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Can Moving Your Business Improve Your Profitability?

Whether you are running a one-man band from home or already rent offices, you might be thinking about moving somewhere else. You might be paying too much rent, or have little or no foot traffic, parking and amenities nearby. While moving your business might be a scary idea, it can pay off long term, and help you increase your profits. Find out how below.

Demographic Factors

If you are running a computer repair business, you don’t want to be close to retirement communities. Being on or near university and college campuses will be more profitable for your business. Areas with low demand will give you a lower return on investment. You need to be where your customers are, and provide a convenient location for them.

Rent and Running Costs

If you pay too much rent, and there is hardly anything left after you settled your monthly bills, you might want to cut your costs by finding a creative office space at a lower cost and more flexibility. If you only use your office a few days a week, and work from home most of the time, you might want to look for flexible office space and contracts, so you don’t pay for the time you don’t use.  

Employee Satisfaction

The better your office infrastructure and transport links are, the happier your employees will be. If they have to spend half an hour every morning to find a parking space near, you might need to upgrade. A chillout area for employees where they can play a game of air hockey or heat up their food can improve their satisfaction level. You will increase your chances of retaining talent if you provide the right work environment.

Branding Opportunities

A new office can help you get more publicity as well. Instead of sharing the floor with several other companies, you could get your own office building with your name sign and stop signs. You can make your money go further if you can customize your offices and build your space around employees and your brand. Get signs in your window and your entrance, and display your logo on the corridors.

More Space for Expansion

To think about the future of your business, you might want to stay flexible. A larger office and a few spare meeting rooms will allow you to expand later, without having to move again. If you are thinking about taking on more staff, or getting more space for managers and client meetings, it is better to invest in a prime location office building that allows you to expand later than moving whenever your business grows.

Moving your office to a better connected location can help you improve your business profitability. You need to plan for future growth and stay close to your target customers. Use your new offices for branding and expansion, and make sure that you are researching the demographics of the neighborhood and the cost of running your business in the new location.