Expanding businesses often find themselves in need of new premises to accommodate their growing workforce and evolving operations, and choosing the right premises is a critical decision that can significantly impact the success and productivity of your company.
To ensure a smooth transition and optimal functionality, it is essential to consider several key factors when selecting a new space. This article will explore four such considerations for a growing company in search of new premises.
1. Availability of Sufficient Parking Space
Parking availability is vital, especially in urban areas where parking can be scarce. An adequate number of parking spaces ensures convenience and accessibility for your employees and visitors. A congested parking situation can lead to frustration, delay, and decreased employee morale.
Then, there is the question of parking management, along with the safety and security of the vehicles parked.
There are plenty of parking management services for a hassle-free experience, which comes with everything from surveillance systems, innovative parking barrier solutions, and more. This can be a great solution for midsize to large companies but can be too expensive for small startups.
When choosing new business premises, it’s essential to envision your company’s long-term growth, and as such it makes sense to look for a space that offers scalability and flexibility to accommodate your evolving needs.
Consider whether the layout can be easily modified to meet changing requirements, such as expanding office spaces, creating communal areas, or accommodating new departments.
In addition to this, it is also worth considering the culture of your workplace, and how this new premises would align with the same, for example, is it a closed door culture, with cabins, or an open, flexible office, with no cubicles?
Flexibility in lease terms is further essential, allowing your business to adjust the premises to match your future growth without being faced with an excessive financial burden. Lease terms should be such that neither expansion or termination of the agreement should cost the company dearly.
Location and accessibility are crucial considerations when choosing new premises, and the location of your office or facility can significantly impact various aspects of your business, including operations, employee recruitment and retention, customer access, and overall business success.
There are many things to look for when considering accessibility, such as the availability of public transport, the proximity to essential services, meals, and entertainment facilities, and most importantly, the average distance that your employees will have to travel each day.
Apart from this, there are a few other subtle factors pertaining to accessibility, such as the level of congestion expected in the connecting roads, and the location of customers, peers, and service providers, among other things.
4. Cost & Budget Considerations
As always, the financial aspects are the top consideration for most businesses, even the large well-heeled ones.
A new office premise comes with many different expenses beyond just the rent, including utilities, maintenance, taxes, insurance, customization and renovation requirements, among other things.
Once a clear picture of the damage to the bottom line is arrived at, it needs to be seen if a particular property offers value for money, in order for it to make sense to go ahead. When working with a range of potential alternatives, cost and budget considerations can be the deciding factor.
This further helps in negotiating better deals with realtors, developers, and building owners, while taking into consideration a broad variety of incentives, trade-offs, and more associated with one property over another.
As discussed above, selecting a new business premises is a critical decision that weighs heavily on the operations and performance of a company. This makes it essential to take a nuanced view of this entire process, with a systematic approach, and due consideration given to every aspect of the business, the property, and the needs of your employees.
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