Sometimes there is a need to move your small business to a new location, regardless of the reasons. No matter whether you are moving to a new location to enhance your business sales or you need to have a larger space or whatever, moving a business is a big decision. It involves a lot of cumbersome tasks to take care of and while you relocate, you also have to attend to the needs of your customers, employees, vendors and other internal and external stakeholders. All this while, you must also ensure that you are running the business profitably. So, as a business owner, there is a lot on your plate.
Before taking the big step, make sure you conduct a throughout financial and marketing analysis. Though you thought of better sales at the new place or maybe capturing an entirely new market do not forget to consider the cost of lease or rent of the new business address. So, be thoughtful and proceed with the decision with a strategic plan.
How to choose a business location while relocating?
Usually, there are five key reasons for businesses to consider relocation. It includes labor and workforce issues, the need to upgrade the space or the equipment, the desire to reach the target markets, the desire to lower the cost of the products while having higher input and the considerations regarding the lifestyle at the new place. While these reasons can vary from person to person, as per the needs of individuals, we can say that most of the moves are connected to these reasons or the combination of these reasons.
While business relocation carries lots of risks with it, do you know a move actually is one of the best ways to see your business grow rapidly, especially when it is not offering you the right results from the existing location? There might be no guarantee that the business relocation can make your business grow, it is definitely worth considering.
What are the key reasons to move a business?
Relocating your business is never an easy decision to make but it is definitely a smart move. Business relocation services providers claim that when done with the right planning and at the right time, business relocation can make your company reach the next level.
However, change is difficult for everyone but you need to take risks if you want to get success or growth at a fast rapid. You can make a good difference to your business just by moving your business to a location that is prime and attracts a lot of customers. Some common reasons you should consider relocating your business include:
1. Access to a suitable workforce
Are you looking for talent-rich people or skilled employees? Do your employee searches fail to attract people with the skills that you are looking for? If yes, the reason might be the wrong business location. Plan a business relocation, have a smooth transition and find a highly suitable workforce available at your disposal.
2. Opportunity for better growth
Better and rapid growth can be a reason behind the idea of a business move. If you have completed your homework and searched for enough market options, then moving can be a good option for you. Sometimes positioning in the new area offers you the best opportunity for success.
3. Market access
Does your business have enough access to customers? If you have advertised in a good manner, still, you are not getting enough customers or sales to your business, then you might be in need to relocate your business. A new location can be better suited to the kind of products that you are selling.
Lifestyle can be a big reason why people relocate their businesses. If you are lucky enough to be an entrepreneur then a location can make you grow better in your life. Consider the lifestyle you want to have, do you want to stay close to your family? Do you want to ski or water ski? Do you like the outdoors? Consider what is more important to you. This makes you decide whether you should have your business to the place where you are now or you are in need to move.
Moving to a new location or moving your home can also be a big reason for your business move. Sometimes, your decision about moving home makes you move your business as life with the family is your priority.
6. The cost of the real estate
The cost of real estate can either make or break your business. If your move is in your budget only then it is a wiser option to move else you should not take such risks. Look for a place where the cost of real estate is lower and where you can establish a good business. Also, think about the tax incentives at the new place. Don’t let the high cost of real estate let you down. Make sure you take up the decision wisely after making your budget.
If you are not getting a good outcome from your business even after doing everything in the right way then it is time to consider moving your business. Sometimes taking risks will take you on a journey full of success. Don’t be so reluctant when it comes to moving your business just because of considering the risk. In most cases, moving business has proven good for the benefit and growth of the business but make sure you are taking decisions wisely after considering every factor.
Business Relocation Checklist
Moving your business is one of the biggest decisions that you need to make. No matter what is the reason behind your move, but remember that a successful move is a result of keeping in mind a rule and the rule is “stay organized”.
Have a look at this moving business location checklist!
- Choose moving professionals who have already helped other businesses have a successful business move.
- Be ready with your moving budget. Business relocation expenses are something that can affect your business in the long run. So, plan accordingly.
- Do you want to consider a third-party manager or consultant for this business move? Then it is time to find out the one. However, when you choose a reliable state to state mover, they help you with all the related guidance.
- If you are trying to move an IT company then coordinate with moving servers with the help of the IT professionals.
- Send information to telecommunications and data providers about your relocation so you would not miss any important information regarding your business.
- Does your business possess any kind of special vendor for its transfer?
- Don’t forget to check the conditions of the restoration for returning to the same place.
- Get a qualified mover to make this task possible without any hassle. So interview 3 to 4 companies that can help you in moving your business.
- Order new letterhead, visiting cards, and other printing material mentioning the new address of the business.
- Make sure you update the details to the website, email signatures, and to each online place to keep your clients or customers updated.
- Let your clients know about your new address.
- Contact your bank as per the change in the address of the business.
- Contact the post office so you don’t miss any important documents regarding your business move.
- Contact the IRS to update your new address.
- Let your insurance carriers know about the new address.
- Contact the secretary of the state for the address change.
Things to do 2 months before your move:
- Assemble a moving team with every department of the business.
- Schedule the move every week, make sure you make a schedule to have a weekly meeting to distribute the task.
- Assign responsibilities.
- Prepare a timeline with a sequence of the business move.
- Make a furniture layout for the new space to make your employees comfortable.
- Make sure you assign responsibilities about the de-installation and installation of the responsibilities.
- Prepare the complete schedule of the business move.
Things to do 1 month before your move:
- Assign tagging scheme and prepare layouts of new space.
- Create the move packets of the employees with all the instructions on how you to move.
- Publish press releases about your business move.
- Secure all the old files so nothing would get leaked.
- Consider the move insurance needs of the company and inform the same about your move.
- Modify the new space you are going to move as per the business equipment that your business possesses.
- Make sure you have complete security procedures for the move
Things to do 2 weeks before your move:
- Finalize the move schedule.
- Have a move orientation meeting in your business.
- Distribute the moving packets to the employees as you have decided.
- It is time to schedule the packing material and labeling.
- Prepare the new space completely to welcome your employees.
- Let the moving team do tasks such as informing all about change requests and creating a channel of communication.
- Have an alternate moving day plan to make everything in your control.
- Have a list of all emergency contact numbers with you.
Things to do on moving week:
- Pack and label all the equipment.
- Have all emergency plans or procedures with you.
- Distribute the contact list.
- Review and finalize the move.
- Distribute the new security ID to all the new packages entry inside the new address of the business.
Things to do on moving day:
- Assign the origin and destination move liaison.
- Distribute the welcome packets to all employees.
- Get onsite help to coordinate move-related questions.
Finally, you are all set to make a perfect business move. So, go ahead and conquer the world!