Stephen Schwarzman, the famed private equity investor and philanthropist, said in his recent biography – the only thing I learned in Harvard is that everything in a business is connected.
When he said this, he meant that even the smallest parts of a business act as the microcosm of the larger business itself. Much like taking care of a team by ensuring the weakest players is playing at his best, you can ensure the growth of your business remains intact by taking care of the most basic units of the business.
From an accounting perspective, the office furniture has a definitive age. If you sit with your CFO, you will get a clear understanding of the depreciation you are applying every year on the value of your furniture. That said, most business managers don’t use depreciation as a proxy to replace office furniture. You don’t replace machinery if it’s working fine beyond its salvage value; then why worry about the furniture!
Furniture is different from other assets of your business. It is a part of the working environment your employees inhabit. It as a part of the picture you paint in front of your clients when they visit your premises. Hence, it is critically important to upgrade your furniture at the right time.
Here Are a Few Tell-Tale Signs That Your Furniture Needs an Up-Gradation
Your Office Manager has a Good Amount of ‘Frugal Innovation’ Skills
The leg of the table is not stable? Support it with rolled-up paper. Want to put a partition between employees? Make them sit facing opposite directions. Need a storage cabinet? Put it under everyone’s desk; no one is using the foot-rest anyway.
If any of this rings a bell – you have to start looking at your office furniture for potential upgrades. Such innovation may seem like a textbook trick to cut costs. But in the long run, it only creates more problems for the business. For instance, it makes your employees feel like they are not in a state of the art environment and maybe, the business doesn’t have enough funds to grow.
Office Furniture Trends – The Technology You Are Using Now is Radically Different From What You Were Using a Few Years Ago
Office furniture trends don’t shift nearly as fast as technology keeps upgrading itself. Hence, there is a very high probability that your business might have upgraded the technology but has not yet upgraded the furniture with it.
Ask people in the asset management or technology development industries. The way we use IT has dramatically changed in the last two decades. You don’t need Ethernet cables running across the office to get access to data.
You can use cloud computing for most of your work. This clearly makes all the arrangements made for Ethernet obsolete. This is just one example of several possible scenarios of tech upgradation
Hence, whenever you are undergoing a strategic change in the technology you use – pay attention to the furniture. There is a high chance, the furniture also needs up-gradation tandem with the tech and the office furniture trends.
Your Business Needs Have Changed
So, you were a product company but now you also have a consulting practice? Or, you went from a consumer-facing business to being a business-facing company? These are strategic shifts that may not seem affecting the furniture your office needs. The reality is quite contrary to that.
With every single change in the strategy of your business, there will be a change in the openness, collaboration and need for privacy in the office. At the same time, if your business has grown or has adjusted the amount of workforce you employ – you might have to think about reorganizing your office space.
Conclusion on Office Furniture Trends
Office furniture trends are not the best proxy for understanding the right time for upgrading your furniture. Your business needs, your strategy, your technology and your existing furniture’s quality are a better way to gauge whether you need an upgrade.
Still wondering how to get around these issues? Don’t worry, we are here to help you. Reach out to our team and we will give you a free interior planning consultation session.