The need for constant growth is what drives business to become better, bigger, and more efficient. If you feel like your company has outgrown its current city and there’s another place with more potential, it might be time to relocate your business.
You are not alone thinking a change of place might give you better chances for more prosperity. Annually, millions of Americans relocate, and hundreds of businesses decide to find a more suitable city. Entrepreneurs and business-savvy digital nomads are more prone to relocations, driven by the hope that they’ll find the environment that pushes them closer to success.
If you’re running out of space at your current office, or you feel like your current city is going downhill business-wise, it’s high time you considered an upgrade and giving your company a better chance for success. Here are X tips you need to keep in mind before relocating.
Location, location, location
Just as with houses, the location of your company matters a great deal. It should come as no surprise that you have a better chance to expand your company and become profitable in a city that meets all your needs and business requirements. What are they? Proper workforce, new markets with great potential, increased cash flow, and of course, the possibility of lowering costs.
Usually, companies move to find a suitable labor force. If the city where your company is currently located has a shortage of qualified people for certain positions, it’s almost impossible to grow on an annual basis. When you can’t find specialized workers, and you stagnate because of this, relocating your business is the best course of action you can make.
Cash flow shortage
Moving a business can cure many cost issues, but it also can create some monetary issues. That’s why a relocation needs to be carefully thought through. Of course, in bustling cities, the cost of living can be twice as much as in smaller ones. But a smaller city doesn’t have the potential as a bigger one. To find the perfect balance, you need to stay close to target markets while lowering your expenses.
The size of your company also matters. For example, companies seeking to relocate or build factories might get various tax concessions worth millions of dollars. However, if you are a small company, you probably can’t enjoy such perks, as the incentives are based on how many jobs your business will create. If you are an entrepreneur, there’s a chance that you might be able to get some help through various fundraising platforms.
Pros and cons of a move
Every major decision that involves your business carries certain risks, and relocation is no exception. However, experience tells us that moving more often than not yields excellent results for companies. If you plan on moving because you’re not happy with the number of clients you are getting, you are probably looking for a place that has better traffic.
Of course, this doesn’t mean that yours is going to be a success story. There are many pitfalls when it comes to moving your business. What are the mistakes you need to avoid? Try not to rush the decision and think every minor and major step of the move thoroughly, such as using all the available economic boosts at your disposal, focusing on the right expenses, and thinking about future expansions.
A move, however, can be complicated even with proper planning and organization. You’ll probably meet unforeseen issues that might slow down the relocation process, or problems that might make you act a lot quicker. All of these changes might add to your costs. Most of the time, the biggest issue is with business downtime. You have to figure out how to continue being efficient and take care of your clients even when you need to focus on moving.
Expansion through relocation
You don’t always have to move if you want to grow. A great idea is to take in adjoining space or moving some of your facilities to a different city. Going with an adjacent area is the best possible choice if you want to do it in a cost-efficient way. This way, you save on relocation costs, downtime will be minimal, and your clientele won’t feel a thing of this change. When a space next to your company becomes vacant, that’s the perfect time to consider expanding your business.
You can also grow by moving some services to another location. If some services are not as sought-after in your current city, but you feel like they would increase your cash flow in another one, you should relocate that part of your operation. The only thing that makes this kind of business model complicated is the logistics aspect of it. If you manage to solve that issue, you can enjoy a part-relocation without the negatives.
Moving the right way
Planning and organizing all the steps of the relocation can be difficult, but it might seem a child’s play compared to actually doing all the things required during the move. First of all, you need to decide what equipment, records, furniture, and other items you’ll need at your new office. To save time and money, you should get rid of the possessions you won’t be needing anymore. Donate items to charity or sell them on the internet.
Once you finish with the inventory, you need someone to take care of the move. This can be one of your managers with great organizational skills. But if you want everything to go smoothly without you having to lift a finger, you need to hire a professional moving company. Experienced commercial movers NYC will take care of everything, starting from packing your inventory, transporting them to the address you’ve given, unpacking everything, and putting your items to the right location in your office.
Relocating your business is one of the most challenging decisions you have to make. But by analyzing all the small details of the move and how it will affect your company, you can get a clearer picture of the results and decide if it’s right for your business or not. If you feel like moving is for the better and everything points to a successful outcome, you should definitely go for it.