Do you feel it’s time for business relocation? Maybe you’re running out of space, need better facilities, or want to reduce your office costs. The reasons for companies deciding to relocate their business are endless. There are many factors to consider before relocating your company.
Relocation can be a crucial make-or-break decision for your business.
7 Essential Factors To Consider For Business Relocation
Here are the 7 top factors for moving to “where the grass is greener” for business relocation.
1. Site Selection
Site selection is everything. For starters, you need a spot that’s close to your customers. You’ve built a loyal following, and they must stay with you after the move. Be sure you have a clear understanding of where your customers come from so you can make a smart business relocation decision.
You not only want to be close to customers, but you want a spot that’s easy to get to. Look for areas that have easy highway access and great parking to keep customers happy.
Look for a spot with some curb appeal too. A business that has great visibility and good parking often helps attract new customers.
When you’re considering a new location, chat with neighboring business owners. Ask them what they think of the area, and ask for advice that could be helpful during your business relocation.
2. Set Your Budget
From your list of desired locations, you will start to realize the typical costs your business can expect to pay for your new office space. For your new commercial property, have you considered design and fit-out costs to ensure you can operate efficiently from day one? Also, if your new property is within a managed office space, are there additional service charges which will be incurred? You may also need to outlay spend on covering costs for dilapidations. When moving to new premises any dilapidations will need to be recorded by the occupier (your business) before the new lease commencing.
3. Check For Competitors
If the area you are planning to move to has many businesses which offer similar products or services, then it may become extremely difficult for you to establish yourself and survive the competition. Hence, ensure that when you relocate, you do not face much competition from the existing businesses in that particular area. This can be done by shifting your business to a location where there are a limited number of competitors and a good demand for your product.
4. Consult Someone Working In the Same Area
Do some online research about the demand for the product or service you are offering in the same area. To get this information from a credible source, you should consult someone who has been working in the same area. He will be able to guide you about the business prospects in that particular area. Also, you will be able to get a firsthand account about the location, and will also be able to corroborate the facts you read on the Internet.
5. Safety And Reputation
Consider the safety quotient of the area that you are planning to shift your business to. If it does not have a friendly neighborhood, you will have a difficult time finding and retaining talented employees. The number of customers approaching you may also subside due to this factor. Also, it can affect the image of your brand drastically. Hence, ensure that you move to a safe area where people will not feel threatened to approach you for business.
6. Ensure That Your Clients Are Aware That You Are Relocating
Whilst you may be busy planning and preparing your move, clients need to be communicated to clearly. The following steps should therefore be taken:
- Update of all printed material such as letterheaded paper and promotional materials
- Send an update to clients in advance of the move (via letter, telephone, and email)
- Update your company website with the new registered company address and map location
7. Workplace Culture
You may observe a sea change in the attitude of people in different locations. This means that you will not be able to easily implement the same work culture as the current office in the new one. There may be a disparity in the way people look at their work and take it seriously. Think about this as well before you decide to relocate your company or you may regret this decision later.
From choosing a new space to moving day, relocating a business involves significant time and effort with potentially disastrous consequences if things go wrong. Fortunately, proactive steps can ensure your business is ready for the move and that the relocation process is smooth and efficient.
Despite the challenges, moving provides a chance to grow your business and set it up for success in its new location.