At Leadenhall Financial Management we can provide businesses in the London area with advice and support on a wide range of business issues. This article includes advice on relocating your business.
One of the consequences of running a successful, growing business, is that there may come a time when you need to consider moving to alternative premises.
However, relocating your business necessitates careful planning. From choosing your new premises, to preparing your staff for the forthcoming changes, you must consider each stage of the process carefully.
Planning to grow
The first thing to consider is your reason for relocating. This is an opportunity to reassess the needs and objectives of your business. It may be a good time to introduce any other key changes.
When choosing your new premises you should keep in mind the reasons why you are moving. Make sure that the site does not only satisfy your current needs, but will also accommodate any future developments, such as further expansion. You should also investigate transport links, and the local job market, should you intend to take on any staff from the local area.
From solicitors' and designers' fees, to the potential trading time lost as a result of the moving process, you must have a clear idea of how much each part of the move is going to cost. Include the cost of carrying out any additional building and decorating work, installing telephone and networking access and security systems, and the price of new furniture or accessories, as well as the cost of updating your company stationery, vehicles and website.
Announcing plans to relocate your business can raise feelings of anxiety among staff, particularly if you only intend to take part of your employee base with you. The issue must be dealt with sensitively. You may want to offer an incentive to your key employees, such as a financial package to assist with the cost of moving. You must also make sure you fulfil your legal obligations with regard to redundancy.
Think about each step of the process, and what to do should anything go wrong. Allocate the responsibility for key parts of the move to trusted members of staff. You should endeavour to implement the move as quickly as possible - perhaps over a weekend - so as not to impact on your trading time.
- Locate at the most cost-effective site
- This means considering the transport costs for raw materials and finished products, delivery performance requirements and the availability of labour.
- Better working conditions mean better performance
- The working environment affects staff morale and performance. It is worth investing in good conditions for your employees.
- Consider remote working
- IT and communications developments now mean that many people can save time commuting and do more work from home. But make sure you have good systems, teamwork and trust before you try this.
If you are in the London area and are looking for support and help from experienced accountants and business advisers, contact Leadenhall Financial Management.