Many business owners don’t think about how costly downtime can get. For example, 67% of companies did not know the financial cost of downtime to their business. Downtime costs should definitely not be ignored. They have the tendency to add up fast. Below are a collection of typical downtime revenue losses for a handful of companies:
• 54% estimated losses of $10,000 – $100,000 an hour
• 25% estimated losses of $100,000 – $500,000 an hour
• 13% estimated losses of $500,000 – $1 million an hour
• 4% estimated losses of greater than $1 million an hour
As those statistics make clear, downtime costs can quickly add up and really start to hurt your business.
So what exactly is downtime? Downtime can be described as a period of time in which your business processes are temporarily halted due to construction, infrastructure changes, reorganization, or anything else that can disrupt the day to day functions of your business. Downtime due to construction can be especially taxing: airborne particles, dust, paint, various messes and noise pollution can be highly disruptive to your daily business processes and your employees’ productivity.
During periods of downtime, you are losing out on output and the ability to address the needs of your customers. Employee productivity can plummet and your customer service can suffer. Losses from downtime can include revenue from product, customer loyalty, loss in efficiency and more. If you want a flourishing, successful business, you will certainly want to avoid downtime as much as possible, or at least minimize its overall impact.
To clarify, downtime happens when changes take place in a company and the company is not ready for those changes. Inefficiency in meeting change is the primary cause of downtime. Downtime is best avoided by being better prepared, having a plan of action, and being equipped to efficiently handle change long in advance. The culmination of these strategies will dramatically lower the tendency to suffer downtime.
To cut down on or eliminate construction downtime altogether, just build with modular wall systems. A modular system is specifically designed for change. A good modular building is not only a good investment, but also a clear demonstration of willingness to be prepared for change and a preparedness for whatever building needs happen to come your way.
Modular buildings are made up of modular parts that are manufactured in a factory. These parts typically include universal frames and wall panels that can be configured in an endless amount of ways and reconfigured at any time. You can partition off offices or open up a space for a conference room or break room by simply adding or taking away modular wall panels. All of this can be done quickly, sometimes within a matter of hours, and without time-consuming, messy construction.
Since these modular parts are manufactured in a factory, all you have to do is install the parts themselves in your workplace. No messy hard-wall contractors or subcontractors will have to march in and out of your business for weeks, disrupting your employees’ work. This means no painters and no patching, only a modular building company working with you from design to completion. Then, when you have your building, it will remain flexible and you can relocate it or rearrange it at anytime.
Build with modular wall systems for your construction needs and you will be prepared for whatever changes come your way. Your business can continue and prosper without the disruption and revenue loss that traditional construction downtime can cause.
See a list of Modular Buildings, visit BuyModularBuildings.com.