of preventive maintenance tasks. Conducting regular checks and inspections is a major aspect of preventative maintenance and will help you find and fix any problems before they pose a risk to your property.
Adopting New Technology
With some exciting modern advancements in technology, you should consider investing in new strategies when developing your maintenance budget. New technologies can be used to improve and streamline maintenance tasks, cutting costs and boosting energy efficiency for your properties.
Automation systems are one example of modern innovation that can be implemented on your properties to help with security, HVAC, control monitoring, and lighting.
By allocating funds to adopt modern tech, your commercial property can meet energy and sustainability goals while saving significant costs in the long run. Automating certain maintenance or operating tasks is a great way to save valuable time and energy as a property manager.
Save For Emergencies
Regardless of how well you plan your spending, there will always be areas that require unexpected repairs and maintenance. Be sure to set aside a contingency budget so you have the funds to deal with these issues as they come up.
As a rule of thumb, allocate approximately 10% of your yearly maintenance budget to emergency repairs. If any of your properties are located in areas with severe weather like hurricanes, tornadoes, or winter storms, it’s a good idea to increase your contingency budget to account for these risks.
How Strategic Grounds Can Help
At Strategic Grounds, we provide a wide range of professional maintenance services to keep commercial properties and businesses running smoothly year-round.
With a team of experts in all areas of property maintenance, we can simplify your 2024 budgeting process by combining all your needs into a single, customized contract.
For more information, don’t hesitate to contact us or download our Year-Round Interior & Exterior Services brochure.
