Is it Time to Relocate Your Business?

In today’s work environment, employees have the opportunity to communicate virtually and to work from the comfort of their homes while continuing to be productive. Those looking for new opportunities have a large variety of positions to choose from as they can potentially live anywhere in the county and find a stimulating, challenging job. 

Businesses, on the other hand, also have opportunities to take advantage of relocating thanks to this new work environment we are currently experiencing. If where you are currently located is in an expensive, crowded, metropolitan area and you employ remote workers, you may want to consider relocating.  

By moving out from a metropolitan area, you may be able to reduce expenses by relocating to a lower-cost region. You may also be able to hire new talent that may require less compensation as they may not live in high cost communities and see remote work as an employment benefit. 

However, it is important to note that moving to a lower-cost region may not mean cost savings. For example, you may no longer have to pay expensive rent, but you may see an increase in IT costs, off-site events, IT security, and cultural initiatives.

Take the time to consider if your office location is right for the current talent market as well as if having remote staff is ideal for your company. Overall, switching to a remote model could be considered a great recruiting tool. 

If you are thinking of moving to a remote environment or making an office move, consider the following points of advice:

Be Comprehensive

There are roughly between 40 to 60 geographic-specific variables that you must assess when you are considering a move. From residents’ educational level, risk of natural disasters, to cost, there are many factors to think about prior to making a decision. 

Don’t rush into a decision based on one factor. It is recommended that you first examine what makes your organization successful and whether a large move would change that. 

Don't Overemphasize Cost

It can be easy to only look at the financial elements that may make you want to move, however, this is only one factor. As stated above, there are multiple items besides expenses to consider when determining if you are going to physically move your business or change to a remote work environment. 

Saving money won’t necessarily enhance your organization’s strengths and the quality of your product or services. 

Understand There May be Costs and Savings

As discussed previously, there could be a few cost savings involved with changing to a remote environment or moving your company, however, there may be additional fees as well. For example, IT and security may need to be increased due to remote work. You may also have to spend more for Human Resources since it may be more difficult to manage a dispersed staff.

Be Open-Minded

If thinking of moving, consider smaller towns. For example, there are many Midwestern cities that offer a range of advantages. These can include lower housing and child care costs, shorter commutes, and a closer proximity to nature. In addition to these advantages, they may also have access to high-net-worth individuals who are looking to invest in tight-knit communities. 

A Move Doesn’t Have to Be All or Nothing

If you are considering moving to a smaller city, but feel that it is necessary to continue a presence in your current location, consider retaining an office or have the ability to use a shared workspace where you can meet with clients or local staff.

As you rethink your physical footprint, keep not only the above tips in mind, but also state licensing and business laws as you look into transitioning to a new location and changing to a remote status.