Understanding total cost of ownership for your office plants
Having plants in your office can increase productivity, reduce stress, and improve air quality, and while many corporates have added some greenery into their workspaces, it's important to understand the total cost of ownership of office plants beyond just the initial purchase. This article will equip you with comprehensive knowledge on evaluating the total cost of ownership of your office plants.
Employers take note: a healthy office environment can work wonders in boosting employee satisfaction, curbing absenteeism, and minimizing turnover rates. In light of millennials' projected dominance in the workforce, it's worth knowing that this generation overwhelmingly craves healthy workplaces. In fact, a staggering 78% of them consider workplace quality a key factor when on the hunt for a job, with 69% willing to trade other perks for the sake of a better work environment.
So, if you're keen on attracting and retaining top talent, and investing in a healthy workplace, incorporating biophilic elements in your corporate environment is the way to go. Now, we've spoken a lot about the benefits of plants in the workplace, in this article we're going to shift our focus to understanding the total cost of ownership of office plants.
What is the total cost of ownership of office plants?
The total cost of ownership (TCO) is a metric used to measure how much an asset costs to acquire. The calculation takes into account not only the purchase price but also the amount of money spent over the long term.
When it comes to plants, the TCO refers to the total amount of money spent on acquiring, maintaining, and disposing of plants within your workspace. This includes factors such as initial plant selection, ongoing maintenance costs, pest control, and plant replacement. By taking these factors into account, your businesses can make informed decisions when choosing the right plants for your workspace, and budget accordingly.
Why is it important to consider the TCO when choosing plants for your office?
Firstly, it ensures that businesses are investing in plants that are suitable for their environment and budget. For example, selecting plants that require high maintenance can sometimes result in increased costs and reduced plant health, resulting in a poor return on investment. Secondly, considering TCO allows businesses to plan for the long-term, reducing unexpected costs and improving the overall satisfaction with their investment.
In essence, smart business decisions depend on a thorough understanding of the total cost of ownership of any asset. And by having an understanding of the TCO of office plants, you can avoid common misunderstandings like assuming it's too expensive. It's also essential to distinguish between purchasing and leasing options and determine which one best suits your business.
Every company has different needs, and Natura takes the initiative to understand them. Nevertheless, it's also vital for your company to evaluate its affordability when investing in office plants. It's important to mention that office plants can yield a high ROI (return on investment), making them a valuable and worthwhile investment.
Key factors that contribute to the total cost of ownership of office plants
Several factors contribute to the TCO of office plants, including plant selection, facility size, seasonal color rotations, and design. Choosing the right plants for your workspace is crucial, as plants that are not suited for the environment can require more maintenance and replacement, resulting in higher costs.
Flowering plants require ongoing expenses as we replace them periodically to ensure they remain in bloom. This incurs a higher ownership cost. The cost can also vary depending on the rarity of the plant variety, with some being more expensive than others. Some varieties grow at a slower rate, making it more costly for growers to cultivate them. However, these varieties tend to be more resilient.
At Natura, we understand the importance of selecting the right plants and can offer customized designs to fit your budget. (We work closely with architects and lighting specialists to ensure proper plant selections for each unique application).
Additionally, we provide volume discounts for large plant orders. To ensure a smooth process, it's essential to be transparent about your budget, so we can make reasonable proposals without unnecessary back and forth.
Maintenance of office plants and how it impacts the TCO
To maintain office plants, it's necessary to follow certain requirements such as service cycles and sub-irrigation. Natura offers a complete turnkey package that includes affordable and efficient sub-irrigation, allowing for easy plant maintenance. We also take responsibility for replacing and refreshing the plants to ensure they always look their best. Despite common misconceptions, plant maintenance costs are actually affordable and efficient. While some may presume that employees can take care of the plants themselves, this can actually waste valuable work time. It's best to leave plant maintenance to the professionals.
Estimating the TCO of your office plants
We've delved into the nitty-gritty of the total cost of ownership of office plants, highlighted the crucial reasons why we must factor in TCO when selecting plants for our workspace, and explored the key factors that sway the total cost of ownership of office plants. And now, we're going to walk through an example of estimating the TCO of your office plants.
Undoubtedly, there are plenty of factors in play, but after thorough analysis, this is what we've determined: Our industry polling indicates that the typical expense for a leased plant and container (based on reasonable assumptions) comes to $19.30 per plant, which would suffice for a single employee. Therefore, we can estimate the average cost of our service at $19.30 per person.
Use our ROI calculator to estimate the return on investment of office plants at your facility.
Managing the Total Cost of Ownership for Office Plants
The TCO for office plants can be a concern for businesses, particularly when it comes to budgeting for ongoing maintenance and replacement costs.
So, how can businesses manage and budget for the total cost of ownership for office plants? The key is to get in touch with a designer who can personalize your space and align it with your financial goals. At Natura, we work with experienced designers who can provide accurate cost estimates based on the size of your business and your unique needs.
It's important to bring in a professional, like Natura, as early as possible in the project. This is particularly crucial for living walls, where issues such as water supply, drainage, and lighting need to be considered right from the design stage. By bringing us in early, you can ensure that your office plants will be sustainable, cost-effective, and well-maintained.
We have years of experience managing plants in a variety of environments, from large commercial spaces to small offices. Our expertise and knowledge of the industry mean that we can offer customized solutions to suit any space and budget. With Natura on your side, your office plants will not only enhance your workspace but will also be a well-managed and cost-effective investment in the long run.
Speak to one of our experts if you have any questions or concerns.