2014-01-24 00:00:00 General English https://d3hrajprm8dqcv.cloudfront.net/wp-content/uploads/2017/05/08195248/officespace.jpg Are You Ready for a New Office Space?

Are You Ready for a New Office Space?

3 min read

As your company expands you will hire more staff, meet more clients and will need a larger space out of which to conduct business. While you may be comfortably situated in your current location, it may be the time to take a leap and consider a new office space. This space could offer your business new opportunities like being able to offer your client more value added services, more space for machinery which will allow you to perform certain tasks in house or a more central location which allows better access for employees and clients. Let’s examine the factors you must consider before moving to a new space. 1. What is the rate your business is growing? This is a key metric to determine, while you may be enjoying a surge in business and also profits, you need to determine whether this will continue and is representative of a period of sustained growth before looking for a new space. As you will be looking for a space that is an improvement of your current space in terms of location, size etc there is every chance that a new space could mean a much higher rent. 2. How Strong is your current space of Business? Are you able to reach the goals that you and your personnel set from your current location? This is a key question to evaluate before shifting businesses. You need to make a Pros and Cons list regarding your current space- determine whether it is holding you back in terms of the clientele you service, the services you provide and the talent you are able to hire. 3. Check out your desired new space/spaces thoroughly Before embarking on a decision of this magnitude, do your research on the possible places your new office could be located. Shortlist prospective locations and try to predict the revenue you would garner with a change of address- will this space mean more competition for your business, will you need to invest in marketing and promotional activities to get this location “on the map” with consumers? 4. Ensure that you have the requisite rent for the year as well as for the deposit A new space could put a lot of pressure on your business. In order to ensure that this pressure doesn’t lead to an excess of stress and worry for both you and you employees, ensure that you had a good sum saved before embarking on a new space. As a good business planner, ensure that you have at least the year’s rent stored away plus the amount required for the deposit so you don’t experience a situation where your business is put at risk as a result of your new premises. Once you have ascertained these principles and done the requisite research into your business’s potential growth, consider the following options while locating your new office: • Concentrate on location: Is the neighborhood a good one? Is it centrally located? Will your employees be able to reach it more easily? • Do your research into the amenities: Does it have a good water supply ? Are there frequent power cuts? • The Main Building: A key factor to consider – is the prospective building secure and do they have security staff? Another important factor to explore is if the building has been well maintained and if your landlord has cordial relationship with his tenants and if he will be helpful when it comes to issues with the structure • Finally, examine the actual space you are looking to rent: Important questions to answer are 1. Is the space large enough for your business? 2. Does it have the right layout for your staff to function properly? 3. Will it take a lot of time and money to decorate or refurbish? 4. Is there room to expand?

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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