Have you been considering relocating your business? If you knew it would benefit your business would you make the move?
Some entrepreneurs would say yes in a heartbeat, while others might struggle with the uncertainty that accompanies such a big change.
Sometimes, the decision to relocate a business can be a smart move. Relocation can potentially improve business operations and employee productivity, change customer perception, or enable massive cost-cutting measures. But, moving for the wrong reasons can bring about new problems including downtime, decreased access to quality talent, building occupancy delays, etc.
When you decide to take the plunge pay attention to every small detail. Change can be stressful. Moving a business, however, can be an exciting and a progressive event.
Here are five good reasons to make the move.
1. You want to be near top clients.
As a startup, one of the first major accomplishments is identifying your ideal customers. As an established business you may have come to realize that your target market has changed or expanded into secondary targets.
If you find yourself traveling often to reach your clients or do business with them, then depending on the size of the opportunity you may want to be closer, or set up a satellite office.
This holds particularly true for clients and customers that have a high net worth. Acquiring new customers and enhancing your bottom line isn’t going to get any easier so it makes sense to exceed expectations for the one’s you’ve got.
2. You can cut major costs.
A major objective of every business is to make profits and cut costs. Moving your business from one place to another can help you achieve just that; whether it is down the street, to another city or across the globe. When you look at the cost of living and running a business at your current location it may be much higher than what a new location can offer.
Bigger cities, for instance, command a higher office rent. If you’re running a startup and barely breaking even, doling out large sums of rent money isn’t smart or feasible.
Many a time, office space rent, the cost of living and the cost of doing business are so high that profits will seem insignificant in comparison. In such cases, relocating your business is a boon.
3. You want access to new markets.
You’re running a business for financial gains and definitely want to see it grow and expand. It is, therefore, advisable to consider whether or not your current market is huge enough to support your growth plans.
Sometimes, businesses have everything it takes to succeed – brand awareness and the resources to run it; but an unsophisticated market can keep profits low. This implies that your offerings may be better accepted in a different market, the demographics of which will support your business’s growth and development.
It is common for businesses to be in a situation where they realize that their market is saturated. However, it is important to remember that new markets are always emerging. An enterprising entrepreneur will always find a way to identify such markets, relocate there, and thrive.
4. You desire a better quality of life.
Business owners are always on their toes, which makes it difficult to strike a healthy work-life balance. However, drawing a line between personal and professional life is paramount for mental and physical well-being. If you think relocating can help you achieve that, then you may have another good reason to move.
Entrepreneurs who work from home can find the line between their personal and professional lives blurring often. Moving into a proper office space can prevent that from happening and enhance productivity which, in turn, helps businesses perform better.
5. You’re looking for a fresh new talent pool.
Employees can make or break a business and the quality of your staff can go a long way in determining business success or failure. Finding skilled and experienced talent at competitive rates is no easy task, and the desire to acquire a competent work force can be a great reason to relocate your business.
If you’re in a field that needs highly-specialized workforce, such I.T., and you’re grappling with shortage of suitable staff in your current location, then it may be better to move to a place where such talent is amply available and accessible.
In other words, if your current location lacks a good pool of qualified candidates, then you should seriously consider your relocation options. Moving to an area that houses higher-education facilities can work in your business’s favor.
When done for the right reasons, relocation can be the best thing to happen to your business. Do bear in mind, however, that a change of zip code does not guarantee success.
Just because the grass seems to be greener on the other side, doesn’t mean it actually is. It is always a good idea to speak to other professionals in your industry who’ve endured the experience of business relocation and find out what worked for them.
If you really are sure of the move, go for it. You never know, the new location may actually suit the nature of your business and it can thrive. Do spend sufficient time thinking about your approach before making a final decision.
This article has been edited and condensed.
As an entrepreneur, Satish Bakhda believes in being the best in whatever he does in life. Currently in position as Chief Operating Officer of Rikvin, Satish strives to improve client satisfaction, sales revenue, and the implementation of propriety software to their fullest potential. Beginning his career path as an office boy to being the top salesperson during his school holidays, he pursued his aspiration to be an environmental entrepreneur after completing his national service in Singapore. Connect with @rikvinsg on Twitter.
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