Nov 06, 2019
Relocating your business? 5 steps to take
When it comes to starting and establishing a new business, you've got ample resources to call upon for help. But what if you want to relocate your existing business?
In many respects, there are even more things to consider. Finding the right property or premises, designing your new space, helping employees with the transition, telling your customers...the checklist is seemingly endless.
But if you abide by the following steps, you should be able to not only survive a business relocation but also thrive in your new digs.
- Come up with a budget
Even though you'll be spoilt for choice with where you could potentially relocate to, a lot comes down to budget and the amount you can afford.
No matter whether you're buying or renting, make sure your budget includes enough for unforeseen or extra costs. For example, lease incidentals including utilities, insurance and maintenance as well as renovations and moving costs.
- To buy or not to buy?
Generally speaking, newer businesses that are growing quickly or have little extra working capital opt to lease their premises. More established businesses typically choose to buy because they have more working capital and a better idea of what the future has in store.
Having said that, it often depends on the nature of the business and whether renovations are required or not. Take the time to work out which would be best for you, and remember that buying can be less costly than renting in the long run.
- Create a timeline for moving
Relocating a business will affect everyone associated with it, not least your employees. Work alongside members of staff to establish a timeline for the transition, which should allow for moving assets, setting up utilities and marketing the new address.
Also, take this opportunity to decide who will be responsible for each task, as this could do wonders for morale. Individuals will feel like an integral part of the business if they help set-up shop in your new location.
- Consider staggering the move
To help the transition, consider maintaining both spaces for a short period of time to stagger the move. Many businesses have found that this minimizes the impact on workflow and doesn't cause too much stress.
You may also want to build up extra inventory before and during the move in order to have enough stock for uninterrupted supply. Flexible storage options such as a steel Quonset garage are fully portable, allowing you to use the same building in different locations.
- Establish clear lines of communication
Throughout the moving process, it is vital to have clear lines of communication between your employees, customers, suppliers and any other stakeholder. Share your plans as early as possible and be transparent in terms of what everyone can expect along the way.
Relocating your business also presents some new and novel marketing opportunities. Contact previous customers to keep them informed, send out a newsletter with regular updates and post pictures of your new space on social media.