Relocating your business is about reducing costs and boosting profitability through operational improvements, that’s a given. It’s a decision you make to achieve long-term company goals and to secure the future of the organization.
Once you’ve weighed up all the pros and cons, risks and opportunities and mapped the impact of your new location decision based on the data at hand, you’ll find that there are six benefits your company will soon be enjoying.
TAPPING INTO THE LOCAL HIGH-QUALITY TALENT POOL
Moving to a location which provides your company with the right skill profiles will immediately benefit your business’s efficiency. A talented workforce will result in less turnover and higher employee retention. Your job openings will be filled faster and ramp-up times will be reduced. The reliable talent pipelines will provide your company with a steadier flow of suitable workers.
To top it off, this will allow you to strengthen your employer brand and create a greater candidate experience.
HIGHER EFFICIENCT AT ALL LEVELS
Relocating to better achieve your company goals is a direct path to improving operational excellence. Better facilities, access to technology and improved equipment increase productivity. A relocation strategy can also enhance process coordination and cross-team organization, if managed properly. It will open up a wide range of operational efficiency opportunities.
CUTTING COSTS ALONG THE WAY
When considering a relocation, optimizing your business costs will be a crucial argument. Labour costs, operational costs, real estate costs, etc.: these will all influence your cost-benefit analysis when looking at possible new locations for you company. And let’s not forget wage costs, which can differ from region to region, and often make up at least 80% of a service-based business’s operating costs.
The economic environment, tax rates, business regulations, incentives, etc., should all be weighed up in order to reach an informed decision about relocation. This will allow you to cut costs while improving your productivity and operational excellence.
Benefits 2 and 3 above will ensure maximum profitability for your business once you settle in your new location. Improving your competitive position, supporting company growth and gaining proximity to recourses and customers are key factors for any informed relocation decision.
IMPROVE YOUR BRAND IMAGE
Relocating is also an opportunity to enhance your company’s brand image, by better aligning it with your target market. How will you manifest your brand in this new market? How will tapping into emerging markets affect your brand’s positioning? And we’re not just talking commercial brand: there are countless opportunities for your employer brand too.
A SUSTAINABLE TALENT PIPELINE
Supporting your current talent needs and securing future growth are central to any relocation. The availability, turnover and retention of talent should be high on your real estate selection checklist. If you’re on the lookout for fresh blood, you should consider relocating to an area with universities nearby. Locating yourself near the source of talent is a wise thing to do , especially in industries that are highly competitive when it comes to talent acquisition, like tech for example.
Considering relocating your business? Make the right move by being fully informed. Follow our Relocation Evaluation blog series to stay up to date!