One of the most drastic and time-consuming changes that you can make to your business is to physically move it from one location to another.
In most cases enterprises tend to grow whence they have sprung up, however there are times and circumstances in which a new move is needed, possibly because the overheads are too expensive where you are or even because you want to be closer to where your market is. Whatever the reason, when you do decide up sticks then you must at first have a strategy for your move. Here are five important considerations:
Tip #1: Optimize Your Costs
Whatever informed your decision to set up your business at its original location, your move provides you with the perfect opportunity to maximize your profits by minimizing your outgoing costs. This means factoring in such things as looking at locations where overheads are low when purchasing or buying your property, and being aware of trends. It may also involve doing some research on local labor costs and also, if you are in manufacturing, transport links both for shipping in raw materials and for moving out your finished products.
Tip #2: Working to Live Is Not Living to Work
You are going to be spending a whole lot of time at and around your new location. Even if setting up shop at the North Pole made perfect business sense it may not be where you desire to spend the rest of your working life. Take a look at this website here for an example of how operating from a cost-effective locality need not compromise your quality of life.
Tip #3: Be Mindful of Your Workforce
According to Forbes a happy workforce is usually more productive then one which works in adverse or unsatisfactory conditions. A study conducted by the Social Market Foundation on behalf of the University of Warwick in the UK reached a similar conclusion. So it always makes sense to ensure that your employees are kept happy throughout any internal upheaval which your company might be going through. Will you be taking your existing staff with you, or fielding a new team from scratch who will then have to be trained, and eased into the new company culture? Your employees are a valuable resource, don’t dispense with them lightly.
Tip #4: Do Your Research and Be a Step Ahead
If rent and labor are cheap at the place where you are headed there way well be a reason for that. Is the area in decline? Is the local market (if that is your intended catchment) likely to be interested in what it is you are selling? And what about its reputation? A thrusting, vibrant new business won’t much benefit from being listed as operating from a wasteland. Image is not everything, but it can be surprisingly important.
Tip #5: Ensure Your Move Is Viable
It may seem an obvious question to ask, but just how much is it going to cost you to transfer your whole operation to another venue? Is it a viable thing for you to do, and do the potential benefits vindicate your decision?