Many businesses have to make some tough choices about how to spend their available operating budget before the year’s end. While the winter season can bring in increases in revenues for businesses who operate in the retail sector, a lot of businesses who work in a service field face a drop in revenue. Whatever your fiscal quarter is projected to bring, you want to spend your operating capital in a way that will serve you well over the course of the year ahead. Moreover, you should give some thought to investments and improvements that will make the winter months a little more manageable, comfortable, and profitable. Here are six important investments that you should consider for your business before the winter season.
1. Install a Renewable Energy Source
Throughout 2020, green and renewable energy companies have taken a strong lead in the market. Relatively small-sized and new solar energy companies have seen significant increases in their valuations, and analysts have set price targets that have piqued the interest of both institutional investors and individual traders. The reason for this emergence of this new trend in the green energy field is the considerable financial gains that these companies are realizing due to increased demand. A solar panel system is an excellent way for businesses to make their operations more eco-friendly while also saving money on their overhead expenses.
2. Reduce Waste Production
Another important eco-friendly initiative that businesses need to think about is how they can reduce the volume of waste that they produce. Environmentally conscious consumers have been fed up with the nonsensical rantings of climate crisis deniers who have held political office in recent years. In the new year ahead when more competent leaders are likely to take office, consumers will be eager to move towards companies that are acting ethically and are appropriately responsive to the climate crisis. By telling consumers about your efforts to reduce your waste production, your company can establish itself as an industry leader.
3. Address HVAC Deficiencies
Heating costs tend to rise seasonally, so it’s essential that you take care of any problems with your HVAC system before the winter season. Poorly insulated ductwork, improperly maintained equipment, and inadequate temperature controls can result in considerable unnecessary expense in addition to energy waste. If you’re aware of any problems with your system or you simply wish to avoid the dramatic spike in energy costs that you’ve seen in years past, it’s advisable to consider modifying or replacing your business’ HVAC system.
4. Install a Programmable Thermostat
In addition to optimizing your heating system’s overall performance capabilities, you may benefit from installing programmable thermostats. A smart thermostat will enable you to heat your facilities to a comfortable temperature before your workforce arrives in the morning without having to leave it running any longer than needed. Also, you can change and monitor temperature settings remotely so you can make adjustments as necessary on extra cold days while also keeping a close eye on how staff sets the temperature.
5. Upgrade Your Windows
Drafty windows can compromise the efficacy of even a brand new HVAC system. Also, they may make your business’ facility vulnerable to water intrusion if there is a weather event with heavy winds and snowfall. Replacing drafty old windows with new energy-efficient windows will help your business use less injury while also offering formidable protection against winter weather.
6. Replace an Outdated Water Heater
Regardless of what type of work your business is engaged in, you need to have a reliable hot water source during the winter. When it becomes harder to heat water in the colder months, you may end up wasting a significant amount of water simply waiting for it to heat up. If people feel that they’re stuck with cold water, cleaning may not be performed as effectively. Even simple water uses such as handwashing won’t be done effectively. Install a new energy-efficient water heater that will save you money on both energy and water.