There are many reasons that may drive the desire for business relocation. Often it is success, with a view to tapping into new markets. Sometimes it is to go in search of cheaper operations. Occasionally, it is just one person with a big idea looking to launch a new product onto the global stage. However, whatever the motivation behind the move, the planning should be the same. Here’s a guide that covers how to prepare for business relocation, for companies big or small.
Investigate key locations
First and foremost, you need to investigate key locations that might work for your business. Usually this will be a major city as this type of environment is perfect for nurturing companies to success.
Capital cities in particular are attractive for several reasons. The country’s most skilled workforce is usually found here which gives you easy access to the best and brightest local talent. Capitals also usually have a high GDP (Gross Domestic Product) and an advanced financial industry. Another benefit is a great transport network, useful for companies who have to go out on the road or have regular meetings with clients, and proximity to an airport suited to international travel.
Entrepreneurs starting out in the world of business will need to balance being in the thick of it with prioritising affordability. Often the most wealthy cities come with a high cost of living, so you may need to choose somewhere with more cost-effective options for accommodation and office space. When browsing less sought-after locations, try to choose places that still offer lots of opportunities within your particular industry, whether that is technology or tourism.
Examine your finances
Once you have a location in mind, examine your finances carefully. Work out exactly how much money you have to put towards your move while remaining solidly in the black.
If you are closing your existing office, don’t forget to take the cost of this process into account. You should estimate with a pessimistic outlook so that you are well prepared to cover the additional months of rent or high marketing bills that could be incurred if the space does not sell swiftly.
When you have a finalised figure, map out your financial plan for relocating. You will need to include business costs such as retail space, employee salaries, and product investment, as well as lifestyle costs like transport to your new location, in-country accommodation, and spending money.
Consider your workforce
Before you relocate or launch a new overseas branch of your company, you will need to consider your workforce – both your existing employees and the process of hiring new local talent.
Work with your Human Resources department to make sure that everyone in the company understands the details of the relocation – and what that means for them. Any impacts upon their usual working routine need to be clearly outlined, from changes in salary and job role to different working hours. Make sure that you give employees plenty of time to process the changes, especially if you are inviting staff to work in the new location or take voluntary redundancy.
While it is likely that much of your workforce will be made up of employees who are residents in your new location – especially in the long-run – it helps to have an experienced team on the ground to help get operations up and running. Choose senior co-workers whom you trust to make key decisions, making sure that collectively you can answer questions on finance, product, marketing, and management.
Secure a space
Before you even think about moving to a new country, you need to secure a space – for your offices and operations and potentially retail as well if applicable. You will also need to find accommodation for yourself and help to source places to stay – at least in the short-term – for your employees too.
To make sure that you find the right space, it is important for you to go to the location to view possible options in person. Be as organised with your time as you can: make appointments in advance of arrival, pre-book airport transfers that work well with your flights, and choose a hotel that is within striking distance of everywhere you want to see.
Research the culture
Last but definitely not least, it is vital that you research the culture before you move your operations abroad. Each country in the world has its own unique character, language(s), religions, and traditions, and it is important that you and your employees respect these at all times. Cultural understanding is a key part of ensuring international success for businesses of all shapes and sizes.
In preparation for meetings and interviewing new staff, gen up on how to greet people properly. There may be complex rules around physical touch and eye contact and the correct terms of address. Paying attention to small details like this and learning a little of the language will go a long way towards earning people’s respect and establishing a good name for yourself and your company in your new location.