When your business is still in its infancy, many of your decisions are going to be risky. You need a competitive edge in a world where many companies are fighting for the same customers. Beyond this, the political climate continues to shift in unpredictable directions. Can you keep on top of changes without taking a few risks?
Moving your business from one premises to another is certainly one of the riskiest things you can do. Not many company owners would choose to do this without good reason. Perhaps you need to better place your retail outlet for increased footfall? Or maybe you simply need to position your company where you can attract the best and most talented employees? Cost may be a motivating factor too, but when you need to move to bigger, better, and more central locations, you could be biting off more than you chew. Will you be adjusting your prices to compensate?
Consider office space
As part of your search for office space, consider the proportions of the property. It can be tempting to commit to more space than you need today for the sake of growth in the future. But until you are earning the profits of a bigger company, can you really afford to take on the costs of one? It’s human nature to fill the space we occupy and outgrow it quite quickly. When it comes to business premises, wasteful occupancy can be a costly mistake.
The logistics of moving your business from one place to another is also something to consider. Will the infrastructure be in place to support your data and connectivity needs? Is it likely to become outdated quickly or is there room for it to be updated? How secure will your documents and equipment be when you hire your removal company? Can you really expect your staff to take on any of the heavy lifting or packing requirements?
Your existing staff may also struggle to manage a significant move to your new building. Chances are some employees will choose to leave you. You may need to incentivise or compensate some employees. Your union members may choose to take official action. It would be a good idea to consider how you will communicate effectively with them during the transition. Your company lawyers may be able to offer some advice. If you have a specialist HR executive on board, then be sure to involve them at the earliest opportunity.
When you move your business, you may also be moving your personal life. A new office may be too far from your current home for commuting. Will you move your whole family nearby? Are you prepared to spend nights in the city away from your loved ones? Perhaps your children will need to move schools, and your partner may need to quit their job. How is your family going to adjust to a big move?
There are many pitfalls to moving your business. However, if the benefits outweigh the potential losses, it may be something you are still willing to take on. Choose wisely, and your business may enjoy continued growth for years.