When is the Right Time to Relocate Your Business?
Relocating a business is a tough task and the stress involved is enormous. It involves a lot of planning, costs extra money, and demands some extra logistics too. You could also lose some of your customers, spend a lot of money you didn’t budget to spend, lose something valuable and even lose some loyal employees who just can’t move with you.
Businesses commonly cite five main reasons for moving, according to Sharon K. Ward, an economic development consultant in Allentown, Pennsylvania. These are labor and workforce issues, the desire to reach new markets, the need to upgrade facilities or equipment, the desire to lower costs or increase cash flow, and considerations about quality of life.
Quality talent at competitive prices. You need to relocate your business to a place where there is better availability of talent, and that too at competitive prices. Relocation can really help your business by providing you with a better talent pool at better prices.
Proximity to clients. You should be as close as possible to your high-end clients and customers. The competition is getting tougher every day and you don’t want to give them a reason to consider doing business with any other person offering a similar product or service.
Upgrade facilities. If the space that you and your company are currently occupying is in need of a lot of repairs or is too small to accommodate the growth you are experiencing then you will need to start considering a new place where you can “set up shop”. Signing a lease on a building with better tech, internet service, a more convenient location, free parking, a kitchen, a conference room, etc. can make all the difference between a “so-so” business and a “so-successful” one.
Cost Issues. Cost is a concern in any business decision, and a move can cure–or create–many cost issues. The cost of living, commuting and a host of other needs that will affect your business varies from one location to another. It is a good decision to move your business to a place where these costs are cheaper, and perhaps there are more tax incentives. Of course, you also need to look at other factors in addition to costs, such as access to quality talent and proximity of target audience if you do walk-in business.
Desirable lifestyle. If you are lucky enough to become a successful business owner, you may have the option of relocating to adopt a more desirable lifestyle. When you have the opportunity to choose where you live, you should take advantage of it.
If satisfying your customers and making a profit is the major goals for your business, then relocating your business may just be what your business needs now.