Relocating your office is never an easy decision and your current space may or may not meet your business needs.
There are several factors to consider and the impact to your business, to your employees, and to your clients are of equal importance. Before you begin, you must conduct an objective analysis of your growth goals for the next 12, 24, and 36 months. Once you have conducted your analysis, you will be faced with the following questions-- do you need more or less space?
Impact to Your Business
If you know that in 24 months you will be adding one or two additional team members, that decision will directly impact the type and amount of space needed. You cannot plan for your future growth based solely on your existing organization. Of-course cash flow is critical but committing to a lease that no longer serves your needs two to three years out may not be in your best interest.
Conversely, the cost of office space is often one of the top five expenses when running your practice. Once your dream team is in place and meeting your business goals you may decide, based on your analysis, that your current space is too large. For example, your projected growth goals originally called for 5,000 square feet; today your capacity utilization requires only 3,000 square feet to be efficient. Should you opt to downsize your space, this strategic decision affords the opportunity to maximize profitability by increasing cash flow retention.
Beacon Partners can help you navigate through the process of analyzing the impact of relocating your office and the benefits to your business, your employees, and your clients.