What is the key to identifying the right business premises?
Getting set up in some quality office space is a key factor that every growing business has to consider at some point.
But it is also important to make sure that you acquire an appropriate amount of space for your specific needs. So, how can you do this? What other factors come into the equation when you are trying to identify the right premises for your specific needs?
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.
Assess exactly what is available
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 fell into lpa 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.
Contacting an insolvency specialist
It can be difficult to assess how much financial trouble your company may be in as many directors and company managers are unable to look too far ahead into their financial future.
A restructuring and insolvency specialist can assist business leaders in making crucial decisions that will determine the financial future of their company.