What to Consider When Relocating Your Business

February 2010 -Ringing in the New Year often means resolutions. Usually our resolutions have something to do with being more organized, more efficient and more profitable. A carefully planned office space can help you be all of these.

One of the largest line items in any company’s budget is rent. If you’re considering relocating, some planning will help ensure your new space will be efficient and cost-effective. Here are a few steps to take before making a move.

1. Analyze your existing space.
An analysis of your currently space will help determine what kind and how much space you need. Consider what has worked for your employees in the past as well as what hasn’t. For instance, do you currently have a lot of private offices? If your employees need to collaborate on projects, you may want to consider open areas with cubicles for the new space. This can result in lower costs and a more productive work area for your employees. Also consider your company’s growth over the next three to five years. If you plan on hiring another person or two, incorporate that space into your new plan. However, if you plan on hiring another 10 or 15 people, include language in your lease to allow for expansion.

To help facilitate this process, create an organization chart showing the departments, employees (current and future) including what kind of space they should occupy (private or open) and how they interact. Also include any equipment such as printers, copy machines, etc.

2. Location. Location. Location.
A review of your client list as well as your employees will be helpful to determine your location. Highway access and visibility are two important considerations. Signage can be a vital marketing tool to many businesses so visibility is a major factor. If your business doesn’t need this type of marketing, consider a site off the beaten path so you’re not paying for prime visibility.

Travel time for employees is something that many companies forget to consider. A key employee may opt to quit if your new location adds 45 minutes to his/her commute. Other amenities such as parking, nearby restaurants and shops, as well as hotels for out-of-town employees or clients are also items to consider. If you plan on hiring a lot of trade personnel, locating in an area close to trade schools that can provide a workforce may be beneficial.

3. Consider the current market conditions.
Different areas of the metropolitan area may be experiencing different market conditions. For example, there are some areas of the Pittsburgh market that have a very low vacancy rate. This would be considered a landlord’s market and the chances of negotiating favorable terms and conditions are slim. However, in an area where the vacancy rates are high, landlords are more willing to offer free rent and other incentives. If location is not a major concern, considering moving to where you can get the best deal. Market conditions may also help you determine whether or not to purchase your own building – but that’s another article.

If you’re thinking of moving, take the time to consider these three items and the result will be a well organized relocation into an efficient work place where your employees can be more productive.