Business owners are frequently trying to find ways to cut costs without disrupting worker productivity and morale. And while there are many ways owners can go about achieving these goals, one such solution is often overlooked: changing business locations. We have chosen some key clues that may help you realize that the time to make the transformative decision to reap the benefits of moving your business location is now.
1. Your employees are working too hard, and stressing too much.
There is a lifestyle balance that many people strive for, but few people achieve. Ask yourself these key questions: Does your current location inspire warmth and comfort for your employees? How does your region’s cost of living, personal tax rates, weather, traffic, and other issues affect your workers’ quality of life?
2. You spend too much of your gross revenues on corporate taxes.
You’ve worked hard to nurture your business to profitability. Is your state and local tax rate occupying too much of your hard-earned profits? Not all state corporate tax rates are the same, and finding the business locations that have lower rates could be quite beneficial to your business’s bottom line.
3. You are burdened by your transportation costs, and you have limited access to all modes.
How proximate is the highway system, and can you access major highways easily? Are you close enough to access the railway infrastructure? What is the closest airport, and is it available to you? What is the nearest deep-water international port, and can you use them to ship your products throughout the world? Finding a business location that enables you to access all methods of transportation — air, rail, truck, boat — eliminates distribution as an obstacle to growth.
4. It takes too long and too much money to attract qualified, talented workers to join your company.
Does the region you’re in now produce enough well-educated, trained workers who can help your business thrive, or do you invest too much time and money to train people who often need weeks or months before they are ready to contribute?
5. State regulations, permits, fees, and red-tape is hindering your ability to grow your business.
Do you feel like your state is an obstacle to your profitability or a partner? Are you getting tired of “fighting City Hall?” Finding a business-friendly place where state and local officials work hard to ensure your business thrives, rather than hinders it, can help your business thrive.
Changing business locations is not always the first solution that comes to mind when owners seek to cut operating costs. But if they choose the right location, it could be the best business and quality of life decision they ever make.