Making the decision to relocate your business can be extremely difficult. Often, opportunities are limited when you are living in a small town or a remote area. It may be necessary to move to a larger city in order to succeed. Conversely, you may want to get away from the stress of living in a large city and want to downsize and live in a small town. Wherever you wish to relocate, there are concrete tips you can use for your business move. Award winning physician Dr. Jan McBarron shares her suggestions for people who want to relocate their business.
Do Your Research
In preparation to move your business, you should thoroughly research the areas you are considering. Evaluate your potential competition, the office space or sites for your business, the local business climate including taxes and regulations and your potential customer base. It helps to compare several different cities simultaneously. Formatting your information into a table will help organize your thoughts.
Hi Find Support
In efforts to relocate your business, it is valuable to reach out to agencies that can help you. Contact your state or city economic development agency. They should be able to assist you from the initial stages thru until you are fully operational. The local office of the Small Business Administration, as well as any agencies that regulate your line of business are also excellent resources. It benefits you to foster good relationships with these service providers. They may also be able to offer you special incentives for moving your company, especially if you are bringing jobs to their community.
Use Social Media
Using social media, spread the news about your relocation. It is important to network by joining business and personal groups in your new area to help get the word out. Every new customer is valuable, however remember your existing customers may be persuaded to stay with your company even though you have moved. Establishing an internet division for your business broadens your customer base enormously.
Create a Budget
If you are an experienced business owner, you should already know the importance of staying within your budget. Create a realistic budget, showing the amount of money allocated for lease payments, a down payment, mortgage, utilities, payroll, insurance and more. If you do not stay within your budget, your business will fail. Adhering to the budget also means that your company will quickly return to a profitable state after you relocate.
Choose a Site Carefully
Choosing your new business location is a complicated process. Research and compare square footage, cost, amenities, parking, utilities, and other considerations. Involving a commercial realtor is invaluable. Working with a professional realtor who is experienced in the area will help you select the best location possible. In retail businesses there is an old saying; the three most important things for a business are location, location, location.
When you are looking for a new location, as always it is important to negotiate wisely. This includes the rent, maintenance fees, lease renewal clause and more. It is prudent and valuable to have a commercial realtor and attorney represent you.
Think About Your Employees
Employees can be your greatest asset and greatest headache. Recruiting, hiring and training an employee takes time and money. If you have valued employees in one city, you may want to offer them relocation assistance so that they can stay with your company.
Create Your Timeline
Lay out a detailed schedule concerning all the tasks that go into moving your business. Be sure that your employees understand the schedule. You will need to plan for extra time for the employees to take on moving tasks in addition to performing their regular duties. This is an important consideration when evaluating employee performance. It is natural for employees to feel stressed when asked to plan and execute a move at the same time as performing their ordinary jobs.
Build Up Extra Inventory
If you are in a retail business, it is a smart idea to build up your inventory. This will ensure that you have enough product for your customers at both locations while you are completing the transition. On the other hand, excess inventory is problematic and not economically feasible.
Think About a Staggered Move
You may want to keep both of your locations open for a period. This will make the transition smoother and prevent you from having to completely close your business while you are moving. This may minimize the impact on your workflow.
Understand That You Will Need Extra Time
Even if you have carefully planned a timeline, unexpected things happen during a business move. Factor in the unexpected and be prepared to be flexible. Business owners often underestimate how disruptive a move will be. It will certainly take more of your employees’ time and energy than you may have budgeted. Be patient with your employees and know that they are trying their best.
Continuous, clear communication with your employees, suppliers, and customers is critical. Most people dislike change and become nervous, anxious and stressed. This results in inappropriate, childlike behavior and attitude. Patience and reassurance are required in dealing with them, especially employees.
Moving Your Business Successfully
In following these guidelines, the process of moving your business should be facilitated. Keep these common-sense tips in mind when you are preparing your move. Dr. Jan McBarron knows how challenging a move can be, but she encourages you to evaluate the potential benefits of a business move for yourself, your customers and your employees.
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