How location impacts your business and bottom line
Your business location should help recruit talent, aid in business growth and assist with your distribution needs. Learn how the location of your business impacts your bottom line.
Considering a new location for your operations, or relocating to an alternative site? Choosing a work location isn’t something to take lightly. While it can be exciting to view new buildings and plan for upgrades, your company location is a decision that requires careful consideration.
Business location can make or break the rest of your business goals. Choose the right place and your employees and operations will thrive. But, choose wrong and you risk losing millions in talent, capital and other investments.
When deciding on a location, consider these three factors.
1. Talent attraction and retention
Businesses of all industries and sizes are facing a similar challenge—attracting and retaining top talent. Today’s workforce wants an environment that is attractive, productive, comfortable and in close proximity to home.
A study on employee commutes found that adding 20 minutes of commute time per day bears the same effect on job satisfaction as a 19% pay cut.
Your location should satisfy specific needs for both your current labor profile and the employees you are trying to attract if you want to be a competitive employer.
2. Business growth
Whether your business goal is to hire 100 new employees, expand into a new market or simply increase productivity, your space must accommodate these needs.
Evaluate requirements such as size, utilization, flexibility and timing of your current or potential location to plan for a space that suits your business.
Without this vital forward-thinking approach, you could end up investing in a space that won’t satisfy your long-term needs.
3. Distribution needs
As e-commerce and logistics rapidly advance, so must supply chain management. Businesses with an industrial arm must consider a location’s proximity to rail, road, air and water access.
Human-centric design is penetrating warehouses, as well. Businesses are now creating comfortable industrial spaces with the amenities of an office building to improve employee satisfaction and increase competitiveness among skilled labor employers.
The International WELL Building Institute suggests prioritizing these seven features for a facility that attracts top talent: air, water, light, nourishment, fitness, comfort and mind. For example, human-centric design could include numerous, well-placed restrooms or workstations designed to increase efficiency with an employee’s specific job function in mind.
Business location is only one facet to consider
It’s clear that to set your business up for success, you must strategically tie your location to your business objectives.
But, what about other important workplace considerations?
The workplace has changed. Does your space actually work for you?