Are You Relocating Your Business?
At some point, many entrepreneurs entertain the thought of picking up and moving their business. Whether it’s hoping to lower expenses, tap into a better workforce, increase sales or improve overall quality of life, relocating your business can be an exciting change.
However, there are certain stipulations you should keep in mind if you’re considering moving your business. Read on to learn more.
Count the Cost
Aside from the cost of the actual physical move (moving trucks, hiring movers, hauling furniture and equipment), the cost of living varies greatly from city to city. For example, New York’s cost of living is over double the national average, while living in Arkansas, Tennessee or Mississippi will be dramatically less.
Further, be sure to figure in whether the area is able to meet your needs or if your product or service may be better suited to a demographically different location. And experts suggest getting thorough in your research prior to making a decision. Resources like the periodical American Demographics as well as local chambers of commerce are a good starting ground.
They say you should be sure to consult real estate brokers, employment agencies and other business owners to get their take and compare your options.
Finding Talent
Finding good talent is tough. And chances are not every employee will be on board with moving with you (particularly if you don’t offer reimbursement for relocation expenses). Experts suggest starting the process before you move. One way to save time and money is to make pre-screens via video chat an element of your recruiting process.
Also, leveraging networks like LinkedIn can help you find the type of candidate you’re looking for. It may also be worthwhile to host a recruiting fair in your new city to find top talent in the area. You can do this at your new office or a nearby conference area. This way you can really get to know candidates in person.
Culture Change
Another piece to consider when moving to a different area is to manage your new employees’ expectations. It can be a different way of life in different areas of the country – so there will more than likely be an adjustment period for you. For example, those in Boston are generally used to putting in long hours, where employees in the tech capital of Silicon Valley are more likely to expect to be catered to – literally – with full refrigerators and paid-for lunches and more work-life balance.
Keep People Updated
In the months and weeks prior to your move, it is a good idea (and common courtesy) to keep your employees and locals abreast of your plans. A good internal and external communications plan is key, as a move can be difficult for some of your workers. Keeping a schedule of moving plans in a common area and on your intranet will ensure people are as informed as possible and help you keep your business operating smoothly during your transition.
Further, a press release to the local community may be necessary – and a good idea. If you don’t have an internal PR team, you can always release one via one of the many online services or hire a temporary PR agency. It’s also a good idea to release one in the city you are moving to so that the public will be aware of your upcoming presence in the community.
Keep It Secure
Though many people look for ways to cut costs when moving, one place you absolutely should not is in security. A vital piece to any new business (or business moving to a new location) is to ensure your property is secure. Outfitting your business with high-quality security cameras and a security system is all but a necessity in today’s day and age. Security systems keep your business safe and give you peace of mind with a wide variety of options to fit your needs.
Though there is a lot to take into consideration, making a business move can be a great way to take your company to the next level. Good luck!
Are you thinking about selling your business and relocating? Would you like to know the value of your business? If you would like more information please visit my website Business valuation.
For more immediate help you are welcome to send an email to Andrew Rogerson or give me a call on 916 570-2674.
