Many businesses will experience this at least once in their lifetime, and it is outgrowing their current home and needing a bigger workspace, or one that at least fits their needs better. Think about a few of the world’s largest companies such as Apple, Amazon and Google, all of which started out in their founder’s garage and now occupy offices that make some malls look small. Whilst your business may never reach such heights, you may very well find yourself outgrowing your current space, and while changing office space may be an easy decision, the process rarely goes as smoothly as expected. Here are four signs it is time to move into a new office space.
You lack space
This could be the most obvious reason a reason may decide to move office. Is your business expanding but you are unable to expand your workspace? Do you need new employees but have no space to accommodate them unless they work standing up? These are two tell-tale signs that you may need to move to a bigger office space. Occasionally you may be able to improve the current office’s efficiency by, for example, implementing room scheduling software, but more often than not, this is just going to delay the inevitable. Aim to make quick and calculated decisions before the consequences of moving late become expensive.
The lease is about to expire
As you near the final 12 months of your lease, it is wise to begin considering whether or not to extend. Sometimes, it may be out of your control. Maybe the landlord will decide to renovate the space and increase the rent, or maybe you see the business outgrowing the space by the time of renewal. An expiring lease is a good reason to start looking for alternatives, especially if you and your landlord don’t see eye-to-eye on certain criteria.
Your location is not ideal
For small start-ups, maybe it is more reasonable trading off the location for cheaper rent, but as you grow, you may start to realise the effect that a good, or bad location can have on your business. Are you too far away from your clients and suppliers? Is your location too difficult to access and therefore making it harder for you to attract the best employees? All of this should be taken into consideration when deciding whether or not to move your office.
The office is outdated
If you’re a modern start-up, then naturally you are going to want an office that matches your brand, and if your current space is far from this, then it might be time to consider moving. It is important to find the right balance when searching for a new place; it has to fit the budget, space requirements and fit your company’s profile. Having a city-centre location won’t be enough to compensate for an old office that doesn’t match your company’s image.
Look out for these four signs that your business might need to find a new home. Of course, there may be other reasons aside from those listed above, so you should always assess your options carefully before making a decision.