Relocation is a great sign indicating the growth of business. However, it is not an easy project to undertake especially when considering the cost associated with it. Deciding a budget when relocating a business is one of the most crucial and yet hard to achieve goal. With all the investments that go into an office relocation, it is crucial for it to bring positive results for the business and contribute towards profitability. It is important to make the right budget for the office relocation and using the moving cost calculator, click here to access, and is the best approach. Here is how you should budget for your big office relocation in 2024.
Plan the move
First thing first, you must start planning the move as early as possible, it is recommended that the planning must start at least 1 months before your intended move. The pan must be detailed considering all aspects of the business including:
- What people would be moving with you?
- What and how much office furniture will you move?
- How will you manage productivity during the transition?
- Will you hire professional movers or try the DIY approach?
As you answer to these questions, you will have a clearer picture of what you may expect from the move and how to prepare for it. The right planning takes you one step closer towards making an accurate budget estimation.
1. Finalize the budget and specifications
Make an outline of the budget which will serve as a benchmark to compare the costs at different phases of the move. Know what all aspects of the business need cost estimation and set up a benchmark for each one of them. From yearly rentals to suppliers’ costs and cost of utilities and more, you must be well prepared with the cost of all types of aspects of your business. Find quotes for everything and compare to get the best services from the providers.
2. Find partners for different tasks
You cannot single handedly deal with all the work associated with the move. It is important that you find the right business consultants to help you find the right office space, movers to help you with the move, tech experts for effective office setup as well as design experts to design and establish a functional and positive office environment.
If you are relocating a business for the first time, you must take expert advice on priority. This may include some additional expenses but will ensure that you make the right decision to earn long-term profits.
3. What is good- using old or buying new?
When considering cost management, there are many effective ways to try. Buying new furniture and disposing off the older one can be one of the major costs that you would account during the relocation. Here, it becomes crucial for you to decide what you want to do and save money. For example, you can make money by selling out dated furniture and tech items and use it for buying more dependable and durable assets. On the other hand, you can use the same old belongings in the new office and save for now where as buy new as and when you feel financially comfortable. Always compare the cost of disposal or transportation against the cost of buying now equipment before you make any decision.
4. Plan for the future
Relocation indicates that your business is growing and naturally you want to expand further and further, as much as possible instead of planning another relocation project in coming years, you must plan ahead for the needs of your growing business in the existing move. Do not just consider your current requirements when evaluating your business relocation aspects such as location, technology and more. Instead, foresee your future requirements and find a reliable business relocation plan for long-term efficacy.
Hidden moving costs to watch out for:
As you budget for your office move, you must be very careful about making all kinds of moving ad related costs in account. The last minute hidden charges are the most upsetting ones and must be watched out at all times.
1. Service charges
Service charges are the most dubious ones and you must know about them. Know if you are liable to pat for the service charge related to office maintenance. If you are, you must check the cost associated with the project. It is important to note that service charge increases on an annual basis ranging between 5-10%.
2. Premises survey
Do not skip on a premise survey as it can take you to a pit of endless expenses. A building survey will help you know the integrity of the building before you decide to shift. Before you sing the lease, you must know everything about the costs associated with the building that you will have to handle in future.
3. Rent increases
Many time, business owners fail to take the rent increases in account. This is a huge oversight as rent makes a core expenses in your Profit & loss statement. You may face a lot of competition when finding an office space with great market value. However, do not jump in whatever price you get and instead negotiate and compare for the best rental price for an ideal business office.
4. Schedule of conditions
The worst that can happen to you when moving an office is to move into an office that is not perfect and paying for the shortcomings when moving out of the building. If the office is not fully refurbished, you must click pictures of the condition which you can use as a proof for later evaluation of the building. It is also recommended to draw up a Schedule of Conditions (agreed by both tenant and landlord) and append it to the lease.
Office relocation is a complicated process and t s crucial to attend the monetary aspect of t on priority. Hope the above mentioned budgeting plan will help you achieve the best budget, Moreover, the hidden costs are something that can ruin even the best relocation plans, be watchful to them and have a safe and successful office move.