Despite the doom and gloom of the global marketplace, I’m speaking to many businesses that are thriving at the moment. Of course, for many this will inevitably result in a requirement for bigger premises. Or so you might think! Whether your business is expanding, contracting or pivoting right now, it may seem like moving premises is an obvious solution to your business challenges, giving you and your team a new lease of life (pun intended!). If you feel like your business is being held back by your premises, what you might not have considered is staying put. In this blog we’ll explore all the options available to you right now.
If you’ve already started your search, you might be questioning what kind of building to look for and whether it is even the right time to look. Depending on your current lease terms, if you already have premises, it can be challenging to determine the right time to start your search, particularly if you have a long notice period. Depending on the time of year or local market conditions, you may feel too much or too little on the market. If these questions have you nodding your head, then let’s take a step back and ask a different question.
The question is: have you considered staying? You might be able to solve your current business challenges by staying put. If you feel your business premises aren’t fit for purpose, an important first step is to revisit your business plan. Most of us regularly review our staff performance and skillset to ensure it’s fit for purpose, but do you do the same with your premises? This is a good time to ask yourself whether your premises are projecting the right image to your staff, suppliers, and clients. Does the premises best suit the business and team needs? Along with revisiting your business plan to understand where your premises fit in, consider how much potential extra value it could be delivering to your business.
In short, are your premises “working” for the business?
If you’ve revisited your business plans and the details of what premises you ideally need, are a bit scanty, here is a useful exercise you can do to get some clarity: treat your business premises like an employee and write a job description for it. Ask yourself what it needs to deliver, and whether it has the correct features, technology, and specification. How will your premises make a meaningful difference to your bottom line. Consider the environment your staff are working in – does it motivate/stimulate them? How will you measure the value it delivers? Once you have your ‘job description’ in place, it will be easier to assess your current premises, prioritise your needs as a business and truly understand whether you need to move, and what to look for if you do. Could it be made fit for purpose for a lot less than the cost of relocating?
A new building might not be the answer to your business challenges, but if it is, you need to know how to conduct a property search to find premises that meet your brief. For more much more detail and a handy workbook to guide you through this process, click here learn more about my online courses.