Renovate, Expand or Relocate?

The business location and building size that was perfect for your firm in the past now make it a struggle for you and your staff to perform the daily tasks that need to be done.

Hence, the questions posed in this post's title are of critical importance... either expand and/or renovate at your current location if space is available, or relocate into a different facility at a new location.

Should we stay...
In order to make your decision you must first perform a thorough evaluation of current operations at the existing site. Some of the factors to consider in making this decision include:

• Is there sufficient real estate to expand?
• Does the existing location have access to a good work force?
• Is the business climate competitive?

Or should we go...
If the decision is made to relocate to a new facility, both the area where the existing facility is located and additional locations should be analyzed as part of the due diligence process. 

Whether moving in close proximity or further away, key criteria must be explored, analyzed and evaluated to ensure that the company makes the best decision for today and into the future. 

Some of these issues might include:

• Willingness of team members to relocate and associated costs
• Timeframe for the move
• Potential downtime
• Zoning and land-use issues

For additional perspective, you might like to read the full article...