Navigating your way through a business relocation can be incredibly stressful. However, there are certain steps that you can take to make the process as stress-free as possible for both yourself and your team.
With that in mind, here are some top tips that you should take into account when relocating your business.
Weigh up the pros and cons of moving. While you’ve likely already debated the pros and cons of moving several times already, this is something that you need to study in-depth before relocating your business. For example, you should take into account how much this will cost your company in the long run, the talent pool in your new location, and current market trends that could impact your business over the next few months.
Figure out your budget. Relocating your business is always going to be expensive. After all, not only do you have to be able to cover the costs of downpayments and mortgage/rental fees, but you also need to pay:
- Moving and storage fees
- Employee relocation fees
- Renovation/decorating fees
- Deep cleaning fees
- Transport fees
As such, you need to develop an airtight budget ahead of time. This way, you know how much you’re able to dedicate to this project without putting your business in a difficult situation. Remember, there are some occasions in which you may qualify for a business loan that can help you to cover these costs.
If you simply do not have the funds set aside for this right now, try to find other ways to cut down on general business expenses. This way, you can reallocate funds from other areas toward this project, whether you’ve pulled back on your marketing efforts or on the number of products you’re developing at once.
Choose the perfect location. Regardless of the motivations behind relocating your business, choosing the perfect location is critical. For example, if you’re looking to increase organic foot traffic to spur fast business growth, you need to ensure that you find a coveted spot on your local high street.
If you cannot find a space that feels right, whether you’re looking for an office or commercial space, you may want to consider postponing the move. Otherwise, you may find that you encounter the same issues at your new location as you did at the old one.
Work with a construction company. If you still cannot find the right place for your business to call home, then you may want to work with a commercial construction company that can help bring your vision to life from the ground up. This way, you do not have to make any compromises when it comes to amenities, fixtures, or even the location. You have control over every last detail, which is sure to increase your confidence quite considerably moving forward.
Provide your employees with regular updates. While you may only be moving a few blocks away or to a new part of town, it is important that you take into account the impact that this can have on your employees. For example, it could add quite considerably to their morning/evening commute.
As such, you should be sure to consult them at every stage of the process while also providing them with regular updates. This way, they do not feel as though the move is sprung upon them and can make plans accordingly. In cases where your business is moving afield, you should be willing to provide them with an attractive relocation fee or risk having to start your team from scratch.
Move during a down period. A business relocation could mean that you have to close up shop for an extended period of time. While this is sure to have some impact on your bottom line, you can remedy this by moving during a down period (i.e., the time of year that your business gets the least amount of traction). This way, your move has as little impact as possible on daily business operations.
Invest in storage units. In a perfect world, the last day of your current lease will align with your moving date – but this isn’t always the case. Not only that, but you may want to carry out significant renovation work on your new facility, meaning that you cannot unpack your furniture and equipment right away. In these instances, investing in a storage unit is vital.
Make sure that you partner with a storage company that specializes in business storage and that they have the relevant insurance policies in place. This way, you can rest easy knowing that your equipment is being well looked after!
You may also want to ask them for help with transporting or moving any heavy or bulky furniture and equipment. After all, this can help to ensure that nothing that is crucial to your business operations is damaged during transit.
Try to keep your cool. As mentioned above, relocating will always be a little stressful. After all, so much hinges on making the move successful that it’s hard not to catastrophize or think about everything that could go wrong. However, keeping a cool head and remaining calm can prove to be incredibly beneficial during this time. After all, that ensures that you’re able to respond to any challenges that arise when relocating as quickly as possible.
Final thoughts. Whether you’re trying to move to an area that receives significantly more foot traffic or feel as though your current business premises are too big/small, there are many reasons why you may be looking into relocating. While this is no small undertaking, there are plenty of steps that you can take to ensure the process runs as smoothly as possible, from investing in storage units to doing plenty of research ahead of time.
However, it is also helpful to keep your eyes on the prize throughout every step of this process. For example, you should think about all of the benefits that will come with the move whenever you begin to question if you made the right decision.
