Sometimes, your business’ property ends up not being enough, or even too much, for your business needs. When this happens, you usually face two options for change: relocation or renovation. Keep in mind that what you choose will depend on your needs and what you can cope with.
If you’re at this point and need help in deciding which of the two is the better option, keep on reading on reading to find out more. In this article, we’ll share four factors for you to consider:
In the most optimal of situations, your current location should be convenient to reach, have different amenities available, and have ample space for other needs, such as parking.
Of the two decisions, however, relocating is most affected by this factor. When you relocate, think whether the new locations provide enough benefits to justify the efforts. Is your new location convenient for your customers? Will it make your business more visible to new clients? Questions like these will help you figure out if relocating is required, or whether a renovation will be more than sufficient.
Whether you’re relocating or renovating, the costs of the property will always play a significant role in your decision. Such costs will typically include new rent costs, deposits, moving costs, and many others. Other costs may not be put in terms of money, such as the difficulty to reach your new location for both customers and workers or even the lack of nearby shops.
If you’re planning to renovate, make sure to consider all the costs that revolve around the supplies and labor into carrying out the project. However, don’t forget the cost of putting your business on hold while you’re renovating, either. If you take a long time to renovate, that cost can become overwhelming.
An important consideration you’ll have to make is determining whether or not your decision will benefit the future growth of your business. If you’re planning to renovate your company, think of how long the change will last for before you need to undergo another renovation again. If you’re relocating your company, think about how the new location can better allow your business to expand in the future. If the prospects aren’t promising for one, opt for the other.
Always remember to consider your customers when deciding whether to relocate or renovate. Keep in mind that not only will you and your employees be immediately affected by the decision, but even your customers as well. Especially if you’re relocating, you’ll have to consider how they feel about it.
The best way to know if the customer likes the change or not is by asking them whether relocating or renovating the business would benefit them in any way. Would the change force them to use another service provider? Would it attract more customers? These are the types of questions you need to ask to determine whether or not the customers are happy with your decisions.
Do note that most customers do not like it when they must give out their details to take part in surveys. Because of this, remember to allow them to be anonymous when providing feedback.
By considering these factors, you solidify your decision to either renovate or relocate your business. Remember, whichever option you choose, make sure that it will provide your business with plenty of new benefits that’ll help your business thrive and expand for future successes.
If you are looking for medical office space in NYC, get in touch with us to see how we can help with your relocation.