Making a decision on business premises – what to consider
Have you ever considered the potential importance of deciding on business premises? It might not be the first thing that springs to mind for an SME to consider, but it could have a significant impact on how successful you are down the line.
There are a number of additional factors to consider aside from purely looking at location. For example, you could decide to go with something which is too big for your needs and the extra rent required might force you to under-spend elsewhere in the business. If this is the case then significant business restructuring might eventually be necessary as a result.
Take your time before making the big move
If you are certain that the time is right for expansion, it is important to carefully assess all of your property options before you make a commitment. It is worth considering the fact that the commercial property market has changed a great deal in recent times. A number of properties have recently fallen into receivership as a result of rents being too high and companies over-stretching themselves in a desperate bid to expand.
However, in today’s market there are a number of conditions that SMEs can look to take advantage of. For example, there is evidence that there are a growing number of empty properties in locations which are not considered to be ‘prime’. Landlords are keen to fill these as they are losing money on them, which could potentially lead to an SME securing a good deal if they know where to look.
Cutting your cloth to suit your needs
Any growing SME needs to assess staffing requirements on an ongoing basis as things develop. The same attitude needs to be applied to your office space requirements. Sometimes a business will develop at an unexpected rate and you may need to act quickly to secure larger premises to accommodate your requirements. Of course, this is a great problem to have on your hands but that doesn’t mean that you can drop your guard in dealing with it.
By Phil Smith