Your business’s physical location determines which employees can work for you, which suppliers you are working with, and how much you are paying in business rates. How do you know where the best place is for your business to be located?
In this article, the Panthera team explain why you might consider moving to a new location and some things that you should be aware of before you make your move.
Why might you want to relocate?
You have too many staff members for your current space
When your business experiences growth, taking on more staff members is often a given. However, you can only fit so many people into one building.
If you run the kind of business which doesn’t benefit from having multiple branches, then relocating your entire business to a larger premises might be the best option for you.
You have too few staff members
On the flip side, if you’ve gone through a period of staff leaving your business (perhaps due to poor sales), then downsizing your office will save you money in bills and business rates.
Your staff members live too far away
It might make sense for your headquarters to move closer to where your employees live – especially if the vast majority of them live in a single location in close proximity to one another.
This means that you will have better attendance when weather conditions are poor and they will spend less time commuting (very good for morale).
Your suppliers are too far away
If you work in an industry that depends on the flow of materials into your business, then moving closer to your suppliers will cut the costs of transportation and reduce the waiting time for materials to be delivered. Naturally, this isn’t applicable to all businesses, but for those where this is a possibility, you can make significant savings.
You want to work in a nicer office
Sometimes, you just want to work in a more pleasant environment. If your company has seen success in recent months, it might be worth moving into a more luxurious office to reflect that.
Things to consider before moving
How much the move will cost
Moving office means that you will need to pack up all of your equipment, hire people to move it for you, purchase your new premises, and more. The really big bills may come from putting down a deposit with your landlord and your solicitor’s legal bills (always engage a solicitor before signing a lease). There are far costs involved in moving your business than you may have initially realised.
Which staff members will be affected
If you are moving because of how far away you are from the majority of your staff members, make sure that your whole workforce is taken into consideration before you make the move. This will mean that you aren’t isolating (both literally and metaphorically) some of your employees.
We can help
If you are considering moving business premises and you want help budgeting, get in touch with one of our professional accountants. Please call 01235 768 561 or email firstname.lastname@example.org.