In real estate terms, the worst house in the best street is legendary. It’s all about location, location, location. But is it wise to make a move? There are many things to consider. So if you’re thinking about moving your business, here are the pros and cons of doing just that.
The benefits
If the vicinity of your new location is upmarket and has a ring of prestige, such as the Paris end of Collins street, and has quality eateries and other valuable amenities nearby, you’re helping your staff and clients as well as your business. People want to work and shop in your new locale.
If you opt for a developing area, like Docklands, then new shopping centres, new commercial buildings and general growth put you in the winners’ circle. All around you is prosperity. By setting up in a booming region, you could give your business a real boost.
Obviously work space is vital to turning your business potential into reality. More space with better designed interiors removes the shackles currently holding you back. In your new operating area your business takes off. If your current location is holding you back, a new location could be the step you need for future prosperity.
If you move to an area where costs are lower, such as one of the CBD cross streets or maybe even the city fringe, you reduce your overheads and improve your bottom line. It’s a win-win situation. You are more productive with lower operating costs. Real estate costs whether purchase or lease, are largely determined by location. Change your location and change your profits.
The disadvantages
The cost of moving is relative depending on the size of your business and the distance to your new location, but moving your business may put a serious dent in your expenditure column. How long will it take to make the move? How easy is it to pack and then unpack at the other end? The entire move needs to be effectively managed to avoid blowouts. You also need to consider the cost associated with going to a particular location. While Collins Street may be desirable, it will usually also come with a significant price tag. These factors need to be weighed up.
If you have clients working close to your business, they may look for another supplier if you uproot and move to another suburb or even another part of the CBD. Loyalty from customers is one thing but if you are no longer close by, you may lose long-standing clients.
Your business will be interrupted. You can’t produce and deliver the same level of service if your equipment is in boxes and being transported elsewhere. The better prepared you are for the move, the less impact there will be on your business.
Again it depends on where you relocate but if a valued employee finds your new location means too much hardship, you may lose that worker or workers. If a parent on your staff can’t get to their child care centre on time, they may look for work elsewhere. Likewise if you find a space too far from public transport, or staff transport routes in general.
Advice
What to do can be tricky. What would really help would be some quality, professional advice from someone who knows both the real estate market and the best way to design and equip a new business premises.
Like almost every industry, the legal profession has encountered numerous difficulties during the global pandemic brought about by COVID-19. Some of these challenges include transitioning to remote work, converting to remote litigation, and facing higher competition for talent.
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