Moving your business from one location to another is a major undertaking – but sometimes it’s an absolute necessity. Whether you’re ready to relocate for growth purposes, or need to save on expenses, here’s why and when to move your business.
Why Should You Relocate Your Business?
Rocking the boat can be risky, but sometimes it’s necessary in order to leverage your position and make the business stronger. Here are a few common indicators that it could be time to move.
Your real estate costs are limiting your profits.
Real estate costs can be a major expense, so moving in order to save money is a choice that many businesses make. However, if you do decide to relocate to a new city, be sure you aren’t limiting your potential to attract top talent.
You need fresh talent.
Speaking of talent, relocating to attract skilled employees is another common reason to move a business. Your current city – or part of the city – could dissuade top talent from applying to your positions.
You need to enter a new market
If sale of your product or service relies on foot traffic, and there isn’t enough to support your business, it’s time for a move. You can use this opportunity to study the demographics of your new potential area, and then find a location that will support future growth.
You’re ready to grow.
This is the most common reason for moving a business. You can move to a larger location to make way for more employees, more product storage or to get closer to customers and key vendors.
When is the Right Time to Move?
No matter what the reason for the business move, there’s a lot on the line. There are finances, logistics and even employee morale on the line. Look forward and plan based on when your current lease expires
. If it’s more than six months away, that’s great. This way you’ll have enough time to prepare, research and plan. If you’re ready to move, here are three keys to timing it just right to ensure that it goes smoothly – and profitably – for your business.
1. Prepare financially.
Even if you feel that your business can support a move, and is ready for future growth, it’s best to wait until you absolutely afford to do it. Seeing an increase in sales and revenue over a three month period doesn’t necessarily mean that you can weather a new three year lease on a larger property.
2. Practice due diligence.
You can never do too much research when it comes to your new location. Potential locations should be vetted thoroughly based on a list of predetermined requirements. Gather a list of your must haves for the new location and take time to find the right opportunity. Focus on the hard facts – like traffic numbers, price per square foot, space for growth – so you can compare “apples to apples” with the various options. You’ll know it’s the right time to move
3. Plan your move thoroughly.
A moving plan for a company should include all of the requirements for a move and–even more importantly – which employees will tackle each piece. There are thousands of details that go into a successful move, so organization and delegation are a must. This way you can be sure that essentials, like establishing new phone and internet service, aren’t overlooked. This plan will be your guide before, during and after the move. Moving your business is never a simple undertaking. But if you have strong motivation, and follow a specific process you can make sure that your move is successful.
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