In business, it seems that everyone's looking for "a piece of the pie!"
How much are you giving away?
What could you still pick up from the table?
Every day you're working hard to make the most of your business, and there wouldn't be much that would be left if you let everyone take advantage of you, right? So it's only natural that you want to keep your input costs and overhead expenses as reasonably low as possible. Yet there's usually a couple of areas that inevitably get overlooked and missed. It's important to look at all aspects of the business in a methodical way in order to minimize the potential for letting valuable resources slip through your fingers. "Don't let that piece of pie get away from you!"
That's another reason why having a "business plan" is so important for your business. And for the same reason, it's why there's value in continuing to review and refresh your "business plan" on a regular basis. When we work with our clients, believe me, there's more to it than simply updating a few "pie charts!"
Now for those looking to sign or renegotiate a Commercial Lease agreement, here are a couple of helpful tips and suggestions from our friends, Dale Willerton and Jeff Grandfield with The Lease Coach. Thank you once again Dale and Jeff.
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Negotiating Commercial Leases & Renewals FOR DUMMIES
Commercial Leasing Tips for Commercial Tenants
By: Jeff Grandfield and Dale Willerton – The Lease Coach
For many business-owners, negotiating a good lease or lease renewal against an experienced agent or landlord can be a challenge. While an entrepreneur focuses on marketing and managing, savvy real estate agents and brokers are specialized sales people. Their job is to sell tenants on leasing their location at the highest possible rental rate.
As explained in our new book, Negotiating Commercial Leases & Renewals FOR DUMMIES (co-written with my colleague, Dale Willerton), tenants may go through the leasing process only two or three times in their entire lifetime – yet they have to negotiate against seasoned professionals who negotiate leases every day for a living. Negotiating appropriate leasing terms is vital for an entrepreneur as the amount of rent he pays will directly affect the business’ financial bottom line.
Whether you are leasing a new location for the first time or negotiating a lease renewal for your business, these are some money-saving tips for tenants:
Merchant & Promo Funds: No matter what landlords and agents tell you, they do negotiate on merchant and promo funds. The key words here are “negotiate on” and not “toss out”. If you don’t want to participate in the property’s promotion fun, justify why, and offer to pay a lesser amount. It is more important to the landlord that everybody pays something – even if it is a lesser amount. Don’t be too soft on this issue.
Subletting Your Space: Almost every commercial space has potential for subletting. If you must move, close out, or wish to downsize, subletting is a practical solution. Don’t necessarily expect to get 100% of what you are paying for rent but if a subtenant paid 75% of the monthly rent, you may have a deal worth making. Remember, you will need the landlord’s permission to sublet. If the Use for the commercial space changes (e.g. from a family restaurant to a nightclub/bar), you will have to do some negotiating.
For a copy of our free CD, Leasing Do’s & Don’ts for Commercial Tenants, please e-mail your request to JeffGrandfield@TheLeaseCoach.com.
Jeff Grandfield and Dale Willerton - The Lease Coach are Commercial Lease Consultants who work exclusively for tenants. Jeff and Dale are professional speakers and co-authors of Negotiating Commercial Leases & Renewals FOR DUMMIES (Wiley, 2013). Got a leasing question? Need help with your new lease or renewal? Call 1-800-738-9202, e-mail DaleWillerton@TheLeaseCoach.com or JeffGrandfield@TheLeaseCoach.comor visit www.TheLeaseCoach.com.
What's been your experience?
Feel free to add your comments and we'd very much appreciate
QUESTION:
Are you looking at writing your BUSINESS PLAN
but finding that to be a challenge?
but finding that to be a challenge?
Over the years we’ve found that there's great value for an entrepreneur to put together their own business plan, yet we also recognize that writing one can be a daunting task! Perhaps you’ve experienced some of the challenges faced in writing a business plan. We'll work with you and assist in the gathering of information that you'll need for your business plan to effectively describe your business opportunity. This service takes a consultative approach and works with you to craft a business plan that's tailored to your needs.
For more information see:
Option 4 - “PVS - Business Plan Writing” listed on our Website Registration page:
