Your new business may have had a terrific year in making profits, even though you may be feeling that your business is getting stuck in a financial rut. That may be related to the high rent you’re paying being located in a particular big-name city. Yes, it can be an unfortunate situation to have to base your business in a more expensive city because it’s where all of your excellent employees live within close proximity. But can you take a chance and move to another location that’s more affordable?
You’ll have to meet with your employees, because how your team reacts could ultimately determine the continued success or failure of your company.
Researching Locations That Suit What Your Employees Want
Nothing destroys employee morale more than having to travel long distances to work. While some get used to commuting, living in an era where gas prices are high and environmental awareness is in can create dissension if commutes go beyond 10 miles. If you’re considering moving your business to a cheaper location, you have to look at each one of your employees and see how it affects their travel time to work.
The only way to work around that is to shift your office with cloud-based video conferencing so employees can work from home most of the time. However, that isn’t always feasible for every company, particularly when a significant project is underway requiring in-person commitment.
Convene a meeting with your employees and discuss locations you have in mind. If you find considerable resistance, you may have to think of other locations. At the same time, you have to think about any future workers you may hire.
Researching the Work Force in Your New Location
Entrepreneur did a piece this year that reminds how finding a quality work force in your location helps the future growth of your business. While you have to think of your existing employees, you may be looking to expand your team in your new location. The only way you can is if the area is noted for having highly-trained professionals in fields your business requires. This may require some statistical research on labor in the city or town you’re considering.
One of the many things that keep businesses from seeking cheaper locations is the lack of a decent work force found in those locations. Most companies find out that the best-trained people huddle in specific locations that are known for particular industries. It’s why Silicon Valley retains its position as a technological ground central or why car manufacturers still live primarily on the east coast.
Finding the Perfect Location
There shouldn’t be a retained thought that the big cities are only where the top work forces are located. Depending on what your business is, research can scope out labor information that might surprise you about offbeat cities containing myriad professionals for specific industries. While extensive research could take a while, never waver from making sure your existing employees have ways to come to work without traveling far. When you need your employees to stay inspired toward a business vision, the exhaustion of driving long distances can make that slowly wither.