Corporate Logistics: Four Points to Look at when Moving your Business
Deciding to move your business to another area is no small feat and should not be taken lightly. The corporate logistics can be a nightmare with relocation of equipment, relocation of furnishing and even relocation of staff. This is especially true if your moving company isn’t well structured or organized. Then again, moving your company to another area can be one of the smartest business moves you can make. Assess these five points, areas where you can thrive or dive, and see how a move stacks up for you.
What is the business infrastructure like?
Take a look at the business infrastructure, particularly in relation to the nature of your business. Does the infrastructure support your organization’s focus? Ideally, you should find an area that is not necessarily remote – at least accessible by plane or even train. Relocating to an area that is within a couple of hours from an airport is usually acceptable. However, your needs may require something closer – or may allow for something further out.
Is the area “business friendly” (specifically for your business)?
Visit the area where you want to relocate your business. Assess the general tone, attitude and culture. Is it “friendly” to your business? In other words, will your business fit in with the socio-economic culture? For instance, you don’t want to put a high end women’s clothing boutique in an area where the median income allows folks to just barely scrape by. However, if you were bringing a production plant in, the area would likely appreciate the added jobs. Your business and the area you relocate to should be a good, complimentary match.
How is the cost of living?
An area with a low cost of living can be good for your business, but it is great for your staff that is relocating with your company. Look at the town where you are relocating the business as well as nearby town that do not require a long commute. You want areas that offer low cost of living, good schools, affordable housing and low crime. A healthy job market doesn’t hurt either as spouses and children of your employees may choose to work elsewhere.
Could the move be tax deductible?
Did you know that certain aspects of your business relocation may be tax deductible? Check with your accountant and see which expenses may be deductible for you and your employees. Educate your employees so that those that will be making the move with you can take advantage of any deductions that they may be entitled to.
What does the potential workforce look like?
Look at the demographics of the area you will be relocating your business. Widen the radius to allow for people who will commute to work. Assess the educational level you need in your workforce as well as skills and experience. You may want to relocate your business to an area where that demographic is prominent to give you a better selection of employees.
What is the business infrastructure like?
Take a look at the business infrastructure, particularly in relation to the nature of your business. Does the infrastructure support your organization’s focus? Ideally, you should find an area that is not necessarily remote – at least accessible by plane or even train. Relocating to an area that is within a couple of hours from an airport is usually acceptable. However, your needs may require something closer – or may allow for something further out.
Is the area “business friendly” (specifically for your business)?
Visit the area where you want to relocate your business. Assess the general tone, attitude and culture. Is it “friendly” to your business? In other words, will your business fit in with the socio-economic culture? For instance, you don’t want to put a high end women’s clothing boutique in an area where the median income allows folks to just barely scrape by. However, if you were bringing a production plant in, the area would likely appreciate the added jobs. Your business and the area you relocate to should be a good, complimentary match.
How is the cost of living?
An area with a low cost of living can be good for your business, but it is great for your staff that is relocating with your company. Look at the town where you are relocating the business as well as nearby town that do not require a long commute. You want areas that offer low cost of living, good schools, affordable housing and low crime. A healthy job market doesn’t hurt either as spouses and children of your employees may choose to work elsewhere.
Could the move be tax deductible?
Did you know that certain aspects of your business relocation may be tax deductible? Check with your accountant and see which expenses may be deductible for you and your employees. Educate your employees so that those that will be making the move with you can take advantage of any deductions that they may be entitled to.
What does the potential workforce look like?
Look at the demographics of the area you will be relocating your business. Widen the radius to allow for people who will commute to work. Assess the educational level you need in your workforce as well as skills and experience. You may want to relocate your business to an area where that demographic is prominent to give you a better selection of employees.