Debates in politics continue to grow with increasing passion and resolve every day, and potential for new legislation to impact facilities management becomes clearer. The dance of regulations and Facilities Managers will continue throughout all future administrations and legislative bodies. Instead of becoming lost in the political discussion, Facilities Managers need to consider how new legislation may help or hurt the future of facilities management.
1. The Tax Cuts and Jobs Act Will Free Capital for Investment in Facilities Management
The Tax Cuts and Jobs Act is set to dramatically reduce the corporate tax rate, which will effectively result in more working capital and revenue for investment in facilities management. While arguments on both sides of the aisle have valid points, reducing tax rates may be key to unlocking renewed interest in facilities management and budget expansion.
2. Renewable Energy Tax Incentives Are Safe Under the Current Tax Reform Bill
Within the Tax Cuts and Jobs Act, enterprises and businesses retain the right to claim renewable energy tax credits. This means businesses looking to invest in newer, smart technology for facilities management can continue to reap the benefits of cost-saving technologies, including the Internet of Things. The new legislation does come with the caveat. As explained by Ryan Berlin of FacilitiesNet, changes in credits to energy producers could cause skyrocketing rates. This will add more pressure to Facilities Managers to reduce energy consumption and costs wherever possible.
3. New Healthcare Regulations and Facilities Management Guidelines Improve Patient Satisfaction and Quality of Care
The state of the healthcare system is also subject to changes in existing regulations that will push healthcare facility management forward and improve patient experiences. Specifically, regulatory changes on state and local level healthcare boards will result in an increased need for experienced healthcare Facilities Managers, which may involve the outsourcing of some activities, asserts Service Futures.
4. Building Codes Now Require Automation and Monitoring
It is easy to assume regulations and facilities management concerns derive from legislation in the U.S. Congress, but local and state officials also contribute to changing attitudes, mindsets, and statutes governing facilities management. In Florida, according to Naomi Millán of FacilitiesNet, building codes now dictate stipulations for automated lighting controls, practically banning the use of manual switches in business.
5. Regulations and Facilities Management Best Practices Are Starting to Merge
The push to give businesses more options in reducing dependence on non-renewable energy resources and limiting waste reflect an alignment of legislative bodies and facilities management best practices. This paves the way for better regulations involving cybersecurity, risk management, and data security standards.
Prepare for Potential Changes in Regulations and Facilities Now
The potential changes in regulations and facilities management practices are set to breathe new life into stale facilities management operations. While new regulations may seem daunting, your business can take steps to prepare for potential changes by streamlining operations, improving documentation, and cutting costs where possible. If you need help with centralizing your facilities management goals and strategies, contact QSI Facilities online, or call 1 (877) 286-4605 today.