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Regardless of business age and size, some companies think that relocating to a new location can solve many business problems. The truth is that the probable causes of the company issues first need to be fixed before determining a new location is the right step.
It’s also crucial to know what issues can be resolved by moving and understand whether moving will have a positive effect on the business.
Check out these signs to know if relocating your business is a good idea.
Difficulty hiring staff. Job seekers now prefer companies near their location or those that can be easily accessed via public transport. This is especially true in Singapore, where public transport is the preferred choice of commuting, and investing in a car is considered an extravagance. If your business location is isolated and appears difficult for employees to get to, they may prefer a competitor located in the city center instead.
Unless your company offers remote work, it can be difficult to attract talents looking for more than just learning and progression for their role. Younger employees, in particular, tend to look more for the whole package on their career choice.
Operational costs. Unless you have a strict business plan and have future ventures on the horizon, you might not be assessing the full running costs you have. If you’re a small business, there will be a need to expand in the future.
If this is the case, trading with local businesses, staff hiring, and suppliers are considered key components of your business plan. Some areas will be more expansive than others, and if your present location is heavy on your operational costs, it makes sense to look elsewhere.
Living costs. The actual cost of living in many areas can significantly affect your decision to move your business location. Many areas are more affordable than others. If your existing area has lower living costs, it can also mean that rent costs are also low, so renting a commercial space could be more affordable. An offshoot benefit to this is the potential to offer lower wages since employees won’t need as much money to live well.
Low on space. As your business thrives, expansion is becoming necessary to meet the growing demands of your business. The numbers of staff also start growing, and more equipment may be necessary, in which case, you’ll need to consider expanding or relocating to a bigger commercial space. It may not be an ideal choice to relocate to a whole new commercial space, so if you’re currently situated in a business park or shopping center, then consider looking out for nearby spaces that are vacant, which can save you both time and money.
There are several reasons you may want to relocate your business, but before making this big decision, do a lot of research first. If you’re at a stage where relocating isn’t financially suitable, you can check out corporate finance from a local financial institution. Only make this as your next step if you know from data and research that a new location will have measurable projected benefits.
