Many businesses and their clients determine the success of the company by the premises from which they operate. However, this is starting to have less and less meaning in real terms. After all, a top floor office suite in the center of the city will be more financially valuable than a purpose built block on the edge of a small town. But we all know that investment for business needs to go beyond the price tag at times.
Your business will have unique operational needs. This impacts your choice of premises. Beyond the investment opportunity, you need to consider the best area to attract your skilled workforce. And you need to determine the size of property that will best suit your operational needs today and in the future. But how easy is it to accurately predict your needs in five years time? Sure, we all have goals and even dreams. Recent political events alone may have ordered a rethink.
Downsizing is another option, but one that is often overlooked. Downsizing may be suitable for companies that are looking to reduce overheads or cash in some of their property investments. It has other benefits too. You may be able to move your business to a new area that could offer new approaches to market and better access to your workforce. Downsizing can still be an upgrade. After all, technology and working practices have advanced so much. Many infrastructures cannot cope with it. A new property is needed, as is a different way of working.
More and more employees need flexible ways of working. Some of your staff may not even come into your place of work anymore. Technology allows us to work remotely all of the time across many different sectors. This means you may have a surplus of workstations in the office. Could this space be put to better use? Is it time to pack up your excess into storage units, and look for new premises?
If you don’t need the square footage, then why not consider selling and moving to new buildings that will better suit your business needs? A new building could be just the thing to advance your business and attract new customers. It might also be ideally placed to pick up the best quality employees to support your operations too. This could be the smartest move to develop your business, even though you are physically downsizing the property!
Moving from one property to another certainly draws many benefits. Of course, the upheaval could also be quite difficult to manage. Any new property investment needs to be fully considered. Taking professional advice is always recommended. After all, this is a long-term plan that you are trying to realise. It goes far beyond the PR and aesthetic appeal that may be generated from something fresh and new.
If anything, this new investment, regardless of square footage, might be the growth opportunity your business has been looking for. Pushing through into new markets could be easier with a physical move. Would you downsize to upscale?