When making important business decisions, it’s important to consider not only your businesses financial status but the future of your brand, too. Though it may seem cliché to question where your business will be in 5 years, it could be the perfect way to reach your goals and make decisions that benefit the company in the near future.
In this article, we’re taking a closer look at whether a renovation or relocation is more beneficial for your business.
Cost Of The Space
One of the main reasons that you may be looking to relocate is the cost of the office space. However, the cost of the rent that you are paying can differ from business to business depending on the location of your office space. Though relocating may seem tempting at this time, it’s important to consider the implication that relocating could have on your existing clientele and potential audiences. If you are located in a city centre, you are likely to experience an increase in footfall as apposed to somewhere with lower monthly payments in rent, therefore paying a little extra for the prime location is beneficial for you. However, relocation could be useful if you are experiencing direct competition in your area as you are opening your business up to reach its full potential.
If you are a start-up business that is running both an online presence and a physical store, then the location of your store is not as important. However, if you are just running a store then the overall location of your office space could make or break your business. Therefore, the location that you choose for your business should be at the top of your list of priorities in order to boost sales.
Though this will require a vast amount of careful planning and consideration, you could boost the visibility of your business, therefore, increasing the amount of revenue generated by moving your business to a country where the industry is just beginning to expand. This is particularly beneficial for those with a start-up business as there will then be significantly less direct competition as a result.
Size Of Office
If you have an office that is affordable, in a prime location and has a vast amount of space, then renovating the space could be the perfect way to freshen up the work environment and increase productivity. Though you will still be in the same location, you can renovate your office to ensure that you have the space you need such as a meeting room, creative area and adequate desks for you and your employees. If you are looking to rebrand very soon, redecorating the office is the perfect way to make the most of the space you have and re-energise the business without spending a small fortune on office relocation.
If you are in need of additional storage for computers or office furniture there are also a number of storage solutions for when you are redecorating or even for when you are relocating.
Potential Room For Growth
If you decide to remain in the office that you are in, you should first consider whether there is room for growth. If the answer is no, then an office relocation may be beneficial for the longevity of the company. However, if the answer is yes, a renovation could be the cheaper option for your business. Whether you are a start-up or an established business, this is crucial to look into as a business owner as you want to make the best decision for your business that will get you the best possible long-term results.
Whether you are looking to completely redesign your office space or you are considering a relocation instead, you can be sure you will get the best result for your business. For more information on how we can help you, get in touch with a member of our experienced team, today.