Every business begins from a home. Whether it’s your garage, a fancy office in a highrise building, or a sprawling business park. Sometimes, the business is going well, but the location does not feel right anymore. Everybody knows the massive risks associated with moving your business – you can spend a lot time and money on the new site and the move, not to mention the massive disruption and upheaval.
It can all be too much of a hassle, but sometimes it can be worth your while and in some cases relocating your business can be the best move for your business. Let’s discuss some signs that could show that its time for you to take out those moving boxes and relocate your business.
Search for New Markets
Leading businesses set goals that they want to achieve within a certain timeframe, and once they achieve all their objectives, they move on to new ones. However, sometimes it gets to a point that you’ve gotten all that you can from a certain market. You’ve capitalized on the market and there is simply no room for you to grow further.
Other times, the market may dry up for external reasons, leaving few to no potential customers for your brand to capitalise on. In this case, it’s worth considering relocating and exploring new markets.
Get Closer to your Top Clients
Sit down and list all your business’ major clients and see which of them are most profitable. Proximity to top clients will help your business grow as it makes it easier to be available when they need you.
All top clients want the brands they are in business with to be easily accessible. With competition getting tougher every day, you risk losing your clients over something as basic as geography, and this is something you can easily remedy simply by relocating.
Looking for Suitable Workforce
The desire to find the ideal team and workforce alone can be enough reason to move. If your business is seeing a low supply of the kind of workforce that you are searching for, then moving could be the solution. It may cost you, but in the long run, securing the right staff will offer high returns on this investment.
Finding talented and skilled professionals can be a challenging task, especially if the skills you’re looking for are in high demand. For example, if you are in the IT business, and there are no specialised, trained IT professionals in your area, then you must definitely think about relocating.
Increased Living Costs
The rising cost of living in some areas can have a substantial impact on your net income and profit margins. These costs are reflected in the cost of running a business and it’s important to seriously consider them before deciding to relocate.
Some commercial spaces offer reduced costs including rent, billing, administrative expenses, and other miscellaneous costs. Lower income taxes and lower cost of living can also mean that a business can offer lower wages as the cost of living is relatively cheaper.
No Space for Expansion
Perhaps your business is doing well and you are thinking of expanding – will your current location allow for this? You should assess whether your current site can cater to growing demand without hampering profit growth.
Another option could be to relocate to a central location where your remote employees can also visit, work, and participate.
The Uncontrollable Changes in the Industry
You know the anatomy of your business better than anyone – but how aware are you of the industry you operate in? Do some research and see how your competition and the rest of the industry are doing. Does your company reflect the patterns and trends in the larger market?
If you feel that your performance is lagging behind the rest of your industry, or you think you are doing a disservice to your customers, then it’s time to mix things up, and this could include relocation.
You Are Looking for New Facilities
Many people get tired of working in the same neighborhood, looking at the same view, walking up and down the same building, and using the same facilities. This monotonous routine can exhaust anyone. Many landlords can also get complacent and faily to make the necessary repairs and upgrades to your workspace.
You could take this as a sign and decide to relocate. Employees need better parking, a nicer working space, and some basic amenities that can recharge them and give them the jolt of productivity that they need. A more convenient location can make all the difference!
Final Words
There may be many reasons that could be telling you to move and relocate your premises, but be sure that you are not relying solely on your gut. Don’t take the leap without carefully examining all the risks and potential benefits of this major decision.
