Relocating your business? What challenges might you face…
Relocation is a challenging and fundamental event in the development of your business. Because it’s disruptive and comes on top of the hectic, day-to-day running of your company, it can be tempting to make a quick decision and get back to your overflowing inbox. But failure to plan ahead could come back and bite you. These guidelines will help you plan a relocation that’s free from unforeseen costs and nasty surprises. They could even boost your business.
1. Where are you moving to? Will your new location offer access to existing clients and future prospects? What impact will the move have on you and your staff’s daily commute?
2. Have you got your requirements right? Make sure your new premises can accommodate your existing needs and allow for future growth. Or a happy, thriving business could mean another relocation much sooner than you’d like.
3. Have you budgeted for dilapidations? Leases differ, but tenants are usually required to reinstate the premises to their original condition. Tenants sometimes overlook these obligations, which range from a dab of fresh paint to removing interior walls and replacing carpets. Always budget for dilapidations.
4. Have you fitted-out your new premises? Make sure the fit-out is completed well before moving day or risk turning up for work to a reinstated but sadly empty space.
5. Don’t forget double-rent! The rents on your new and your old offices will overlap. This is almost always unavoidable. But it won’t be an unpleasant surprise if you budget for this from the start. And remember to negotiate for a sufficient rent-free period as part of your new lease.
In short: think ahead.
Keep these simple pointers in mind and you’ll find that relocation can be an exciting new chapter in the evolution of your business, not just a headache!
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