ExecutiveChronicles | Corporate Relocations: A Guide For Growing Businesses | In most cases, corporate relocations are geared towards greener pastures. For instance, it would be the next best step if a business is experiencing tremendous growth, but its current facilities can no longer accommodate that.
Relocation on account of growth signifies that a business is thriving and ready to take on new risks for more returns. But a relocation can also happen for less-welcome reasons, such as downsizing.
Either way, it’s best to critically analyze a relocation plan to make it as smooth as possible for everyone in the company.
Hiring professional movers is also essential; for corporate relocations, go to this site for more information on specific services offered by dependable moving companies. These people make the transition to your new location much easier with their industry-grade equipment, vehicles, and crews.
Before you check them out, here’s what you need to know about relocations for growing businesses.
1. Factors To Consider For Your New Business Location
The first order of business is to scout for an ideal location. The ideal one should cover a majority of your business needs, including logistics and travel.
In most cases, a growing business just needs more space. So, choose a block with bigger offices or more units to accommodate your increasing number of team members and customers.
The business location should also accommodate disabled employees. Buildings should have low-incline ramps wherever there are staircases. Meanwhile, facilities like washrooms should have entryways big enough to allow wheelchairs to pass through.
Another consideration is the parking space for your employees and visitors. It helps if the place is as close as possible to the offices. This way, your workers don’t walk long distances after parking their vehicles.
Other location considerations include the following:
- Building aesthetics
- Proximity to competitors
- Security
- Foot traffic
- Closeness to business partners (suppliers, distributors, etc.)
Carefully choosing your new business premises opens a lot of opportunities, making even moves caused by unsavory circumstances productive.
2. Reasons Why You Need To Move
As mentioned before, there are many reasons that could encourage businesses to change locations. Here are some of them:
- Exploring new markets: Time and again, you may identify underserved markets in your business niche. Perhaps it’s a rapidly growing town with a high demand for your products or services, but suppliers have yet to set up business there. In that case, you can move to focus on these markets specifically.
- Ending your commercial lease: If your commercial estate lease expires and you don’t renew it, you’ll have to move your business to a different location. This may present an opportunity for a business that started small but has grown a lot since. At that point, you should rent new premises instead of renewing your tenancy.
- Searching for lower taxes: Bigger cities usually have higher taxes than smaller ones. Such obligations may influence your rate of return. Consider moving to cities that offer tax credits.
- Finding ways to cut operational costs: Town rent rates are typically higher than those in the outskirts or suburbs. You can save on rent by moving away from town centers, especially if your business isn’t overly dependent on walk-in clients.
Before you move your business, it’s best to weigh the pros and cons. The last thing you’d want is to go out of business because of a miscalculated relocation.
3. Agencies To Consult About Your Corporate Relocation
Running a business involves obtaining permits from state councils and federal. As such, it’s essential to notify the agencies of your move. If you’re moving within the same town, you might be familiar with the local jurisdictions. However, you must fill in a form that shows a change of address for taxation purposes.
If you’re moving to a different state, you’ll have to turn in your current license and apply for a new one. However, you can retain any federal documents that cut across states.
4. Checklist For Your Move
A moving checklist is essential to keep everything on track. Below are some key things you should consider for a successful corporate relocation:
- Research moving companies: Again, working with professionals can make moving easier. Research your area for reliable service providers. Compare rates and service packages to see whether they fit your needs. A company that specializes in corporate services is usually best. After all, office equipment is costly, and damaging them can significantly set you back. Knowing this, you should also check if the company offers insurance coverage to cushion against any unforeseen circumstances. Being safe than sorry should be a rule of thumb.
- Review lease terms: Terminating your tenancy lease terms with your current landlord is essential. You should notify them of your plans so that they can re-advertise the office space. At the same time, you also need to review the leasing terms of the new office location. If you plan on staying there for a long time, make sure you get a long-term leasing contract. Project the potential business growth in the next five or 10 years and see whether the place you’re moving to will still be feasible.
- Have a moving budget: Corporate moving accrues some expenses such as transportation costs, repairs, packing supply purchases, and cleaning expenses. It’s a good idea to have a budget for all of these things. An excellent option for funding to set up sinking funds for the move. In this method, you save small amounts over time with a specific goal and target date. It helps you avoid running into financial strain during relocation.
- Notify your vendors: Your vendors and suppliers are vital to your business. As such, it’s essential to notify them of your move, as well. That way, they can reschedule their transactions with you.
Having a checklist for your corporate move ensures that your account for every detail of the process. You won’t have to retrieve supplies or assets last minute or rush things to cover deadlines.
5. Tips For Hiring Corporate Movers
If you’ve yet to start searching for movers to help you, here’s a quick list of things you can do to make it easier.
- Ask for recommendations from friends, family, or business partners.
- Read the mover’s reviews and ratings on their website.
- Evaluate their ability to form connections with their clients.
- Check their licenses and accreditation.
- Compare their prices to the quality standards of their services.
- See their track record.
These tips should help you hire competent movers for your corporate relocation.
Move Your Enterprise The Proper Way
Relocating your business involves significant effort and strategic planning. Working with professional movers is one thing you can do to reduce the hassle. What matters is that you ensure the move won’t compromise your business performance. Start drafting your plans today.
