It is evident that relocating a business includes expenditures that extend beyond physically removing office furniture, file cabinets, and office equipment from one location to another building, zip code, or state. The logistics and expenses involved with office moving could make just about any business owner excited and conjointly apprehensive about relocating. However, a thoughtfully contrived budget can be the best way to better your chances of having a smooth transition of your business from one place to the next.
Money management of the direct costs and financial preparation for the hidden ones can help significantly in mitigating any potential blow to your business’ bottom line because of the move. The “hidden” costs come to the surface eventually and get referred to as being obscure because they are expenses easily unconsidered when initially planning a move.
Eight Main Budget Costs and Considerations When Relocating
1. Contact service providers, such as phone, the internet, and cable so you can determine the pricing for connection and disconnection fees, early termination costs, and so forth.
2. Once office movers have seen the items at your existing space which needs relocation, take bids from various moving companies to decide which one to hire. You should start obtaining bids as soon as you have gone through your property and decided on what of your business belongings will get sold, discarded, or donated and have completed an inventory of what is remaining that still needs to be relocated. Try using a site like cheapchicagomovers.net to simplify the process of gathering moving company bids.
3. How much will it cost for printing or publishing new media, whether it be print (i.e. business cards or banners) or digital?
4. Add up how much you will need to pay out for deposits, move-in and early lease termination fees, broker fees, and space reconfiguration costs.
1. Insurance Coverage – Check with your provider to see if you need to purchase more insurance to protect valuable items, or additional coverage for potential damage, theft, or loss of property during the move.
2. Revenue Loss – Consider how the move will impact operations and your ability to service customers and maintain the core function of your business. Having a good contingency plan in place will minimize the hit on returns during the relocation process if downtime is unavoidable.
3. Productivity Loss – Calculate the billable business or sales you stand to lose throughout the move which gets replaced with employee hours used to plan, prepare, unpack, and set up the new business at its new location. Helen Dennis, co-founder of the firm relocation company, 300 Decisions, says it takes up to 1,000 staff hours for mid-size or small businesses to see a move completely through.
4. Miscellaneous – Be sure to put aside funds for incidental costs such as security, vending, or cleaning services, to name a few, which may be essential to get started at your new place.
The important thing to remember when preparing to relocate your business is that meticulously planning and budgeting is critical. You want to ensure that every little detail of the move is considered. The primary objective with a relocation budget is to uncover as many “hidden” costs as possible.