4 Overlooked Factors to Consider When Relocating a Business

September, 22nd, 2022

Factors to Consider When Relocating a Business - Summit Properties

There are factors to consider when relocating a business that is sometimes overlooked. Relocating a business from the suburbs to the London, Ontario, metro area can be very different from just changing spaces in the same part of town. Where the headquarters are located now versus your preferred facility will likely result in logistical changes. While it’s important to run the numbers, there are wide-reaching considerations when moving a business that could have a profound impact. These are 4 factors that too often fly under the radar.

1. How Much Does Relocating a Business Really Cost?

Chief financial officers are tasked with establishing a business relocation budget that covers all the bases. The expenses of hiring a moving company and a new lease agreement are relatively straightforward. But sometimes costs such as the following don’t make the spreadsheet.

  • Construction: It’s not unusual for seemingly turn-key business spaces to require minor modifications once the movers unload. Adding a miscellaneous line item to your relocation budget could prove useful.
  • Office Closing: After vacating an office, the initial security deposit may not cover years of wear and tear. Consider setting aside a fund to address issues your former landlord may want to address.
  • Décor: The new office will likely have more square footage and be an upgrade over your old space. That generally means new and more décor to make it feel comfortable.

There are several seemingly small expenses that can add up to a sizable amount. It may be prudent to poll employees and get feedback about possible changes and add them to your relocation budget.

2. Logistics Involved in Relocating a Business

Working with an experienced commercial moving company helps minimize unanticipated expenses. But changing venues is a physical process that may take more than a few workdays.

It’s important to consider potential productivity setbacks in the event your timeline gets disrupted. If trucks break down, severe weather events occur, or other issues cause a delay, it’s worthwhile to have a plan. This may involve putting staff members on notice of a possible furlough or simply planning a two-day work stoppage around the move. Employees are less likely to become disgruntled if they are not surprised.

3. Consider Enlisting a Technology Specialist

One of the major issues an organization encounters when relocating a business stem from incompatible technology. For example, cell phone plan providers have strong coverage areas as well as dead zones across Canada. Your corporate plan may not be as robust in some areas.

And adding new computer systems to accommodate a larger office and workforce can come with a few glitches. Hiring an IT professional is often overlooked when relocating an office but is crucial for getting back to work as quickly as possible.

4. Impact on Customers and Clients

Relocating a business to another city or part of Ontario doesn’t just change the staff’s commute. It also alters the drive time of customers and colleagues in your orbit. That’s why it’s worth considering conducting a study on where your current customers and stakeholders are based.

Run a financial assessment on potential client losses. But another consideration when moving a business involves potential growth opportunities. By strategically positioning your new business space in a convenient location, profits could rise significantly.

Summit Properties Simplifies the Factors for Relocating a Business 

If you are considering moving your company, Summit Properties works diligently with professionals to ensure a seamless transition. We help growing businesses secure the best-suited commercial spaces in London, Ontario’s premier business areas.  Experience the Summit Properties difference. Contact us today and we’ll provide your business with the support necessary for success.  

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