Relocation and expansion of business needs to have a careful analysis and consideration. It can be from downtown to the suburbs or from one city to another. The transfer could impact the stakeholders and can affect financially in the short and long term. With this, a careful and organized plan should be constructed. A checklist with a moving timeline is all you need.
The suburbs and small communities around Chicago have a strong business climate because of a good collaborative spirit. Most businesses in the area are growing and becoming more sustainable. One factor would be is that Chicago is surrounded by a lot of universities that makes it a good breeding ground for entrepreneurial talent. It is why many graduates and entrepreneurs start in the area.
Most of the best places to have your business are in the suburbs of Chicago. Most are in northern Illinois which is located 15 to 30 miles from downtown. In their analysis, these places are:
- Oak Brook
- Itasca
- Lincolnshire
- Countryside
- Deerfield
- Elk Grove Village
- Burr Ridge
- Northfield
- Lisle
These places have an estimate of 5,000 – 33,000 in population. These places have the highest potential in growing a business. Most of these locations have low unemployment rates, a high number of paid employees, better housing, and high average annual income. Thus, moving and starting in these areas is a good business plan.
Things to consider before relocation and expansion.
Before looking into the checklist, and having a concrete plan for relocation and expansion, there are many things to consider that should be mentioned in your meetings and that should be a focus of concern.
Cost
First to consider is the cost of relocation and expansion. The greater the distance, the higher the potential cost of moving. It also means that the larger the office area, the larger the cost. Next to consider is the overhead cost of the new location and how it affects your day-to-day operations. It includes the mortgage, utilities, shipping, and wages.
Employees and the Stakeholders
Check the statistics of the population in that area. Always consider the employment rate. It is an indication that it is a good location when the employees are all satisfied and have good access to work. Accessibility of the business location is always a consideration for employees, especially if it is easy to locate. Another is its proximity to other establishments and mode of transportation. If it has a good parking lot, and if it is close to clients and customers.
Taxes
Assess the tax situation of the new location. It depends on the area, but it is important because taxes could have a great impact on your business in terms of profitability. Some receive tax credits for having an office in different areas. Make sure to weigh all of this in relocation.
Customers
Customers keep your business alive. Relationships with the clients should be in consideration because moving closer to clients affects cost savings. Impact of customers also could lead to an increase in the cost that may be due to increase overhead or decrease cost because of your proximity with customers.
Growth Potential
It should always be for long-term impact and not just for a short term. Assess if your business can handle a large labor pool that is needed for your business. It is not a problem if the new location is surrounded mostly by business professionals.
Relocation and Expansion Checklist with Moving Timeline
There are many things to consider in achieving a smooth transition of relocation. In relocation, planning, communication, and preparation is always the key.
Initial Consideration
These are the things that need to be considered first on the checklist:
- Establishing the moving budget
- Determine the location and size.
- Assign in-house Moving Manager being the point person in coordination with the company’s moving coordinator.
- Compare moving estimates.
- Establish the timeline and the final date of the move.
- Specify the list of needs.
- Coordinate with the broker
Five to six months before moving.
- Review the commercial property lease.
- Setting a budget
- Getting quotes from moving companies
- Assemble a planning team.
- Designing of the new office plan
- Auditing the furniture, machines, and other equipment
Three to four months before moving.
- Locking the date of moving
- Notifying the current landlord
- Creating a moving plan
- Assigning responsibilities in the team
- Notifying all the employees about the move
- Notifying partners, suppliers, and investors about the move
- Check and hire an interior designer.
- Sorting things and throwing old materials.
- Getting insurance quotations for new space
- Order specialized machines and equipment
- Obtain bid for movers, voice, and network cabling.
- Contacting your phone and internet providers
- Changing the address for the post office
- Contact and notify your current vendors about the move.
- Ordering and making new stationery or business cards.
Two months before moving.
- Arrange for the installation of phone and internet.
- Plan on setting up the computers and IT systems.
- Audit of key, parking spaces, and employee cards.
- Discontinue the remaining services on the current office.
- Purchase new furniture and equipment.
- Use some offsite storage if the new office does not have space.
One month before moving.
- Create a master list of key contacts at the old and new locations.
- Reconfirming of the move date.
- Map out of the detailed floor plan.
- Label all the furniture, machines, and equipment
- Collection of moving supplies.
- Transferring of utilities.
- Change the address on the website and email signatures on all computers.
- Confirm the minimum requirement for the server room.
- Schedule the activation time in the new location.
One week before moving.
- Survey the new location.
- Remind all the employees to prepare for the move.
- Load up all the packing materials.
- Safeguard all materials.
- Make a backup of all the important data.
- Check the condition of all the furniture, machines, and equipment.
- Finish all the packing and labeling.
Moving day
- Set up the office.
- Turn all the lights on.
- Plug all the computers, phone, internet, and all IT systems.
- Inspection of the new place and document if there are any damages.
After the moving day.
- Test all the phones, computers, internet, cable connections, and IT systems.
- Confirmation of the terminated lease and update about the change of address.
- Designate tasks in terms of unpacking and removing tags on furniture, machines, and equipment.
Moving from a new location and expansion of a business can be stressful and difficult. This moving checklist with a moving timeline makes your relocation easy and enjoyable. Plan and use this checklist and have a smooth and organized relocation.