SECTOR FOCUS: PROPERTY


PROPERTY MATTERS


This month, ASHLEIGH PHILLIPS, Team Manager of Bruton Knowles’ Plymouth office, offers some top tips to small businesses about managing the costs associated with their premises.


Many SMEs do not always appreciate that property is one of the most significant costs to any business. In addition to the rent and purchasing costs, there are many other factors which SMEs often do not consider fully. While the rising costs of commercial property may


not have a considerable impact on larger firms in the South West, smaller businesses are finding the extra cost of renting or owning premises and maintaining them considerably difficult, with property rates being one of the biggest expenditure points for SMEs. The latest revaluation figures are set to come into effect in April 2017 and could see increases for some businesses. In reality, rent is only a small part of the cost that


needs to be considered. Business rates, insurances, repairs and maintenance are all factors which increase the overall cost of any commercial property, often over and above those considered by those taking occupation of business premises for the first time.


Property rates are one of the biggest expenditure points for SMEs


28 Chamber Profile January/February 2017


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