Stop worrying that you didn’t think of everything regarding your business’ move by considering these 10 relocation tips.
If you’re a CEO, you’re probably aware that some level of hassle and worry is inevitable when it’s time to relocate to a new space. After all, moving your business is a complex process that can be overwhelming and disruptive to business—but take heart! A little planning and forethought can ensure that your relocation goes smoothly.
At Verity Commercial, we help businesses find new space, so we’ve partnered with many companies to help them make a move. In our experience, the companies with the most successful relocations have thought strategically about the ways a new space and location can affect the business. For example, while many owners are tempted to think only in terms of total cost savings, there are other important considerations such as employee retention, space flexibility, business goals, and a strong transition plan.
Since the process can involve so many factors, it can be difficult to know if you’re overlooking something important. That’s why we put together this list of 10 considerations to help you make a more informed decision, leaving you feeling confident you made the right choice for your business.
1. Determine business goals and develop a plan. What you want the space to accomplish should align with the overall business goals. You’ll need to consider culture, productivity, employee retention, as well as factors that will make you more desirable to new recruits. Develop a relocation plan with a defined scope will mean identifying resources and roles, such as a IT/Telecom vendor or move coordinator. Don’t forget to create a backup plan to keep your business running even if all systems are not immediately ready at the new office location.
2. Establish your budget and timeline and stick to both. Remember that your budget can be affected by a myriad of costs, such as design and square footage. That’s why it’s important to ensure you negotiate tenant improvement allowance to help offset office layout reconfiguration costs. Don’t forget that it’s particularly important to communicate the planned timeline—along with any updates as they occur—to your employees; they need to plan for any disruptions in terms of their lives and workflows.
3. Location is crucial. Think about transportation and commutes strategically. Is the new location accessible by public transport and does it have adequate parking? If your employees must battle for a space each morning, it’s likely that will affect morale and productivity. Likewise, if clients or recruits have to embark on a journey to get to your office, any money you save might be negated.
4. Engage employees. If employees feel as though their opinions are being considered, the transition to a new space will be much smoother. A move is difficult for everyone involved, and accommodating your workers when possible will improve morale and help people adjust quickly.
5. Map addresses. It’s time-consuming but helps retain people. Map current employee addresses to the new location to make sure the new commute works for all or most of your employees.
6. Consider virtual downsizing. If you have workers who would like to work from home either full- or part-time, the move may be a good time to transition to fewer people physically in the office and possibly a smaller space.
7. Think about the flexibility of the space, as well as the design. If you need to change or renovate the space to suit your needs, how will you finance that? Remember, people may actually welcome a move if the space and set-up are better.
8. Consider your competition. What other companies could recruit your current employees or desired employees and what do their workspaces offer? You want to be at least at the same level to recruit and retain talent.
9. Think about the value of your business. While you might be years away from selling your business, your location and your space affect the valuation of your company so definitely consider it in terms of your long-term goals. For example, factors like renting versus purchasing and the length and terms of your lease can make a significant difference when you do sell your business.
10. Communicate, communicate, communicate. Make sure your employees stay informed about all aspects of the move. After all, they spend at least 40 hours/week at work, so any change affects them greatly. Also prepare your clients/customers for the move and give them a plan that lets them know how any downtime will be handled.
While moving is never an easy process, planning strategically can leave you feeling confident about choosing the right space for you. Communicating, understanding your business goals, and developing a clear path is most important in avoiding headaches or tenant remorse later down the road.
Do you want to relocate and need more guidance on developing a strategic plan for your next move? Verity would be happy to look at your strategic business goals to help you decide what space is best for you.