No business should stay the same forever and stagnate. If you want to achieve your business’s full potential, you need to allow your company to grow and adapt to changing markets and trends. Adapting to these changes at times means making substantial alterations to how you run your company. At some point, you may need to relocate your offices.
Relocating business offices is something many companies tend to do multiple times over their histories. However, if you make significant mistakes during this process, it can hurt your company dearly. Some companies, in fact, never recover from terrible decisions made regarding office relocation. The costs involved sunk their profitability permanently. With that in mind, below are some mistakes you should be sure to avoid.
Not Setting a Realistic Budget
The biggest threat to office relocation projects is budget overruns. Many companies have met their end this way. This was, for example, the fate of Metrovacesa, a Spanish company that spent so much acquiring a building for office space that it directly lead to its bankruptcy.
Overall, you need to create a budget for your office relocation project. That budget also has to be doable for what you can realistically afford. Take into consideration possible downturns in business in the future as well. Just because revenues are high now does not mean that will be the case during your transition to new office space. If that’s not the case, the added expense could sink your entire company.
Not Creating and Sticking to a Timeline
According to certain statistics, only 37 percent of business projects are completed on time. Relocation projects that drag on and on for months and even years are another serious threat. Along with a workable budget, you also need a workable timeline.
Having a timeline is important. A lot can go into relocating office space. Employees, for example, may need to physically relocate as well. Not knowing when the process will start and complete can be a huge strain especially when the children of employees have to be uprooted out of school in the middle of the school year. Having a timeline that is actually adhered to will also help give you the ability to minimize the disruption to your business. Without this knowledge, it can be much harder to plan ahead of time so you can properly allocate resources for when they’re needed.
Not Taking Advantage of Outside Firms
Relocating to a new location can be a gargantuan task to complete. Trying to do most of the work on your own can simply be too much for most businesses to handle. It can take so much work that it can create a huge disruption in business and lead to significant losses.
This is why you should try to outsource different parts of the process when it’s cost effective. Many companies, in fact, primarily provide relocation services to businesses. 39 percent of the moving industry deals strictly with corporate clients. Other services can be outsourced during the relocation process as well. For example, if you invest in proximity printing, you’ll have much more flexibility in regards to where documents are printed during your transition.
Not Having the Right Insurance
Office equipment can be expensive. Things like computers, servers and more can cost a lot to replace. They can also hold valuable data that can create serious issues if lost. Even office furniture can cost a significant amount to replace. Sadly, many things can be damaged or broken during a move. Make sure you have insurance in place to help pay for any losses that arise from equipment that is damaged or broken during an office relocation.
Sometimes, companies need to evolve to survive. This may require an office relocation. However, if you’re not careful, an office relocation can become so expensive and time consuming that it can lead to the failure of your company. Make sure this is not the case and take steps to ensure the process is as efficient as possible.