Renovate VS. Relocate – Which Is Right For Your Business?
There comes a time when every company must face the inevitable dilemma whether to renovate their existing workspace, or relocate somewhere else and start fresh. There are pros and cons to each, but neither one should be decided on a whim. Let’s take a look at some of the factors involved in making the right decision whether to stay, or go.
The Growth Factor
If your business is growing by leaps and bounds, then your decision whether to renovate or relocate could boil down to the space, itself. Is your current workspace large enough to accommodate a refit, or are you bursting at the seams with staff members occupying every possible nook and cranny? The answer differs for every single company, and it pays to take the time to determine whether you’ve outgrown your established space, or whether there’s room for a little more tweaking.
The Long-Term Factor
Determining your company’s long-term goals is a vital factor in making the eventual decision to stay or go. Project your goals into the 5 year space, and try to envision where you’re going to end up. Take into account your lease agreement, how it will coincide with the timing of your decision, and your eventual expansion. Will you need more floor space, another office, or a few more cubicles? Does your existing workspace clash with your branding style, or is it still a perfect fit? Questions like these can help factor in your decision.
The Location Factor
These days, top talent employees strive for the perfect (or as close as possible) work/life balance, and that means getting to and from work in the least amount of time. If your current location is situated in a less-than-ideal spot, it may pay dividends to pack up and go somewhere close to a major subway or bus stop. Similarly, a new locale could attract more clients to your business, especially if it’s situated close to a major social hub. Sometimes, location can play a major role in boosting the growth and brand awareness of your business. While you may be fine in your current spot, who’s to say that a change of scenery wouldn’t amplify your current success many times over?
The Cost Factor
This might end up being the very first thing you’ll consider when making your decision, and for good reason. Moving to a new space is a time-consuming, costly process. Yes, it can pay for itself ten times over, but there’s no denying the initial upfront costs associated with such a move. On the flip side, your costs may be better spent renovating your current space. Are you allowed to expand into the unit next to you? Can you take down a few walls? Is there adequate floor space to bring in modular open plan office furniture? Never forget that renovating an existing space will come with some distraction and downtime, so try to factor in whether some of your workforce are able to work from home, or another remote location while you tidy up the space. The small details will play a big role in determining which move is the correct one.
The Employee Factor
While employees cannot fully dictate any of your business decisions, it does pay to get their input, especially with the design process. If you decide to renovate your existing workspace, their feedback can be invaluable when it comes to shaping the culture and branding of your company as you move forward. Similarly, a new location is a virtual wellspring for fresh, exciting new ideas such as biophilic design and open office layouts. Remember to take their feedback into account regarding office furniture, as well. Try to determine a consensus among staff as to what kinds of desks, tables, chairs and workstations appeal to them, so you can create a more engaging and positive work environment. While your employees will never know the true cost of your decisions, they can help reduce the amount of guesswork you’ll find yourself faced with.