Moving 101
Ensure your business makes the best location decisions. An evaluation of too many locations requires a much more complex assessment, a longer lead time, the involvement of more interested parties, and a great deal of planning and follow through. A preliminary selection of a few primary sites minimizes the final selection process.
1. Get with the Plan.
Develop a strategic real estate plan that clearly determines the location criteria. Get a clear direction from Corporate Leaders/Owners of what their short & long term goals are and the overall course to get there. Determine who is needed to be part of the in-house relocation team & outsourcing experts:
Plan effective strategy meetings with those involved on a regular basis.
2. Quality & Quanity of Labor Force
A critical aspect of any location comparison is the labor force. Not only does there need to be sufficient number of people available to staff the operation, but also they must be sufficiently skilled, educated, or at least, trainable for the job at hand. This type of demographic assessment is one of the most critical value-adds that real estate location can bring to the table.3. Best Business Environment
The definition of a "supportive" environment will differ significantly depending upon what type of business is involved. Access to various forms of transportation, education levels, business friendly local government and various tax rates will be the minimum criteria assessed against each location.
Click here to see a Letter from the Mayor of Bainbridge Island
4. Supplying the Good Life
Quality of life issues have become more important as the labor force shrinks, markets become more competitive. Studies show that for most of the post-baby boom generation, quality of life issues often outweigh compensation. Assessments of an area's cultural offerings, proximity to vacation destinations, climate, cost of living, schools available, and intellectually stimulating environment are often critical.5. Infrastructure
Issues such as transportation plays a significant role in geographic comparisons. Assessment of transportation density, technology services, support, delivery services and freight access are prime considerations.
6. Don't forget the Incentives
Incentives can take many forms, some examples: Tax abatements & credits; tax increment financing; grants or direct payments; loan & loan guarantees; technical assistance; educational programs; operating offsets. There are many local banks prepared with many great financial programs. When expanding or relocating into a new area, any company will add value to a community in many ways.
A good incentive package will be a win-win situation for both the company and the community.
Site selection is no longer finding the right building, but providing the most seamless, efficient, and cost-effective working environment. While evaluating how each area stacks up against the location and facility criteria, it is equally important to develop an appropriate scale for these criteria. Without an effective matrix, into which the data can be input, it would be very difficult to obtain valid output that meets the company needs. By planning with your architect, interior designer, real estate broker, facilities team, movers and the in-house relocation committee, consensus will be reached that the right decision has been made for the firm and the employees. Moving out will translate into moving on to a better business environment and a better quality of life.
