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Is Relocating Your Business Worth It?
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If you were to ask business owners what major business decisions led them to success, most will be able to backtrack to a handful of decisions that forever altered the trajectory of their business.
Whether it is a decision to adjust a process within the business, hire for a newly created position, or relocate the business, in many cases one decision can have a massive impact on the long-term success of a business.
Relocating a business oftentimes represents a major decision that can completely alter the course of a business. Before taking the leap of faith and moving to that fancy new building or chasing after a cheaper location, it is imperative to understand both the impact the move will have on your business and customers.
Factors To Consider When Relocating Your Business
Type Of Business
It should go without saying that the decision for a business to relocate should be based on the many different factors, such as industry and products offered. Manufacturing companies will address very different factors when deciding to relocate compared to a restaurant.
For example, manufacturing companies rely on inputs to create a product and ship it out. They would likely focus their relocation on supply chain disruptions or improvements and expansion potential. On the other hand, a restaurant owner will focus their attention on foot traffic and optimally relocate where more people are.
Regardless of what type of business you are thinking of relocating, make sure you focus on what actually matters for the success of your business.
Employee And Stakeholder Impact
When going through a drastic change such as relocating, it is easy to forget the people that make the business successful. Picking up shop and moving to a new location far from the old location can have a major effect on company morale and employee satisfaction.
Parking access for employees and customers should also be factored in. The new location should be easily accessible, and you may also need to offer reimbursements to pay for employee mileage or parking if necessary.
Cost
This is often at the forefront of every business decision. If your business is considering relocation, you have likely already taken into account the cost of packing, moving, and setting up at a new location, but there are a variety of hidden costs to consider as well.
You should consider the overhead cost of day-to-day operations of your business at the new location taking into account things such as a lease or mortgage, utilities, shipping, and wages.
If your relocation spans across borders you may need to consider what that means for employees. If the cost of living in the new location is much higher, you may need to substantially increase the wages of employees. Furthermore, to analyse if the talent pool for specialized or general roles in the company is worse in the new location, you may need to consider the cost of additional training for new hires.
Hidden costs will be different for every business, so it is wise to have an independent party analyse the relocation to identify any and all costs involved. Without this information, any decision to relocate is an uninformed one.
Customers
Customers are the lifeblood of any organisation. Relocating your business should factor in the impact it will have on new and existing customers of the business.
If your business is particularly reliant on one client or a niche group of customers, it may not be wise to relocate to a place where those transactions become obsolete.
Analyse your relationship with individual clients or customers and pose the question, “what is the impact of losing this client?” When the answer to that question is detrimental, it is crucial to take that into account when deciding whether relocating your business is a viable option.
Summary
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