Whatever the reason, moving your business can be costly and stressful for everyone involved. And with so much to think about, make sure you don't miss out on these elements you need to consider.
There are many good reasons for a business of any size to move to a new location. For a small business, the difference in utilities, lease price or the size of the premises may play a major role in their overhead, while for a major business, a location change might be tightly connected to rebranding. Moreover, sometimes penetrating a distant market requires you to become physically present at the location, however, the fact that you need to do something doesn’t mean that it’s easy to do so. With that in mind and without further ado, here are several tips and tricks worth considering when moving your business.
1. Consider the cost
The first thing you need to think about is the cost of the relocation (without the opportunity loss caused by the downtime). Here, there are several things you need to keep in mind.
First of all, you’ll probably have to pay double rent for the first month, unless you manage to time your move to fall between the last day of the previous month and the first day of the next.
Movers, cleaners and inspectors also cost quite a bit, yet, you’ll have to employ all of these people in order to ensure that your transition is a safe one.
Moreover, you’ll have to renegotiate your deal with the broadband company, perhaps even pay for the installation of the new landline at your target location.
The list is endless.
And so the best approach is to make a note of all the utilities and services you'll need to move or employ in the new location and spend some additional time factoring these extra costs in.
2. The downtime
You will also need to keep in mind that the upheaval surrounding the move might last for as long as a week or two, which means that your team won’t be able to do business during this period, and certainly won't be as productive as they are normally. This will result in a direct loss of income, which can be a big issues for businesses if they encounter any problems during the move; something you need to include in the above-discussed list of costs.
Furthermore, you might also lose some business with potential first-time clients. Rejecting or postponing business with clients during this period could lead to them unlikely to purchase from you in the future. isn’t likely to come back. Sadly, the ramifications of this are impossible to calculate. On the plus side, you can use this relocation downtime to implement some changes to your organization, thus getting at least some value from this costly break.
3. Picking the optimal headquarters
In the previous two sections, we’ve mostly discussed the downsides of moving your business, yet, there are some benefits. First of all, a move to a more prestigious location (from an industrial zone to a downtown location) will definitely reflect on the reputation of your company.
Furthermore, if you’re on the verge of massive expansion, you might soon outgrow your current office, which is why prolonging your stay there could result in an even greater deficit.
Because of this, it’s vital that you pick the optimal headquarters to move to. What you’re looking for is a balance between the cost and the benefits, which is something you might not be able to accurately estimate if this is your first move. You will also need someone who knows the area, as well as someone well-versed in this industry. Hiring a property advisor to help with this is something worth paying for. Sure, this adds one more item to your list of expenses but when you pause to consider what else is on the line, this is an investment that's worth it.
4. Don’t take any cost for granted
Earlier on, we talked about the issue of costs, and listed a number of agencies you’ll have to employ in order to make this move possible, including movers, cleaners and property advisors. On top of this, we also mentioned other costs that need to be factored in, including switching to a new broadband.
However, you can’t afford to take these costs for granted, and there’s always room for negotiation. Of course, there are instances where you’ll be faced with a fixed price and won’t be able to do anything about it but sometimes, you might be able to cut a few dollars without much effort.
Author: Aside from primary area of interest and expertise in e-marketing with digital marketing Sydney experts, Ian could be tagged also as a passionate sports fan, nature, and photography enthusiast, always trying to keep up to date with tech innovations and development.