6 things to consider when relocating your business
By Peter Theuri | August 26th 2020
Businesses are always bound to face difficulties in the course of their existence. While most problems require a lot of planning to find a way out, some require a simple solution like changing the location of your operations.
Running into headwinds? competition almost driving you down? Perhaps the panacea of these challenges is relocation. It is instructive to note that a times business hurdles are not the reason for a business to be relocated; search for bigger opportunities and growth could spur the relocation. However, when you remain stuck at a location where growth is not guaranteed, you are burying your head in the sand.
If the following problems are facing your business, then you should consider relocating.
1. Difficulty in finding employees
An ever rising number of job seekers are looking for job convenience when making their career choices. They favour to work at stations near their homes. This is mainly necessitated by the need to save on transport costs and a drop in earnings especially in face of Covid-19. If the business is at an isolated area, talented employees may prefer to work for a competitor located at the city centre, or in their neighbourhood where accessing the office is easier.
Therefore, it is advisable that a business is conveniently located. An aspiring business person needs to do extensive research and settle on a location that will offer the optimum operating environment for himself and his workers. After deciding on a location, he then needs to work on building relationships with local hiring agencies. This will ensure he attracts the most qualified employees.
2. High costs of operation
When you start your business, the ultimate aim is to expand. You may have a business plan that caters for all the costs that may be incurred in the expansion process. However, the future is not always as predictable as a business plan may suggest. It is therefore necessary for a business to be flexible in terms of accommodating unforeseen costs beyond what the business had planned for.
Locations can be responsible for certain costs such as rent and taxes. Particular areas will be more expensive than others. If your current location is increasing your operational costs, then it may be worth looking elsewhere.
A business person should take a good look at how much he is paying for existing commercial space. In some cases, rent can affect a company’s ability to grow and prosper. Downsizing is a great way to tighten the budget, save on costs and put more money on your bottom line.
3. Little space
The growth of a business means that with time, there will be need for more space to accommodate the different functions of the business. The number of company employees will grow. More equipment may be required. In such circumstances, a business will need to consider relocating or expanding to a larger commercial space.
While the business may consider remote working, with employees rotating between working from home and in the office, continuous growth of a business can only mean that the space which acts as the business’ physical office has to also grow.
The relocation might be in the same building. A working environment that allows people to perform their work optimally under comfortable conditions always includes more space. If the existing space you are working in is too small to accommodate the growth you are experiencing, you will need to start looking for a new place to set up shop.
4. Unsafe working environment
The commercial space a business has procured may grow old with time and become a risky environment to work in. The workers may, under such debilitating conditions, be unable to deliver on their duties.
If you find that the cost of maintaining the building is becoming too hard to manage, it may be worth investing in a better commercial space elsewhere.
Also, the security, or the general conditions, of the immediate neighbourhood should be considered when making a decision to relocate.
The workers may not be happy to come to work if they are always afraid of attacks. It would be wise for the business to shift to a location where security is guaranteed.
5. Distance between customers and business
The distance between a business and its customers determines the customers’ ability to solicit for goods and services from the business.
If you are having trouble meeting demands of these customers due to your geographic location, then it will be necessary to relocate and be closer to them. This is a great idea that will allow you to grow relationships with the people who use the services or products you offer.
6. An outdated office look
The performance of your staff may be dependent on the look of the workplace. Nobody likes going to work in a dull, outdated and unappealing office. Such an office can put a lot of psychological strain on staff.
A business person should always aim to move to a modern office with a fresh look. A new look may be just what your employees need to get them excited about their jobs again. This also makes a better impression on clients and other partners.
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