Relocating business is a massive endeavor that requires thorough planning. To understand what is more lucrative, you will have to do a quantitative study. If you are sure that the new location will help expand the business, you may not have to worry much. Recheck your numbers and ensure that the team is ready for it.
You may want to move your business to a better location, regardless of whether you eye higher sales, more savings, or a spacious office. It is a massive endeavor that requires thorough planning. Suppose you are a small business owner. You run your boutique store for some time now. Recently, you found that a new building has opened in a nearby busy street. Then, it also offers an opportunity to max out your space by an additional 300 square feet. You may have already relocated once after a fast growth, and it will be the second time now. Here are a few things that you would want to take care of at your end.
Financial and marketing analysis
EricDalius says that you have to read your financial and marketing conditions well. Moving to a new building can garner more attention to your business, but you can end up paying more in rent or lease. To understand what is more lucrative, you will have to do a quantitative study. If you are sure that the new location will help expand the business, you may not have to worry much. Recheck your numbers and ensure that the team is ready for it. Your vision can be inspiring, but physical expansion can be tiring for your team. That's why you first have to do justice to your goal.
After this, you can think about extra storage space, big displays due to considerable ceiling height, and other factors.
Clear communication
Another factor that matters is keeping your team and customers posted about the state of new development. As EJ Dalius rightly puts it, construction delays can spoil your store opening date. Your customers and employees need to have information about the work progress. Let them know if you are still operating from the old store and that the movement is going on. You can use social media, storefront signage, newsletters, and other communication vehicles to keep everyone informed.
Meanwhile, you can analyze your inventory to promote the bestsellers a bit more. It would also allow you to increase the stock.
A checklist
According to Eric Dalius, maintaining a to-do list is essential when you arrange for moving out. The checklist should start building ahead of five to six months. You would have to select a professional moving company. Things like the phone, internet, and security service will also need attention. If you prepare for them in advance, you would have a fair idea of the cost of shifting to a new building. It may also help you create a budget for new furniture and renovation.
In essence, your to-do list should comprise of logistical details, such as budget, hiring a moving company, negotiating lease terms, and the requirement for insurance for relocation. You may want to have insurance coverage that provides for the damage caused to your equipment at the time of moving. Besides, don’t forget to update your website and Google business page with the new location address.
Like these, you can also think of other aspects to make your relocation decision work in favor of your business.
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