A business relocation is not something that should be done unadvisedly. It is a major decision involving several factors that require careful consideration and analysis. Before going ahead with a business move, think carefully about the impact on your stakeholders, as well as the costs involved. Here are some of the critical factors to consider:
- Cost: How much will the move itself take out of your budget? How will rent and maintenance at the new location impact your spending in the long term?
- Stakeholder impact: How will the move affect management, employees and clients?
- Future growth: How will the new premises accommodate the future expansion of your company?
- Community: How will your move affect the community you are leaving, as well as the one you are moving to?
Advantages of business relocation
Before you make the move, ensure that the advantages outnumber the disadvantages. Here are some of the main pros that should be in place to make a move worthwhile:
- Access to a new labour pool: The new location ought to put you in a position to access talent that you may not have had access to in the old one.
- A fresh layout: Moving to a new location gives you a chance to redesign your office space with a view towards increasing productivity and efficiency.
- Cost savings: Unless an upgrade in the size and function of your office facilities is justified, you should move to a space that will either leave your overheads the same or, preferably, reduce them.
Disadvantages of business relocation
On the other hand, there are always a few downsides to consider. Here are some of the most common:
- Loss of clients: If you go too far out of the way of your existing client base, you may lose some or all of them, meaning you will have to start from scratch building up a customer list in the new location. Not all businesses are as location-sensitive as others, so this may or may not affect you, but it is certainly something you should think long and hard about. As things currently stand, this is not as much of a factor as it once was, since so many businesses are now working remotely, either partially or entirely.
- Business interruption: You are likely to suffer some loss of productivity during the move, no matter how well you plan it, so make sure you make provision for this. You could always have your staff work remotely for the day – this is increasingly an option considering technological advances and what we are calling the ‘new normal’ that has developed as a result of the COVID-19 pandemic.
- Recruitment: You may find yourself facing a trade-off between the location and the available staff pool. If you move out of a central commercial area, for example, you may have difficulty getting potential staff to commute to the new location and may have to offer incentives to attract them.
There is a lot to consider when relocating your business, so you shouldn’t have to worry about the details of the move itself. Leave that to a professional moving company like Master Movers. We are experienced business movers who can take the hassle out of your business relocation. Contact us for more information.