The decision to relocate a business is a stressful one, and it often is a very difficult process. The process of relocation involves a great deal of time and planning and can be quite expensive. Relocation is also not without risk, as you could potentially lose customers, spend more money than you budgeted for moving, or even have employees who can’t make the move with you, so it’s a decision that should be weighed very carefully.
Reasons to consider relocating
There are several reasons that you may want to relocate your business. You may want to be in closer proximity to your clients, as a sign that you really care about your clients and want to make their lives easier in some way. Perhaps a new market has opened up somewhere else, and you want to take advantage of that. For example, if a new hospital has opened across town and could offer valuable customers, it’s hard to take advantage of that if your business is far from there.
Maybe the cost of running your business will be lower in a different location. If you could significantly lower your business expenses, such as rent and utilities, by moving to another location, it’s definitely worth consideration. Sometimes, it’s easier to move to where the best employees are if they won’t come to you. Perhaps there’s another area where your business could succeed, one that has a more qualified pool of potential employees. One of the most common reasons that business owners consider relocation is because they want to expand their businesses and need more space.
There are many decisions that must be made once you’ve decided to relocate your business. For example, you must decide whether to buy or lease a new building. You may want to consider splitting your business into two locations, rather than moving the entire building to a new site. You’ll need to get information from Chambers of Commerce and real estate brokers, employment agencies and utility companies, and economic development agencies and other small business owners, before making your decision on where to relocate your business.
You should visit all sites on your list of preferred locations, and that means examining those sites from all possible angles and at various times of the day. A location that seems perfect during the day may have a very different feel at night. You’ll also need to decide what business property to move, and how to move it. If it’s incredibly expensive to move, you may be financially better off disposing of your inventory before moving. Temporary storage, such as storage solutions Sydney, may be a good option and allow you to move some of your business property now and more later.
No matter how carefully you consider all aspects of relocations, mistakes are sometimes made. Some of the more common mistakes are making decisions too quickly or concentrating too much on a few aspects of moving while ignoring other issues. Another common mistake is ignoring the quality of life factors, such as the commute for employees. Not using the available business services can be a costly mistake, as is not considering regulatory or environmental concerns.
Making business relocation easier
There are several things you can do to make the process of relocation go as smoothly as possible. When deciding on a new location, it’s important to factor in things such as available parking, proximity to public transportation, and accessibility to both employees and clients. Give yourself plenty of time to find a suitable building and agree on the purchase or lease terms. You should also tell your staff ahead of time so that you don’t surprise them. Give them options, if possible, to allow them to make their own decisions on moving, maybe even give them the option to work from home, and be prepared to reach a settlement with employees who can’t move.
Plan for unexpected costs. There are many factors that influence the cost of moving, and whatever your budget, the relocation may be more expensive than what you planned for. The cost of living varies from location to location, and it may be more expensive in your new location. Also, you must factor in the cost of interrupting your business. Even if your move goes perfectly, you may lose a few days of business, and those lost days must be factored into your expenses.
Reassure your customers. Make sure that your customers are informed of the change of location, and make sure that they have accurate directions to the new location. Keep them updated on the process, and always provide your new contact information to customers immediately.
Business relocation is sometimes a necessary process that can be incredibly stressful. While some of the issues of relocation are unavoidable, there are steps that you can take to ensure that the process goes as smoothly as possible.