Firms could be missing out on new business opportunities and failing to attract top talent because they are in the wrong office.
The commercial property experts at LondonOffices.com have listed seven important signs that you might need a new office, and amongst them is the fact that your stuffy and overcrowded workspace might be holding you back and limiting business opportunities.
Your company’s office, headquarters or workplace is the centre of activity and catalyst for your entire business, and when you’ve invested so much time and money into your premises it can be hard to recognise when it’s time to move on.
But if you want to attract the best talent, improve your facilities and ultimately make more money, it might be time to take the plunge and start scouring for premises that better suit your business’ individual needs.
Chris Meredith, CEO of LondonOffices.com comments, ‘There are a number of reasons a business owner might be looking for a new office space.
‘Most of the time, it’s because of a contract that’s due to expire, but often it falls down to vast growth, lack of facilities or a bad location.
‘So, if you identify with any of the point on this list, it’s probably time to consider placing roots elsewhere.’
Here are seven signs you need a new office:
You want to attract the best talent
A company’s office space can provide a sneak peek into its stature and culture. Anything from its financial health to its work philosophy can be expressed in its physical space, which is why some of the most celebrated companies in the world are often recognised for their outstanding workplaces too.
The best and brightest will want to know that they’ll be working in a physical space that’s comfortable and appealing, and they’ll get a good impression from their first visit, so if you’re looking to employ the best people, make sure you’re providing the best workspace.
You’re at maximum capacity
Sometimes, companies simply cannot take on more business because their small office space is restricting the number of people they can employ to do the work.
Plus, cramming increasing numbers of staff into a stuffy and overcrowded workspace will only reduce productivity and morale.
If your company has grown exponentially, then free workspace can quickly become an issue and the lack of space might hold you company back. So, staying put could actually cost you work and money.
You don’t have the appropriate facilities
When you first moved into your current premises everything was fantastic and the company had everything you could ever dream of. But now years down the line, your business and workforce has grown, and your workspace just isn’t cutting it anymore.
Perhaps there aren’t enough parking spaces for your staff and client visitors, or maybe you’re simply being swamped by extension cables due to a severe lack of power points.
Whatever the reason, if your office facilities aren’t up to scratch, it might be time to pack up and move on.
Location, location, location
Do your clients and customers repeatedly complain that you were hard to find, despite having your address on your website and Google Maps? Even worse, maybe people know exactly how to find you but they’re not willing to travel to a million miles to you, but you’re located in the middle of nowhere.
Moving to a better location will allow you to bring your products or services to the people that need them, rather than expecting them to come to you.
Your team is unhappy
If your staff is unhappy in their work environment, then it’s time to make a change because the bottom line is: unhappy employees are unproductive employees.
And if construction on your current premises is going to postpone projects, staff raises and bonuses, you might need to consider moving entirely.
Perhaps recent changes to your industry have required you to make unplanned investments in new technology or marketing. To compensate for the additional expense which is going to get you ahead of the game, you might need to drastically reduce your overheads, especially if you’re a small business.
Reducing rent and utility costs by moving to a more affordable office can keep you in the black – and is space for a pool table or numerous pinball machines really necessary?
Change is good
A change in your environment is sometimes reason enough to want a new office.
Working in a new environment is restorative and can make a huge impact on the efficiency of both you and your employees.
Being open to change and adapting to it can make you more flexible and thus improve your outlook on life and your career, and in turn this change of character and environment can open new doors and opportunities for your business to grow.