How to Successfully Relocate Your Business
Ever since the Great Recession, the major economies of the Western world appear to have developed an incredible sense of resilience. We have seen this on numerous occasions too, from the way in Wall Street reacted to the so-called ‘fiscal cliff’ back in 2011 to the response of the markets to a series of political elections in the U.S. and the UK.
Much of this has to do with an increasingly deterministic outlook, of course, and we are now seeing yet another example in the British economy. Despite the spectre of Brexit and the uncertainty that it continues to create, for example, business confidence in the UK has risen recently and rebounded after a sharp, summer decline. In fact, it is now at its highest level for 18 months, with SMEs particularly confident about what the future holds for them.
Are You Looking to Capitalise on Improved Sentiment? How to Successfully Relocate Your Business
You may be one of the many business-owners who are feeling confident about what 2017 has in store, which in turn may have helped you to conceive numerous growth plans. One of these may be the decision to relocate your venture, to enable it to grow and keep pace with increasing workloads and organic demand.
With this in mind, here are three things to consider when relocating your business and attempting to capitalise on positive, market sentiment:
What Type of Office You Would Like?
In days gone by, you could just visit a local commercial agent before identifying the cheapest property in your chosen area and signing a lease. Things have changed a great deal in the modern age, however, so you will need to thing hard about the type of property you would like and the length of your lease.
Given the nature of the economy, for example, you may want to pursue short-term options that enable you to expand your business without making a sustained, financial commitment. There are many vehicles that can help you to achieve this, whether you seek out pop-up structures that are leased on a flexible, rolling contract or move into the type of serviced office space hosted by BE Offices. These options offer choice and value, while minimising risk at a crucial time in your development.
You could also consider taking out a virtual office space, which allows you to cultivate a positive reputation with a specific niche or market. This lets you acquire a prestigious address in the UK’s most iconic locations, although it is best-suited to businesses that wish to bring in new clientele or increase their pricing.
Location, Location, Location
With a property type in mind, the next step is to choose a viable location and refine your search accordingly. Make no mistake, location is a key consideration when leasing commercial property, whether you are retail outlet and customer-facing venture or have a large team of staff to support.
Essentially, retail businesses must prioritise locations that is close to their target audience, particularly if they are smaller in nature. They may also want to factor in the proximity of suppliers and trade partners, as having a close network of allies and consumers and reduce shipment costs ease the operational process.
Your employees are also important, as you must strive to make the daily commute manageable for as many people as possible. While you cannot please everyone, it is crucial to try if you are to maintain a happy, motivated and productive workforce.
Is the Property Suited to Your Growth Plan?
Ultimately, it doesn’t matter whether your choice of property is matched to your short or long-term growth plan, so long as it measures up to at least one of these. You can select a commercial property which is compatible with a one or two-year development plan, for example, so long as you move into a suitable office with a rolling lease arrangement.
Conversely, larger and more permanent office moves should only be considered with a five or ten-year growth plan in mind, as this places a more considerable cost burden on the venture.
The key is to have short and long-term development plans in place when comparing the commercial property market, as they can guide your thought-processes and help you to make informed decisions.