Signs that the economy may be turning a corner are emerging and most CEOs and corporate leaders are eagerly awaiting the long-delayed economic recovery. The smart ones, the corporate leaders whose companies will thrive over the next five to 10 years, are those that are preparing now to take advantage of the upswing when it happens. This is especially true of banking and financial services, professional services, and higher education, which have suffered disproportionately from this downturn and will have to address logistical and operations issues. Fortunately, banks and credit unions in Massachusetts and much of New England are stable and well-managed despite the generalizations one hears about the financial sector. 


Many of the industries that underpin New England’s economy have gone through a period of negative growth or layoffs. Office space that made sense only a few years ago, when companies had more personnel, may now be contributing to higher overhead or may not be the most efficient use of a company’s facilities. Similarly, retail outlets may need to be reconfigured to fit an altered economic landscape or to better meet the needs of a company’s customers. 


In the coming months, more companies and organizations are going to be dipping their toes into the economic waters to see what the temperature is. It is likely that, for most businesses, thinking about growth and expansion is going to be a longer, slower process. However, there are actions that corporations and institutions can take now regarding their facilities to take advantage of the economy as it begins to heat up.


Understand and anticipate your customers’ needs.

The first step in planning for the future is understanding the needs of the customers you serve, so that you can align your growth goals with their needs. With clients and customers becoming more savvy and thoughtful with how they spend their money, now is the perfect time to build your relationship with them by understanding their needs and concerns, especially given difficult economic times.


Spend a little time researching your customer – market analysis studies, surveys, focus groups, and one-on-one interviews are all good ways to get new ideas on how your business can better meet the needs of the individuals you serve, and how your facilities can better meet the goals of your business. Research, analysis, planning, great design, and implementation now will put you ahead of your competitors.


Be creative… and aware of new trends.

Even during this period of economic crisis, architects and designers have been developing creative ways for companies to meet their customers’ needs. Especially for businesses that run retail operations, the pressure will be on to engage their customers in fresh ways. Executives would do well to educate themselves now on the design and messaging trends that have emerged over the past few years.


One interesting trend that has emerged, for instance, is a move towards digital signage in the financial industry. More banks are using digital signage not only to keep their customers informed about important rate changes but also to strengthen their understanding of the financial institutions’ connection to the communities they serve. As the technology becomes more sophisticated, expect to see digital signs become more prevalent.


Think green.

The growth in green design techniques and products has been explosive over the past 12 months. More and more companies are looking into employing green ideas for their workspace out of a desire to be a responsible corporate citizen while also managing their energy and facilities costs. Many businesses have become discouraged out of a sense that retrofitting their space – or designing new space – with green technologies will be too expensive. But the truth is that green products and techniques can be integrated into plans without high additional costs. 


Ask a LEED-accredited interior designer for his or her ideas on what can be done to integrate environmentally sound and energy-efficient solutions into your plans at your price range. You will likely be pleasantly surprised to discover some cost-competitive green ideas for your space.


A year from now, it is highly likely that New England will be out of this recession and into slow but positive growth. When that time comes, the companies that are positioned to prosper in the economic recovery are the ones that have thought through the ideas outlined above and have begun to implement their operational plan for growth.