Friday, 25 October 2013

Moving Your Business

Business owners or entrepreneurs looking to relocate need to consider various aspects before making any final decisions if they are to move for the right reasons. One of the most important is how the new location will afford access to a suitable workforce, this means finding premises that are either close to public transport and easy and affordable to get to, or is close to a population centre, for example in a city centre.

If a business requires educated or specialised workers then the location has to be attractive enough to draw potential employees with the relevant experience, if there is nothing in the area to appeal then the business will have a hard time filling positions with quality staff. These are all factors likely to affect the final decision of where to relocate.

Most importantly, businesses should consider the costs of relocating as these can quickly add up. In the long term it could pay off to move to a less expensive area, on the outskirts of the city for example, as money can be saved on rent, however in the short term there could be high charges involved for the moving process. Other factors that can push up the costs of moving concern whether self storage space is required for extra pieces of office equipment or documents, and for how long, and the price of changing contact details on printed materials and websites.

A business also has to take into consideration the fact that new offices will need to have internet access, some refurbishment may be necessary, and the time it will take to move could also involve losing some business days, and thus income. Think about where suppliers are located and how this will affect them, as well as existing clients.

A business owner will have to decide what to do with unwanted stock and furniture from their current location, especially if downsizing. They can either choose to sell it to other businesses that are starting up and earn themselves some extra cash, or paying a little extra for short-to-medium or even long term storage. Deciding to keep hold of these extra items, with the expectation that the extra shop fittings and stock will be required at a later date, makes financial sense as they can then be brought out of storage when the business is ready to expand thus saving money on buying new things.

The location of a business is vital for its growth; identify the motivations behind the move and weigh up the pros and cons before making any ultimate decisions.