Are you scouting new office space or land for your business? If your organization is growing, you may find that you need a new space to continue innovation and development. In these situations, relocating a business can lead the way for future success. However, if not executed properly, relocating costs could mount quickly, and businesses that do not plan ahead could end up facing serious repercussions.
The process of relocating your business is naturally stressful. Business operations need thorough examination before a move to ensure a successful transition, and mounting financial costs can make moves extremely challenging. If you are interested in a plan that can make relocating costs affordable for your organization, consider the following tips.
Assemble a Moving Committee
When your business is ready to relocate, it is important to set up a moving committee. Your moving committee should represent all major departments in your business operations. A seamless transition for your organization is important when your business is transitioning to a new space. If any department has a difficult time adjusting, it could have a ripple effect throughout your organization.
Moving committees also encourage feedback from your team about the relocation. A property may not feel right to you until you consult with your trusted team members. Committees foster discussion so that managers can have confidence in their decisions.
Establish Budget and Timeline
Establishing a budget is a basic way of making relocating costs affordable. Establishing a budget requires consideration of multiple factors. It’s not just about the price you pay for a property. You’ll also need to budget for the following:
- Furniture for a new office.
- Transportation of equipment.
- Transfers of licenses.
- Inspections for workplace certifications.
- Construction involved in any modifications to personalize the space.
If you do not consider all expenses involved with a move, you can easily end up exceeding your budget and setting your organization back. If you need assistance in budgeting for your relocation, a business loan could provide the temporary relief needed to enable growth.
In addition to establishing a budget, organizations need to set timelines for moves. Will your company be transitioning all at once? Will you move departments incrementally? Your business could be affected by the timing of your move, and you need to ensure your move aligns with your organization’s strategic goals.
Take Your Time
Mapping out a timeline that aligns with business goals does not mean you need to rush through your move. It just means you need to be prepared and take your time as you execute your move. It’s important to ensure that the space you are moving to is right for your organization. Slowing the process down and seeking the help of a professional may be beneficial to your company in the long-term. A relocation can be an exciting time for any organization, but it’s important to proceed cautiously to avoid any missteps.
Identify What to Keep
We can often become tied to our old possessions and struggle to let things go. However, transporting equipment and furniture can quickly become expensive. For some businesses, such as those involved in technical work, fabrication or manufacturing, standard moving trucks might not do the job. Heavy machinery may even be required to relocate equipment.
With that in mind, businesses need to identify the items they need to keep and prioritize their transportation costs in this assessment. The non-necessary items should be evaluated for disposal to save costs. Remember to consider important collections of files in addition to valuable equipment. When the time comes to move, you’ll have more peace of mind knowing you haven’t missed anything.
Explore Business Construction Loans
Before relocating, executives can explore business construction loans to finance a new facility. Banks will often work with growing organizations to find lending options that facilitate the business’s goals.
If you haven’t found the right office space for your business, constructing a new facility could be the answer. While this may not offer the same short-term flexibility of leasing space, it allows you to design for your organization’s needs from the start. This eliminates the need for expensive renovations or yet another relocation in short turnaround.
If a business construction loan sounds like it might be an option for your organization, FVCbank can provide more information. We have a host of options on loan products to help businesses succeed on their terms.