What Are The Advantages and Disadvantages of a Business Relocation?

Whether you own an office or you’re working from home, a business relocation can mean a lot in the fields of productivity and overall satisfaction. However, even if you consider taking this step, you need to make sure it’s the right decision for you and your company. In order to pinpoint what are the main reasons why you should plan an office move, we’re going to list you some of the pros and cons, so you can make sure that when the time comes – you know you made the right decision.

If you’re working from home…

To decide whether staying or considering moving your business elsewhere, take some of these pros and cons into consideration.

Pros of working from home:

• No commute. You will be saving yourself a ton of time, money and stress if you won’t have to spend hours a day by just commuting to work.

• Flexibility. You can create a workflow that works just right for you and organize your time in the day exactly so you can work when you’re most productive.

• Stress levels. When you work from your home, you have more control over your stress level and can more easily walk away or take a break, especially when things get too hectic.

• Comfort. Your home environment will certainly make you feel more comfortable and stress-free because of the familiarity. Also, you can wear anything you want! Comfy jammies? Sure. (Except if you have to take video conference calls, in that case it’s a no-no)

• Saving money. Not only can you save money by avoiding the long commute, but you can also write off a portion of your home office expenses on your taxes when you work from home.

Cons of working from home:

• Self-discipline. Working at home requires a lot of self-discipline. You will need to work on your motivation and focus if you have troubles concentrating on work at home.

• Loneliness. If you’re used to working alone, then good for you! But in most cases, working all day without interacting with coworkers can be very isolating and lonely.

• Relationships. You will also develop relationships and gain trust harder with colleagues and clients because you won’t be able to meet them face-to-face daily.

• Living space. Your home will have to be drastically altered to make room for a functional office. Not to mention it can be costly.

• Less ad hoc learning. Office workers are constantly in a position to learn from their peers. When you work from home, you will need to make an extra effort to seek out networking and learning opportunities on your own.

If you have an office…

Whether you’re expanding, looking to save on square footage or wanting to access a new customer base, relocation can benefit your business. However, you also need to be aware of the risks. Here are some of the most important things to consider:

Pros of relocating:

• New labor. You can access a more specialized labor pool. If you want to be able to compete with the best businesses in your industry, come to the best employees if they can’t come to you.

• Productivity. Experts dealing with the end of lease cleaning on a regular basis say that an office relocation can also mean room for improvements in the office. A better-designed office can drastically increase productivity among employees.

• Saving money. Your current location might constrain you in terms of bills and other costs, so moving away might decrease utility costs and other expenses.

• More customers. You can increase your customer base which will also increase revenue.

• Visibility. If your business in an industry that relies on footfall, then your location is vital for business success.

Cons of relocating:

• You can lose customers. That comes naturally, some customers just won’t follow you to the other side of town. But if you’ve made the right decision, you wouldn’t have to worry too much about it.

• Business interruption. Almost any kind of business will suffer a loss of productivity during the move, especially if the business has to be shut down completely.

• New environment. Your new location might present itself with a whole new set of regulations that can affect your business.

• Staff recruitment. If you move out of an urban location to take advantage of cheaper commercial space, you may be having difficulties in recruiting new quality workers. Offer more money to recruits to convince them to work in that less desirable area.

• Tax incentives. Any business that moves with the intent to hire a large number of workers might risk the loss of tax incentives if they do not manage to hire said workers.

Conclusion

Planning an office move can be tricky. That’s why you need to do your research and find exactly what you and your business needs. If you’re moving without thinking through what benefits it can bring to your business, then that can damage you in more ways you can imagine.