How To Move Your Business To A New Location

Despite your reason, relocating your business can be stressful and even disruptive. However, you can reduce these effects with the right strategies.
22 June 2023

Many businesses change their locations for various reasons. Some move to a space with lower rent, utility costs, and fewer taxes. On the other hand, other businesses need a bigger space to accommodate their rapid expansion. It’s common for businesses to downsize after adopting remote or hybrid-working models, getting a smaller space to avoid unnecessary costs. Despite your reason, relocating your business can be stressful and even disruptive. However, you can reduce these effects with the right strategies. Here are a few you can consider for the desired outcome. 

1. Find a new space 

The first step is finding a new business location. Researching various options becomes mandatory since the goal is to get a space that suits your business’s needs. As a tip, consider your business type for a more informed decision. For instance, a location with heavy foot traffic will be ideal for running a retail business. On the other hand, an industrial site far from urban life will work if you have a manufacturing company. Experts also recommend creating a pros and cons list of each place to determine the most suitable option. Safety is also important when choosing a new space, so keep this in mind. 

2. Create a practical moving plan 

The last thing you need is to be disorganised when relocating. Therefore, create a practical moving plan before beginning the process. This way, you and your staff can stay coordinated and on track before, during, and after the move. Moreover, it’s easier for your employees to work productively without being distracted and stressed. It’s worth noting that several factors come into play when relocating your business, and a carefully drafted plan can address them effectively. That said, ensure your plan outlines timelines and costs breakdown to prevent rising costs and stunted cash flow. You should also consider your staff, IT infrastructure planning, and task delegation for the best results. While at it, document potential risks and the needed action plans to mitigate them. 

3. Create a budget 

Business relocation involves a lot of expenses. In addition to acquiring new space, you will work with lawyers, movers, corporate real estate agents, and so on. Therefore, creating a budget is essential to monitoring your spending and preventing unnecessary waste. When drafting yours, ensure that you include leasehold improvements, moving expenses, lease expenses, and interruptions in the business routine. Again, a practical moving plan is crucial to creating a feasible budget, so keep this in mind. As a tip, make room for miscellaneous expenses to avoid running out of funds when something unexpected occurs. 

4. Hire the right moving company 

Working with a moving company for your business relocation is beneficial for many reasons. You can save and prevent downtime, as your workers will be free to focus on their tasks. Moreover, moving companies have the equipment to pack and transport your items without causing damage. It’s also worth noting that they offer insurance that covers any damage to your items, preventing you from spending unnecessarily. Seeing these benefits, you should partner with a moving company if you haven’t already. Identifying your specific needs can help you choose the right partners. For instance, heavy machinery movers will be ideal for relocating manufacturing equipment to your new warehouse. Likewise, research various companies to ascertain their credibility. Third-party review sites can be beneficial for this purpose, so feel free to consider this. While at it, compare their pricing and choose one that suits your budget. However, cheaper isn’t always better, so don’t make the mistake of working with less expensive movers. These companies often have hidden costs or aren’t professional. 

5. Prepare your employees for the move 

It’s worth noting that a business relocation can affect your employees significantly. For starters, they will think about new office commutes (and the costs), clearing their desks, and so on. These can take a toll on their well-being and work productivity. This, in turn, can affect your business in the form of downtime and even employee turnover. Therefore, preparing them for the move is crucial. As a tip, inform them about the move early, communicating the business’s future address, the designated date, and their roles and responsibilities. While at it, encourage your employees to voice their concerns and identify ways to solve them. For instance, if they are concerned about increased transportation fares, consider offering incentives to cater to this need. Flexible work schedules can also be beneficial, so feel free to consider this. 

Relocating your business to a new location can be daunting, but you can pull it off with the right strategies. Hopefully, you’ll consider those discussed above for the best outcome.