Businesses change their location for a variety of reasons, and the change can herald new beginnings with a new sense of purpose and motivation. If you’ve been contemplating some business changes of your own, a quick look at some of the reasoning behind a decision to move offices, business storage or workshops, can help with pinpointing your reasons and help you make the right decisions.
Space-related issues
Outgrowing your current space: As a business grows, it needs more space for staff, equipment, and inventory. If your current premises feel cramped and either yourself or your staff don’t have the needed space to work efficiently, it’s time to find a bigger place.
Needing different types of space: The needs of a business can change over time. A company that used to need mostly office space might now need more storage space. If storage you can drive up to would help ease space issues, you could consider an external lockup. Finding a new location that better suits your current or future needs can be beneficial.
High rent or unfavourable lease terms: If the rent at your current location becomes too high or if your lease has unfavourable terms, it would be worth investigating new options before you commit to a new, long-term contract in your current location. Contract renewal time is also a good opportunity to look at other options.
Location-related issues
Getting closer to clients or suppliers: Being closer to important stakeholders can improve communication, reduce transportation costs, and improve overall efficiency.
Attracting and retaining talent: A better location, with access to public transport, amenities and services can be more appealing to potential employees and help retain existing ones. Maybe consider a more central location if you’re currently on the edge of town.
Expanding into new markets: If a business wants to expand its reach, it might need to move to a new location that's closer to their target market. This could make meeting clients face to face a bit easier, as well as making a retail business more accessible to passing trade.
Improving your image: A more prestigious or central location can enhance a company's image and make it appear more successful. It can also increase your brand recognition if people see your name every day as they pass by.
Lease expiration: If your lease is expiring, you may have the opportunity to negotiate a new lease with your current landlord or find a new location that’s more affordable. You could, for instance, investigate flexible offices which often have storage space nearby plus transparent, rolling monthly rentals without hidden costs.
Other reasons to change your business location:
Upgrade facilities: Moving to a new location can be an opportunity to upgrade the office environment with newer amenities, better technology, or a more modern layout.
Boost employee morale: A fresh start in a new location can improve employee morale and productivity. It can be a mental reset as well as a physical one, generating new creativity and enthusiasm.
Reorganisation or a change in business model: A major change in the business, such as a merger or a shift in focus, might necessitate a change in premises. Maybe you need more desk space, better storage for equipment, or more machinery. Not having enough space can hamper growth.
Merging or acquiring another business: This might require consolidating operations into a new space to keep the entire merged business under one roof.
Renovation challenges: Extensive renovations to the current premises might be impractical or cost-prohibitive, making relocation a better option. It’s often more cost effective to move than to try and alter existing premises to match new needs.
Technological upgrades: A new location might be better equipped to handle your business's technological needs, such as having faster internet or better wiring for data infrastructure. Even practical considerations, such as having modern building standards and better heat efficiency can make a move worth the effort.
Ultimately, the decision to move to new premises is a complex one that takes into account a variety of factors specific to each business. Weighing the costs and benefits carefully is crucial before making a final decision but once that decision is made, you’ll know you’re doing it for solid reasons. An informed decision is nearly always the right decision.
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