Moving your business to a new premises is a huge commitment. Whether it’s to cut running costs or expand your operations, relocating your company isn’t something to be taken lightly. Yet with a more upbeat feeling growing within the economy, a change of scenery could be a real catalyst for growth. Here’s some reasons why:
You May Get Tax Relief
If you’re lucky enough to be able to relocate to one of the UK’s “Enterprise Zones” your business could be entitled to some hefty tax relief. To quote the official government site: “By locating your business in an Enterprise Zone, you can claim up to 100% Business Rates relief (worth up to £275,000) over a 5-year period. In some Enterprise Zones there are also sites available where you can claim Enhanced Capital Allowances for investment in plant and machinery.”
It’s also possible to claim lease payment holidays and development funding in some areas. This makes the idea of relocating quite a tantalising one if you’re in the right sector.
You Can Get a Technological Advantage
If you’re running at the limit of what your local area can offer in terms of technological support for your business, you may find that growth is massively spurred by moving closer to industrial estates and zones that focus on high tech industries. You’ll have greater access to complex systems and tooling, as well as being closer to the source of emerging technology.
You’ll Be Closer to Distribution Centres
This one may not apply to all businesses, but you can speed up your distribution processes and massively cut costs by being near to a major shipping or distribution hub. eCommerce businesses in particular would benefit from being close to a shipping centre.
You’ll Be Closer to Your Customers
The internet has led us to believe that it’s possible to work from anywhere and retain a worldwide client base. That may be true, but in many industries it’s prudent to locate near to your client base. For instance, if you’re a small, high tech manufacturing company that serves heavy industry, you’re probably not going to do so well if you’re located in a rural or tourist orientated area. It might be cheap, but growth will eventually stop.
What If You’re a Startup?
If you’re just at the stage of planning a startup business, it’s really important to consider all the above points and carefully plan where you’ll locate your business so that your growth isn’t impeded and you don’t have to relocate in the future. www.garethhjames.com, a local businessman agrees, saying: “It’s so important to choose the right location for a startup. You need to think about your customer base, the local supply chain, and even whether it’s the right place to secure investment and training schemes. It’s a tough decision”.
Whether you’re relocating an existing business, or hunting for the perfect place to base your startup, finding a new location for your company is a daunting process. Get it right though, and you’ll see some major cost savings, a massive boost in efficiency, and eventually, steady growth within your industry.
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