Beyond the bottom line: Budgeting for an office renovation or move
04 Nov 2024
Published on:
06 September 2019
Updated on:
11 December 2023
Read time:
3 minutes
An office relocation is perhaps the biggest change a company can undertake and can make a major impact on any business - which is why it's so critical to get it right.
Relocating your business will affect it for years to come so you need to assess how your business is performing right now and measure this against what you hope to achieve.
What are your longer term financial and business plans; your growth strategy and your turnover forecasts?
People first
And then there's the team. An office relocation has to be considered, first and foremost, with the staff in mind both the existing team players and the individuals you hope to recruit and retain going forward.
The actual location itself is pertinent in terms of time spent travelling to work for key workers and the facilities that surround the proposed new location.
A move may mean better space or cheaper rent for a business but a change in location can impact on the commute for members of staff. If their travel time is significantly added to then that will have a potentially negative bearing on quality of life.
Staff may be prepared to travel a little further for a much better office, with vastly improved facilities but, if you are keen to retain certain players, it's definitely worth canvassing opinion first.
Weighing up the balance
There are many considerations before final decisions on an office relocation are made. These include:
- Where your present and target customer-base is centred
- As mentioned above, where your key staff live
- Accessibility ie. Major road links and public transport
- The location of suppliers
- Future transport links and changes to the surrounding area
These preliminary considerations will help, from the outset, when deciding upon location.
Once you have the right location in your sights, you then have to consider space and how you want your workforce to work.
An opportunity for change
Office relocation presents the potential for working and cultural change.
It can be a major force for progression and growth; shifting your business on its axis, turning fortunes and creating a path to greater results.
Using the correct research and data, you can create the very best workspace to suit all.
Teaming up with a workplace consultant, it's possible to achieve a more in depth understanding of the space that you use so that you can occupy future space better to make for an improved, joined up working community.
The agile working model gives people the choice of how to work and this is proving to be successful for many companies. This can come into play at the point of office relocation and is most definitely worth considering.
For further information on office relocation and agile working, get in touch.