5 Critical Considerations Before Relocating Your Business to Another City – SMEs often fear the stress moving to new premises as it poses logistical and financial challenges but a move also comes with multiple benefits as long as certain things are taken into consideration. Moving can be a stressful job at the best of times but as long as the following things are taken into account it should be more of a positive move than a negative one.
Space and layout
5 Critical Considerations Before Relocating Your Business to Another City – More often than not, moving to new premises is all about space. In the days before COVID, businesses that were thriving very rarely downsized to smaller spaces but with more people than ever now working from home, you might be moving to a smaller space, though it’s more likely to be larger.
Either way, take stock of what you have in your existing location and how much space you have in your new one and make a plan. The layout of the new space should also be considered, as it could completely change the way your business operates.
Budgeting and funding
5 Critical Considerations Before Relocating Your Business to Another City – Moving to a newer and bigger space requires funding and unless you have the capital stored away you are probably going to want to look into getting a secured business loan to help with your costs. Also, consider using a relocation agent to provide financial guidance on rates and rent.
Once you have a solid idea of how much the relocation is going to cost ensure that you stick to that budget at all costs. This means shopping around for moving companies that offer the best deals and working together with tradesmen and designers to secure a good price on redevelopment.
Overhead costs
5 Critical Considerations Before Relocating Your Business to Another City – Also, you need to consider overhead costs; moving to a new location will have financial implications on your everyday operations. What is the cost of a lease or mortgage payments in your new location? What about utility payments, shipping and wages for new employees?
You need to do your research and have a comprehensive image of the estimated overhead total in the new location. Comparing this with the perceived benefit of moving might give you a clearer picture of whether it’s the right call to make.
Impact on customers
5 Critical Considerations Before Relocating Your Business to Another City – Many of today’s businesses have contact with their customers online and, therefore, theoretically, they can function from anywhere in the country. However, it is still a good idea for every business to consider the more significant effects of relocating on your customer base.
Having a presence where your customers are saturated can help you have more community impact and grow a base. If you are a business that relies heavily on one or a few customers, you need to study the impact of moving closer to or away from those customers before making a decision.
Taking your time
5 Critical Considerations Before Relocating Your Business to Another City – Moving a business from an old location to a new one will take, on average, up to a year depending on the size of the operation. It’s not like moving house – there are hundreds of cogs to negotiate and people to playoff.
When shopping for new premises, meanwhile, take your time to do your research and investigate every possibility. Note that some areas might be more desirable than others but you will always get less bang for your buck in these areas. Also, ensure that the move can be undertaken without major disruption to the business. If the new location would mean having to shut the business for a week during the bulk of the move then it’s probably not worth it.
Of course, we’ve only scratched the surface here as you’ll also want to take into account things like the security of the new location and its accessibility. Generally speaking, however, it’s all about planning, research and patience. Because moving business premises is not something you want to be doing every year!
