Expansion and growth are the main reasons why a company decides to move. When the current facility no longer has enough space to meet its requirements, it is time to consider relocating. Companies often cite five main reasons for changing locations: labor and labor issues, the desire to reach new markets, the need to upgrade facilities or equipment, the desire to reduce costs or increase cash flow, and quality of life considerations. Investigate when considering relocation to look for more opportunities.
A team of experts can help you meet mobility needs, manage costs, and navigate the places for your business that can provide you with the most opportunities for growth. The main reason for relocating is often the workforce. Companies that need workers, particularly those with technical or highly skilled fields, are moving to areas where these types of workers are readily available. Young and creative talents, such as Millennials, are drawn to the hustle and bustle of city life.
Cities that stay up from 18 to 24 hours a day are dotted with high-end dining options, luxury apartments, numerous entertainment venues and the convenience of public transport. Some states offer businesses tax credits or rebates to facilitate relocations. The environment and expectations of workers have changed permanently due to the COVID-19 pandemic. Companies that provide a service to their customers must be close to their source of income.
As neighborhoods change, customer base may dwindle and a business owner may want to relocate their business in order to attract a larger and newer group of customers. As happy employees are more productive, companies are relocating their headquarters to a place where these young, educated and skilled workers want to live, work and play. Businesses evaluating relocation often consider recreational opportunities, educational facilities, crime rates, healthcare, climate, and other factors when assessing a city's quality of life. Companies actively seeking to re-establish their brands through relocation efforts show customers and business partners that they are interested in keeping up and that they are able to meet current market demands. If you're at the decision point where you think you should move but you need a little more conviction to make that leap, here are 5 reasons why you should consider relocating your business:
- Expansion & Growth: The main reason a company decides to move is because its current facility no longer has enough space to meet its requirements.
- Labor & Labor Issues: Companies that need workers, particularly those with technical or highly skilled fields, are moving to areas where these types of workers are readily available.
- Reaching New Markets: Companies that provide a service to their customers must be close to their source of income.
- Reducing Costs & Increasing Cash Flow: Some states offer businesses tax credits or rebates to facilitate relocations.
- Quality of Life Considerations: Businesses evaluating relocation often consider recreational opportunities, educational facilities, crime rates, healthcare, climate, and other factors when assessing a city's quality of life.
