Determining a moving budget is a major part of the relocating process. As soon as your business makes the decision to move into a new space, you should begin drafting your budget. You will not be able to make decisions until you can actually gauge what all of your expenses will be and how much money you can put towards each step of your move.
These 15 steps will help you narrow down the issues and determine whether you can afford to start looking at new properties or need to stay in your current area.
- Define your culture: What is important to your employees? Where do you want to be working? What kind of office space is most suitable for your needs? What local products or services would your employees like to have access to? Are there any important amenities that you should look into? What does your office space say about your company?
- Evaluate your current office space: If your current space matches your needs, your budget, and your culture, then you don’t need to move. On the other hand, finding out what your current space is lacking can help you when you look at new places and judge them for what they really are, not what they look like at first glance.
- Build a team of professionals: Most likely, you are focused on running your business. If this is the case, you are not expected to know the ins and outs of your local real estate market, but with such a big decision, you also cannot afford to make the wrong decision. Get help and get help sooner rather than later. A great tenant representative can help answer your questions and guide you to your ultimate decision.
- Develop a timeline: Give yourself at least three to six months to plan and complete the move itself, but take as long as you need to find a location that’s suitable for your needs. For data and phone service, plan on 30-90 days. With office furniture, ordering, manufacture and install will be in the 45–120 day range. A solid timeline can help keep you focused and on track as you work to deal with your daily business.
- Settle on the requirements: There are a few things every business requires in order to function at its best. Do you need easy client access? Large conference rooms? These requirements help your tenant representative look for the locations that are able to exactly meet your needs. Figure out what those are for your company and make sure every location you look at meets them. If they don’t, then it’s time to move on.
- Decide on a final budget: Now that you know more about what you want, what you need, and how long you have, decide on a firm budget. While you most likely have a general idea of what you can afford, take the time to consult with your team of professionals and develop a solid, reliable financial plan going forward. This will undoubtedly shape every other step in your process and is the difference between a headache and a smooth transition.
- Begin research: Look at the options that are available to you and how well they fit in with your current requirements. From there, look at the offices that are within your budget—but don’t focus only on the most expensive location that’s within your budget. Remember, it is about your needs, requirements, and culture.
- Search: When you are ready to buy your first house, you rarely look for a day, make an offer immediately and close. It is usually a big decision because it is your home. The same holds true for your next office. Continue looking after you’ve begun your research. It will take more than one day to find the right office; so, don’t stop searching just because you think you might have found the right location early on. When you have a good sense of the direction you are taking your company, not just any space will do, so make sure you carefully weigh your options.
- Tour locations: Visit your potential offices in person, and make a list of alternatives. Be organized as you tour, take videos and notes, and re-tour your favorite two or three locations before making a decision on whether or not to consider them seriously.
- Create a detailed analysis of each property: Now that you’ve settled on a handful of properties, it’s time to focus on them a little more and ask yourself what each one can really offer your company. Take your time while reviewing them with your team of professionals and ask your employees about their preferences.
- Choose your new office: After doing all of the above, you’re ready to choose your new space. Don’t decide until you’ve completed the previous 10 steps, and if none of the properties were good enough, go back to step eight and keep searching for new locations. It is too important of a decision to settle.
- Negotiate your lease: You should have a good sense of what your potential lease cost could be during your serach, but lean on your tenant representative to negotiate the best outcome. Be sure to read the contract thoroughly and know exactly what you will be responsible for. Some companies try to go alone and many businesses fail to do this as well as they should, resulting in paying more than they originally anticipated. This step above all is where a good tenant representative can truly save your company money.
- Plan your move: Planning is a major key to a successful move, and understanding how to plan will ensure that your budget matches what you’re trying to do. Oftentimes this has begun in conjunction with your search process, and not long after the ink is dry on the lease, the heavy lifting and real coordination will begin. From planning to moving, consider these tips to keep your office relocation stress-free.
- Implement the move: After everything you’ve done to reach this point, you should be able to enjoy a smooth, efficient move that stays within the budget you set. However, it’s always possible for things to go wrong, regardless of your planning—if only because a car crosses a red light and crashes into the truck carrying all of your new furniture. You can’t plan for everything, but you can prepare to deal with last-minute problems as they arise.
- Review your move: You may not be in your new office forever, but everything you’ve learned will help you produce an even more accurate budget for the next time your office needs to expand.
Finally, don’t reach the point of tours and assume you’re close to finishing up a move. The last six steps that round out our list are some of the most time consuming. Instead, keep a steady pace talking about your needs and wants—as well as those of your staff. Tour 3-4 places, minimum, and always work with professionals acting only on your behalf.