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10 Things To Consider Before Relocating Your Company

Moving your business to a new location is a major financial decision. Here are 10 things to consider before a business relocation

Thursday May 9, 2019 11:16 AM, ummid.com News Network

Business Relocation

Moving your business to a new location is a major financial decision. Here are 10 things to consider before a business relocation.

Looking to relocate your business?

Congratulations on making such a bold move!

While the reasons for business relocation may vary, the issues you encounter are fairly universal.

As such, there are a number of things you must think through before making the big move. This will not only guarantee a smooth move but also ensure your company's growth isn’t jeopardized in the process.

Before you relocate your business, here’s what to consider:

1. Costs

The cost of moving is the most important thing to consider when planning to relocate your business. This includes the cost of packing up everything, the actual moving, and finally setting up everything in your new space.

On top of it all, you need to pay attention to the operational costs in your new location. This will be in terms of the cost of utilities and taxes. If these costs exceed the budget of your current location, you may consider foregoing the move.

2. Losing Employees

Chances are your current workforce resides within the same location or close to where your business is based. Moving to a new location will mean that they may need to relocate too if they're to keep working for your company.

Unfortunately, not all your employees may agree to relocate with you even after offering massive relocation bonuses. You’ll definitely need to replace the "lost" employees once you get into your new location.

Check out this complete guide on how to help your employees relocate.

3. Moving Options

Hiring a moving company is one of the most trusted ways of business moving. But, it doesn't have to be your go-to choice. Besides, if you’re moving a long distance, it's likely that the company may not help you relocate your business as fast as you may wish.

Delay in relocation would result in downtime for your business which may translate to losses.

In such a case, it would be great if you hired a moving truck and relocate yourself. Sure, it may sound much of a hassle, but if relocating fast is your concern, then renting a truck is your best bet. Moreover, you don't have to drive it, you can hire a driver independently.

However, if you don’t mind the delay or just want your items to be packed and moved by experts; you can go ahead and hire a moving company. Remember to ensure the company is licensed and adequately insured to cover for the potential damages that may be incurred during the move.

4. Accessibility

Before relocating, it should be in your best interest that the new location will help you reach out to more clients. It would be great, therefore, to conduct a survey of the area you’re planning to relocate to, to ascertain whether your target audience will be able to access your business.

As for your clients and partners based in your current location, it’s advised to notify them of your move early enough to avoid inconveniences.

Also, be sure to ask for your clients' opinion on whether they would mind traveling to get products or services in your new location. If they say no, you may have to come up with convenient ways for them to reach your business, lest you lose them to your competitors.

5. Room for Growth

The new office space you're planning to move to should not only accommodate your existing workforce but also have more room for growth. Otherwise, you may have to relocate again in a few years which may disrupt your operations and break business relationships.

Your new space should support the idea of how your future office should look like in terms of set up and organization. For instance, you may want to establish a game area or a gym for your employees in some years to come. Thus, the new building should be aligned with the growth of your business.

6. Competition

Moving to a place where your competitors are based would ruin the chances for the growth of your company. Therefore, before relocating, survey the area to ensure they're no companies offering the same services and products like yours.

In some cases, you can’t escape competition, but this shouldn't discourage you from moving. You can add proprietary services on top of what you already offer to boost the demand for your goods or services in the new location.

For example, you can offer discounts upon purchase of a certain number of goods or offer free delivery services.

7. Lease or Buy

Deciding on whether to buy or lease the property you’re about to move into depends on the cost and company’s prospect for growth.

Buying property requires an upfront capital investment which may not be available if your company is still in its growth stages. But in the long term, it may be a good investment due to property appreciation.

On other the hand, leasing property is less expensive and provides flexibility if you want to relocate again. However, the monthly charges for the lease may be high, and thus, may demand your business to have strong financial security to cover the charges without defaulting.

8. Consider the Culture

Among the many reasons behind business relocation, is the need for a more qualified workforce. The culture of the people in the location you’re moving into often dictates their area of expertise.

For instance, cities with a lot of tech firms mean that people are well-versed in tech. If you're looking to hire a new IT department for your company, moving to such locations would be a smart decision.

9. Reputation

The reputation of your company isn’t embedded in your brand only, but also in the kind of location you're based. If the area has a bad reputation in terms of security or sanitation, you'll likely find it hard attracting or retaining new customers.

While moving to an area with a good reputation may mean relocating to high-end areas of a town, it doesn’t necessarily have to come to that. Just ensure the area you’re relocating to is secure and has all the basic social amenities.

10. Make the Move

Now that you’ve already decided to move, it’s good to do a last-minute check-up to ensure a stress-free move.

First, you can visit the new building you’re planning to move into just to ensure everything is ready. This can be simple details such as clearing the utility bills, paying off the rent, or doing a thorough clean-up. You may need to liaise with the property owner if you feel that the space needs some renovations.

This also the time to contact your moving company and notify them of the exact time and date the items are ready for shipping.

Taking Out the Dread of Business Relocation

Business relocation is daunting and time-consuming. But if it adequately addresses the reasons behind moving to a new location, it's worth the time and cost.

Use the tips above to help you decide whether the new place meets your business needs.

Planning on relocating your office? Check out these tips for a stress-free relocation.

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