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Securing the necessary capital to start a business in the first place is hard enough without having to worry about paying for a commercial premises. With the competitive state of the modern business arena, a lot of modern entrepreneurs are putting off the whole idea of relocation for as long as possible. While it’s good to stretch out your cash as much as possible, there comes a time in the course of any business where it needs to pack up and move. Here are a few tell-tale signs that it’s time to move your company.
Hiring and Retaining Employees is a Trial
If you’re finding it hard to source and retain an effective workforce, these issues can often be solved by moving your company to an area that’s a better match for your business’s unique HR needs. Let’s say, for example, you were running a medical transcription company that has problems with hiring and retaining good workers, you could set up a training centre close to a college, and seek a partnership with the college to train and recruit transcriptionists. In general, moving your company to a more populous area can rub out these kinds of personnel problems.
Your Operation is Too Expensive
Many people don’t realise it, but moving a business to another area can also help to create a cheaper and more profitable operating model. Certain places make it easier to secure government incentives and grants, as well as representing lower labour and infrastructure costs. If your business is simply too hard to manage with the current state of its cash flow, it may be time to call up some corporate removals companies.
You’re Too Far Away from your Customers
These days, logistics and ecommerce are better than they’ve ever been before, so it doesn’t really matter where your base of operations is in relation to your main customer base. However, a customer-facing facet to your brand could do a lot for the way the public perceives your business, and may be the one detail that gives you a significant competitive edge over companies of a similar niche and size. Even if customer-facing is wholly unnecessary to your business model, if all your orders are coming from one part of the country, moving your premises closer to them can do a lot to reduce shipping costs. If there’s a lot of distance between you and your loyal customers, start drawing up plans for a move.
You Need to Upgrade your Office
Take a moment to look around the office. Are people having to squeeze past each other between desks and cabinets all the time? Are the windows letting in moisture? Are the utilities faulty and inefficient? Sometimes, simply needing an upgrade for the office is good enough reason to move. This may seem like a bit of a waste on the surface, but it’s been shown time and time again that cleaner, larger, more comfortable offices leads to happier and more self-disciplined employees. You may be able to get stuck into your work fine where you are, but your workers might be a different story!
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To your success,
Vinh Van Lam & Stuart Horrex
Your Coaches CoSydney & ArtSHINE