One of the biggest problems with a company relocation lies in the fact that it’s not easy to calculate the exact ROI of the move. You see, when manufacturing or providing a service, you get income as a direct result of your labor and resource investment. Here, you get advantages like more room for expansion, a boost to your reputation and a better-suited infrastructure. The problem lies in your inability to exchange these boosts into financial value, at least not efficiently, which would help you see the exact net loss or gain. All you can do is give it your best to reduce the costs and increase efficiency and here are several tips to help you do so.
Understand the primary reason for the move
The first thing you need to do is understand the primary reason for the move. In the introduction, we already mentioned several potential reasons. For instance, you could be moving in need for a bigger space, move in order to relocate to a more prestigious location which leads to an image boost or merely moving in order to get closer to your target demographic. As we already stated, the exact ROI of this cannot really be measured, yet, it helps you sort out your priorities and put everything into perspective. It also helps you organize in a way that will allow you to exploit these advantages in the most effective way possible.
Give people the reason to stay with you
Even if your business is not strictly related to your location, a relocation might cause you to lose some customers. The downtime caused by company relocation alone can make enough damage, as it is, which is why you need to focus on finding the way to make people stay loyal. Same goes for your staff. Unless you’re moving to a location that’s nearby, you’ll undergo a major staff abandonment. Sure, asking people to move alongside their families to a different state or a city is a huge move – yet, sometimes you can’t afford to lose a valuable staff member. This is why you need to provide those you can’t afford to lose with valuable incentives.
Consider the financial side of it all
One of the things that you can make an estimate of are the actual costs of the move. Here, we’re just talking about the fines that you’ll have to pay for cleaning agencies, transportation, office setup, and similar services. For instance, the cost and availability of truck rentals is a major item on this list. Therefore, the distance of the move and the number of trucks you’ll need could make all the difference in your overall moving cost. Quantifying these financial expenses will give you the minimal net cost of the move.
Refilling your ranks
Previously, we’ve discussed the fact that some of your employees might leave. Now, keep in mind that while this might be a minor setback, it’s not necessarily a negative thing. Sure, your former employees already have the experience and have, most likely, completed their training, which makes them into valuable assets. Still, the place that you’re moving to may have a more promising talent pool. Needless to say, conceiving an effective and expedient hiring strategy is of vital importance. Just make sure that you keep the core of your former employees (even if it’s just the management that we’re talking about) so that you can facilitate the training and adjustment process.
Make all the necessary updates
Lastly, there is a number of people who need to be notified of this move as soon as possible. First of all, your former landlord needs to know that you intend to leave. Chances are that you’re even mandated by the contract to inform them early. Second, you need to tell your staff, so that those who won’t stay can start looking after themselves. Your customers should also be notified that there will be downtime, as well as that you’re currently in the process of changing your location. Finally, you need to notify your partners, cancel all your subscriptions and talk to your investors. It’s also a good idea to update this info on your website.
Even with all these dangers, downsides and problems, you need to understand that a company relocation is a necessary step, as well as a process that almost every business out there has to go through. Nevertheless, the effectiveness of this move is something that is completely under your control. By following these five steps listed above, you’ll be able to handle the logistics behind it all much better.