With British PM Theresa May poised to pull the trigger on Article 50 and formally signal the UK’s intent to leave the EU, you could forgive the business community for carrying a certain amount of trepidation.
This is not the case, however, with recent polling from YouGov and the Centre for Economic and Business Research (CEBR) revealing that business confidence remained at its second-highest level since the referendum vote in June. Confidence levels peaked at 111.1 in December, replicated November’s figures and highlighting a genuinely positive sentiment among British firms.
Despite this, there is no doubt that the UK economy faces an immensely challenging 2017, although the good news is that the majority of businesses appear to be in the right frame of mind to tackle the next 12 months head-on. The key is for firms to maintain a positive outlook while making informed and sensible business decisions, which in turn factor in the volatile nature of the economy.
If you were looking to relocate your business and select a new location in line with organic growth, for example, you would need to compare the market carefully to ensure that you get the best, and most relevant, deal.
The key considerations when relocating your business
It’s vital that start-ups research potential locations before deciding on a permanent new location for their business. After all, once you have chosen the right location, your chances of success will be improved greatly, so even if it takes a while searching it is important to prioritise getting it right ahead of anything else.
With help from GVA and other, online resources, you will be able to source the perfect property for your start-up in no time. Here’s what to look out for and the key considerations to keep in mind at all times:
The desirability factor is key. This includes everything from how close to shops and local amenities a premises is, what it looks like, the amount of space inside and its location within the UK. Being able to attract both customers and people to work for you is crucial and the desirability of your property has a lot of influence when it comes to this.
By far the biggest consideration, the cost of the property needs to be taken into account before anything else. Many factors can boost the cost of a property with its proximity to amenities being a major bonus. Sometimes it’s a good idea to compare the cost with the desirability factor to ensure that you aren’t compromising on any essentials. Other successful businesses nearby can increase footfall traffic if you’re a retail business so bear this in mind.
Considering how easy it is to access the premises via public transport is a huge consideration, as is the properties location to motorway links and major roads. Transport options are really important as they dictate whether people want to work for your business or make the effort to come to your business to arrange deals. Check out proximity to train stations, bus routes and trams if necessary to work out how accessible you would be as a business to those who don’t drive.
If your business is going to be located outside of a major city, then parking is a must. Not only does the kind of parking you have help to attract the right employees, it also makes things easier for deliveries and potential clients who may come to visit for meetings. Expensive car parking could prevent people from wanting to work for you and inadequate be off putting for those who drive and don’t want to leave their cars somewhere unsafe.
With all these factors to take into consideration, sourcing the perfect premises isn’t always an easy task. This is particularly true in the current climate, where the economy remains decidedly volatile.
Find the right area with a building at a suitable price, however, and you will be making a successful investment, which can lay the foundations for a prosperous and ultimately profitable future!