Why business relocation is a good idea
Moving a business from one part of the world to another – or even just across town – is a big decision and involves many challenges and risks. Here are four reasons why you might consider it.
There are many reasons why you might consider relocating your business. And while, yes, it’s disruptive and expensive and certainly not guaranteed to succeed, sometimes moving your business is the only choice, or it can open up opportunities that aren’t available to you in your current location.
Indeed, with the right support and decision-making, the benefits of moving your business can far outweigh the costs disruption and risk. Here are four examples of how relocating your business can be a good idea.
1) You can expand your operations
It might be that your current location is stifling your business. Maybe the premises won’t allow you to increase your operations, or develop new product lines or offerings.
It could be that your distribution options are restricted where you are. resources are expensive or in limited supply. Maybe the laws are too restrictive. Or the cost of hiring labour inhibitive for growth.
There are many reasons why your business may now be able to grow further in your current location. And if you want to expand your operations then your only option is to find a new location that solves the problems that are holding you back where you are.
And yes you’ll incur costs and inconvenience during the move, but with the right relocation services helping you, the potential growth opportunities will ensure that relocating will pay off in the long run.
2) You can hire a more skilled workforce
Cheap labour isn’t the only reason why some businesses decide to move their operations. It might be that you need skilled people to help you run or grow your business, and there just aren’t the people with those skills in your current location.
Or it could be that the managerial talent you need aren’t where your business is located, and if you want to attract the best possible team to work for you then you need an office in a more desirable location.
3) You benefit from lower recurring costs
While you’ll need to bear the brunt of an upfront cost when moving your business, over time the savings can name it worthwhile, especially if you relocate to an area with lower rent and business rates and taxes.
You may find a location where the local authorities are offering grants and other financial subsidies to encourage business growth. Or your material and equipment costs are lower. Over time even marginal savings can make a significant difference to your bottom line – especially if you are planning to expand.
4) You can move to a better environment
Finding a beneficial business location isn’t just about money. By moving your business to a more desirable and easy to reach location you’ll find it easier to attract (and keep) both employees and customers.
An attractive work environment with nearby shops, restaurants, gyms and transport links will help you not just to attract the best talent, but keep them. And if your business requires clients or customers to visit, then you’ll need to ensure their experience is easy and desirable.
Photo by Hao Dong