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Every year thousands of entrepreneurs try somehow to improve the conditions for their business. Most of them choose relocation among other possibilities. Why actually people change their place? The reason for this can be a need in equipment upgrade, market extension, cheaper work force, cost lowering or a wish for a better life quality. Nevertheless, cheap and suitable work force is a leading reason for moving. For companies which need specialized employees it can be worth to move to a region where they easily can find the needed kind of employees. However, the most valued employees very often are needed to be replaced too. This can be a part of a problem too.
When thinking about relocation one must keep in mind its cost. Remember that your business may be interrupted for a while, so the moving can either cure or create some new cost issues. Except cost firms very often need to find a compromise between close target market and low cost facilities. It can be the reason for a company to move from the center of the city to, for example, suburbs.
In fact, moving itself is a kind of challenge. It is important to decide what equipment, fixtures or vehicles may be taken to the new region. Sometimes it may be better to sell the inventory at fire-sale prices than pay for its transportation across the country. Selling the building or land that is in the possession of the company may prevent the emergence of some cost issues in the new area.
The quality of life is another reason to consider during the business relocation. This implies climate, education facilities, culture, health care and even crime rates in the chosen area. Remember that you need to hire new workers in the chosen area, so think about all social issues carefully.
Moving always carries risks. Although a person who consider relocation is aware of all problems in the current location, there are no guaranties that those problems would be solved in the new area. Very often people make some mistakes while moving. It can be narrow focusing on the only one aspect (low costs, for example), very quick decision, ignoring of life quality factors or even the absence of a plan for future company expansion. In order not to make mistakes remember that, there is no set time for how long it must take to relocate. Of course, sometimes one does not have a choice and time, but even in such situations, it is recommended to analyze every factor thoroughly and weigh all the pros and cons.
Loyal customers can be a part of problem as well. Many businesspersons lose some part of their customers when moving to another region after being in one area for many years. As a rule loyal customers bring the greater part of the company’s income. Therefore, in order not to lose them the company can consider moving to another district of the same city. It may solve the problems with tenancy or work force and clients will be able to find easily a new company’s address.
In business, as in life, not every trick works. But by thinking over all the reasons for moving and analyzing overall conditions in the chosen area one can really improve his/her business and increase revenues. Moreover, the chosen city, which was considered as a better one, may appear to be the best.