Running a business is tough but rewarding work. Every day as a business leader, you’re forced to make decisions that will prove beneficial or detrimental to you, your employees, and your clients/customers. Among these difficult decisions rests the ever-important answer to the question, "When is it the right time to move my business?"
There could be plenty of reasons why you should relocate, but doing it at the wrong time can be a bad move for your company. We’ve collected 3 Identifiers to help you know when it’s the appropriate time to relocate.
Identifier #1: You’re Growing
Congratulations. You’ve started a business and worked your way past the initial stages. Now you’re in a position to hire more people or you already need more space for the employees you currently have. There are other signs your company is in a growth mode requiring changes. According to Business Management insider Jason Brick, some industries don’t necessarily indicate growth by the need for people, but by their need for bigger and better equipment. A growing coffee company, for example, may need to relocate in order to better suit new, larger coffee bean roasters.
Whether you're growing in equipment or employees, failure to plan ahead could actually result in a loss of revenue
Whether you’re growing in equipment or employees, failure to plan ahead could actually result in a loss of revenue. As you examine your business’ growth patterns and projections, don’t brush off issues of square footage and space by claiming “things may get tighter for a bit." Use that phrase once you have a plan for giving people more room to breathe.
Identifier #2: Your Company Culture Calls for It
Founder and CEO of CultureIQ, Greg Besner, asserts that your “company culture is more important than ever.” Besner argues that while some misguided business executives approach company culture as a luxury or afterthought, there are few things more important for the longevity and reputation of your business than the culture of your company.
So when it comes to the brick and mortar where you conduct business, ask yourself, “how is our layout and space impacting our culture?” If your employees aren’t able to enjoy their space, there is only so much one can do before relocating offices becomes a necessity. Also consider how the setting outside your office impacts culture. A location in an industrial area sets a different tone than one with different amenities. Having good restaurant choices or a scenic trail nearby will encourage different activities for your employees.
82% of participants in Deloitte University Press’ recent company culture investigation stated that a company’s culture creates a potential competitive advantage. Your office space and location impact your culture. Your culture impacts your clientele and the potential employees you attract.
Ask yourself, "How is our layout and space impacting our culture?"
Identifier #3: You Need to Better Accommodate Your Clients
Perhaps your current location was a great move when you started your business and began to grow. But as you gained clients and found yourself hosting client meetings, you may have noticed you lack the kind of meeting space clients–and a growing business–need. You may also find the parking options or other exterior features aren’t welcoming to clients.
According to Launch Workspace’s article on business moving, the space you share with your clients and potential clients is a vital portion of your clientele’s perception of your company. If you find your entrance, meeting spaces, and overall layout aren’t conducive for showing your clients that you take your space (and subsequently, your work) seriously, it may be time to move your business to a new location.
Your company needs an Office Move if:
- You're growing.
- Your company culture calls for it.
- You need to better accommodate your clients.