To survive for the long term, businesses need to evolve and adapt to changing circumstances. This can include changes in the market, new trends in consumer taste, new economic realities and advancements in technology. Part of this evolution for many businesses includes moving to a larger location that can better suit their current needs. There can be many different reasons for such a move.
Demand Is Up
Most businesses have the goal of doing as much business as they possibly can. However, in certain cases, that growth is limited by the physical building space they have now. A factory may only be able to produce a certain number of units per hour. A restaurant may only have so much table space. If demand for your products keeps increasing, you may need to move to a larger facility to keep up.
Your Neighborhood Is Going down Hill
Neighborhoods are like people in a sense. They can be healthy and vibrant. On the other hand, a neighborhood may be on a downward trend health wise. Crime may rise, people begin moving out and businesses see their customer base dry up. If this is the case for your business’s neighborhood, you may want to consider greener pastures elsewhere.
You Don’t Have Room for the Equipment You Need
In other cases, a business’s current building may not have space for the equipment that the business needs to increase production, improve efficiency or manufacture the products consumers demand. There may simply not be enough floor space for that machinery. In that case, it would probably be a good idea to move to a new location that can accommodate that equipment.
You Don’t Have Space for the Employees You Need
As production or business increases, a business will logically need to hire more employees. However, having many workers in a cramped and confined space will not work. Instead, you should consider hiring movers to move your operations to a building that has the office space or factory floor you need for more people.
You Need to Be Closer to a Population Center
Lastly, your current building may not be close enough to the workers you need to man your growing operations. People do not want to commute all day to and from work. Keep in mind that the average commute in the US is 25.4 minutes. People want to live near schools, hospitals, stores, restaurants and more. They will not live in the middle of nowhere.
Overall, don’t make the decision to move your business lightly. Make sure to plan out the process carefully. If you do so, moving to a new larger facility can be a boon for your business for the long term. However, if you aren’t careful, you may end up losing a lot of money on the move.
Contributed by Lizzie Weakley