Planning to relocate a business is not an easy decision. There are cost implications, uncertainties, and many variables to planning to relocate a business is not an easy decision. There are cost implications, uncertainties, and many variables to be considered. However, by following these seven considerations while relocating your business, you’ll find that the process is a little bit easier.
Choose the Right Location
Choosing the right location is probably one of the headaches you want to tackle before settling other issues. The site depends on the type of business, size, the clientele it’s targeting and your budget.
Consider factors such as demographic changes, employment opportunities, local economy, transportation costs of employees and clients, to name just a few. Once you settle on a location, find a suitable space. You might want to involve commercial lease solicitors to handle the legalities.
The Right Space Size
If your business is expanding, consider what size of space you need before settling on a particular option. Which space challenges are you currently facing that you’d like to resolve? When downsizing, the cost might probably be an essential factor. However, consider your customers’ convenience and the ease of attracting new ones to boost business growth.
Labour Pool Availability
Assessing the availability of labour in the location is also very important before relocating your business. If you rely on a highly specialized and experienced labour force, factor it in the location choice. It makes it easier to find the right employees.
Having a design team on board during the relocation process allows you to consider every little detail and aspect so that you don’t have serious regrets afterwards. Do you want to change or retain the branding? What design improvements do you want to consider?
Keep your Customers
Keeping customers happy and retaining existing businesses during a relocation is vital for continued growth. It will keep your cash flow healthy, which is a great motivator. While preparing to relocate your business, it’s also essential to start building customer loyalty to ease the transition phase.
Offer delivery services, discounts and an enhanced online shopping experience to attract the old customers to the new premise.
Determine a Time Frame
Would you want to move in phases or one go? Are you planning to sell your current premise or move into another office in the same building? Knowing how much time you have will guide you on what to do next. It will also enable you to pass the message to your clients effectively.
Consider what you need to make a move smooth and quick, who to collaborate with and the legalities. It also helps when you assign employees specific tasks and, if possible or necessary, set up a move committee.
Inform Vendors and All Stakeholders
Suppliers, clients, tenants and other external stakeholders are among the list of people you should inform about your relocation plans. The more you involve them in the process, the smoother it will go. Do it early to enable them to adjust to the news and prepare for possible changes.
As you consider the relocation, make sure you’ve set an adequate budget even when downsizing. There is the transport costs, professional packers, new signage, fittings and equipment, to name just a few. Also, consider that day-to-day business operations might be affected for some days or weeks as you get used to the new location and attract local clients. However, this might be the best decision you’ve ever made to boost business growth.