Are you considering relocating your business? Maybe your current location has gone up in value, and you want to make money by selling the property and renting a less expensive place. Or, perhaps your company is going through a growth spurt and you don’t have enough room for every employee.
Whatever the reason, relocating can be a good business move. However, some companies are caught by unforeseen results of changing locations. Be sure to examine these five often-overlooked results before you relocate so you’re not caught by an unexpected surprise.
1. Cost of living. Did you know that New York City’s costs are more than twice the U.S. average? Your business’ location makes a big difference as to overall costs. If you move from a big city to a smaller suburb, you could save the company money not only on building rental, but also on things like utility costs, supply costs, etc., or you may be able to pay your employees at a lower rate. On the other hand, moving to a big city may help your business make more money. You just have to play it smart and decide what’s best for your business.
2. Customer yield. Sure, your new location may be less expensive, but is the relocation a good business move? Be aware that some areas may yield more customers than others, so know your business and know your customers—and where they’re located.
3. Taxes. Large businesses sometimes receive tax concessions based on the number of jobs the business will create. What are the taxes like for your new area? Will it help your business save money or lose it? This is an important thing to consider before you move.
4. Quality of life. Although it may cost less to rent a building in your new location, have you examined why? Finding a location where your employees will have access to education, low crime areas, and quality health care is important to consider. Thinking about the needs of your employees before you move is crucial to maintaining a positive company culture—and company growth.
5. The cost of moving your stuff. When you move your company, you’re not just moving people. All of your office’s equipment, documents, and furniture may need to be moved as well. Or does it? That’s why you need to determine whether it would be more cost effective to pay to move your equipment, or whether it would be better to sell some of your equipment and buy new things when you get there. This may take some number crunching, but if you do the work, you could save the company a lot of money.
If you find a quality moving company to do the work for you, you can end up saving time and money for your business relocation.
Call Bekins for more information at 1-800-456-8092.