Will Your Business Get the Benefits of Relocation to a New Place

Relocation to a New Place

Office relocation is a huge decision with a serious impact on your employees and the entire business. You will change the neighborhood to find yourself in a more convenient location. However, the definition of convenient will change for each employee and business considering the various aspects.

You can switch the work location for various reasons such as growth, a new market, or a better location. The decision will invite both, appreciation and criticism from your staff because of personal or professional reasons. Here, we have created a list of the pros and cons of office relocation to help you understand its impact on your business.

Pros of Office Relocation

Office relocation is sometimes the positive sign of organisational growth while others it is a cost-cutting measure. You decide out of its need keeping while focusing on its benefits. Here are the pros of relocating your office to a new location. 

Lower Operational Cost

The operational cost will decrease if you’re planning to move to a cheaper area or smaller space. Businesses often face financial struggles amid uncertain markets and changing customer requirements. Some manage to survive in the same space while others take extreme measures to save money.

You will save significant money in the long term because of the relocation. In a few months, the savings on rent will cover the initial cost of moving if you downsize to a very affordable location. However, you should consider quick cash loan in 1 hour Ireland to avoid the cost of relocation.

New Lease

The lease agreement determines the facilities provided by the lessor to the lessee along with the control over the property. Some office spaces set limitations that may not work for your line of work. Now, the new lease will allow making changes to the agreement after the experience of the last office.

You can also ask the property owners to provide flexibility amid financial troubles. It is okay to hold the rent for a month if your business needs the money to maintain regular operations. Make sure you have the list of requirements from your workspace before you sign the lease agreement.

Fresh Start

A fresh start can help the businesses come back from the previous troubles to avoid the same mistakes. Your organization will have a different mindset towards trying and taste the success this time. And the change of the workspace will help get a fresh start and boost your morale.

Now, you must focus more on learning from the mistakes instead of changing the scenery. A new location may help increase productivity after the scars of the previous attempts. Nevertheless, management should work closely with the employees to make sure they understand the importance of the move.

More Opportunities

A new market will result in more opportunities for the business if you move to the right location. The potential clients will live near the new office to give a better chance to the business for securing them. However, you need to create an effective marketing and sales strategy to convert those leads.

Many organisations move because of the below expectation response from the local audience. You need to make sure the business is making enough efforts in creating a presence in the local market. The change of location will lose its purpose if you expect the customers to trust a new business for no good reasons.

Comfort for the Employees

You may find the employees spend more time to reach your current space because of the increased distance from their home. Many business owners take the space in remote locations to save money. These locations are often not well connected by roads or public transport to increase the travel time.

Moreover, some of these locations are present on the roads with heavy traffic during office hours. You may provide some comfort to the employees by solving the problems with the location of your office. 

Cons of Office Relocation

Relocation doesn’t have only the pros otherwise it wouldn’t have been a difficult decision. You should reconsider your decision if the disadvantages outweigh the benefit of the investment. Here are some cons of office relocation to make sure the decision is not a disaster for your business.

Expensive

Relocation can be expensive for your business to cause financial troubles. You will pay more rent and maintenance charges if you’re planning to rent a bigger space. Therefore, it will increase the stress on your finances if you are already struggling to manage the regular operations.

Do not consider the rent as the only change in cost while trying to figure out the financial impact. You need to pay the security, utility bills, insurance, maintenance, and repairs at the new location apart from the moving cost. The prices of each cost will vary from location to location because of the various factors.

Requires Planning

Prepare yourself to spend a few hours planning the relocation to avoid major mistakes. It is a very difficult process with numerous tasks to cover in the planning phase. Add more hours to this if you are willing to research the options available to optimise the various aspects.

Now, the planning stage is critical with no good reason to skip or fast-forward it. You can delegate the task to competent members of your management team and review their work. It will save time but the trust may backfire if they make mistakes during the process.

Discomfort for Certain Employees

Not every employee will welcome your decision to relocate the office. For some, it will take more time to reach the new location than the existing one. Therefore, it will certainly create discomfort for them because of the additional travel time.

Your business should not take the risk of losing employees because of relocation. It will only increase the financial stress of hiring and training their replacements. And some of the talents are difficult to replace because of their efficiency and skillsets.

New Furniture and Technology

The new office will have a different layout and space than your existing space. Therefore, it will require a new interior to suit your requirements while keeping in mind the available space. You need to visit the furniture store to find new items to fit in the new office.

Also, the cost of technology implementation will occur once again because of the new infrastructure. You need to find a new service provider to rent the technology if you don’t own the systems. Though, the subscription of tools will remain intact to save considerable money.

Unknown Neighbourhood

We understand that businesses need to build strong relationships to support each other. You need to build relationships with your new neighbors from the scratch after the relocation. The outcome may not need your expectations since the people are extremely unpredictable.

Conclusion

To sum up, moving to a new location can help your business grow but it will cost a significant amount of resources. You need to spend time on the planning, money on relocation, and efforts on employee management. Only go through the decision if your business needs the new space for survival or growth.