Securing the right spot for your business
As an enterprise, choosing the right spot for your business premises is a tough decision. Aside from financial factors such as rental or purchasing costs, directors need to take into consideration whether their staff and clients are comfortable working or visiting the area. Be it in an industrial, commercial, or retail industry, securing the perfect spot for your business should be a vital topic in your company's operational business plan. Here are a few examples of what you should be on the lookout for:
Where is the premises located?
When dealing with property, location is everything. This mantra applies significantly more to a business property than a residential property for the simple reason that your business will generate income and see more success if it is in the right spot. For instance, having a surfboard retail store near the beach in Cape Town is bound to attract more customers than it would in Mpumalanga.
The size of the premises is also important. Bear in mind that what you require now may change as the business grows. You do not want to be wasting money on unused space if the premises are too big, and if it is too small, then you will have to move out before your lease has ended.
Take note of the operational costs as well. These are the expenses associated with operating and maintaining your business. Address costs such as water, electricity, security, cleaning, landscaping and general day-to-day maintenance of the premises.
Is the business premises easily accessible?
Examine the needs of your business thoroughly and ask yourself will the chosen spot be convenient enough. Take these factors into account:
Is this spot on a delivery route?
In most cases, property costs are steeper in an area with high density commercialised activity than locations which are more out of town. While you will save on rental costs, you may fallback as a result of poor transport links. Aim to find a spot where your suppliers can effectively deliver on time.
Will my clients be able to locate the business easily?
By the same token, if your business is customer orientated, ensure that clients will not have a tough time getting to you. It becomes quite an effort to go out of one's way to purchase goods or services when the majority of the time there is a closer competition or it can be done online.
Is there public transport for my employees?
A good location is often a critical factor when recruiting the right people for your business. Employees also look at factors such as convenience, proximity to home, traffic, public transport, and the likes.
What about security?
A smart move would be to find out about the types of crime that are taking place in the area before you sign a lease or offer to purchase. Online news articles and speaking to police as well as to neighbouring businesses will give you better insight on crime in the area.
Make sure that your employees understand and comply with the security and safety procedures stipulated by your company and the rules and regulations of the business area. Your employees will also be at ease knowing that there is safe parking for their vehicles while they are busy at work. Further common security measures include electronic security systems, alarms and CCTV surveillance.
Safeguard your business and your contents such as computers and vehicles by taking out a good insurance deal. Insurance companies will also advise you on what safety measures to take with regards to the area and the nature of your business.