The process of choosing an office building for your expanding business is not as cut and dry as many business owners think. There are a plethora of factors that decide whether the office building is a positive addition to the business or a poor investment. Businesses differ immensely with some relying on email to communicate without the need for foot traffic in order for the business to be successful. Businesses like that of restaurants need a decent amount of foot traffic to succeed as consistency in the restaurant industry could not be more important. There are plenty of things to consider when picking an office building and they are as follows.
Is It Time To Expand Yet?
The best thing that a business owner can do is to keep monthly expenses as low as possible. For this reason plenty of people have started businesses from their homes as it is cheap alternative to an office and can even be written off come tax time. For those businesses that simply have outgrown their current office should take a look at whether certain employees working at home permanently impact their overall performance. Not only does allowing people to work from home reduce the need for more space, it is also viewed as one of the best perks a job can offer. Virtual offices are an option for those businesses that only need a conference room or office for meetings a few times per month. Take the time to list out the pros and cons of picking a larger office space for your business as you might see that it isn’t quite time to make that move.
The location of the office is important for some businesses while it is not as big of a factor for others. For those people in marketing or advertising an office in Metro Manhattan allows the business to flourish as it is in a hub of the industry. Being in a large city can come with large rental fees for an office but the ability to set up meetings all within blocks can be invaluable for certain employees. The ability to pitch multiple prospects per day without worrying about traffic or other commuting issues can allow a sales team to maximize their pitches thus increasing sales. For those businesses that primarily pitch on the phone or have clients all over the country it can be wise to rent outside of the city to save money.
Amenities The Office Building Offers
Keeping employees long term can be tough but it is essential for the future of a business. Training new employees not only costs money but does not guarantee the employee will be successful or stay with the company for years to come. Perks tend to help increase employee loyalty and the amenities the office building offers can contribute to this loyalty. Having a gym at the office not only can make employees happy but it can also get them into the office at an earlier time. Parking is another amenity that can be worth its weight in gold in certain cities where parking fees are immense. Other amenities could be an office park restaurant so employees do not have to leave the office for lunch if they do not want to.
Potential Business Relationships With Other Tenants In Building
Commercial rental space is full of businesses of all kinds whether it is an accounting firm on one floor and a digital marketing company on another. Finding a building with potential clients and businesses that can be partnered with for a mutually beneficial relationship can be a huge perk of picking the right office building. This by no means should be the only factor that you consider when choosing an office but it can be this small detail that finalizes the decision. Companies want to work with those people close to them as it is much easier to drop by for an in-person meeting than to set up a virtual conference with people in multiple locations calling in. Take a look at the directory of businesses to see how your business would mesh with the others in the building.
The process of picking an office should be handled carefully as the last thing a business wants is to be trapped in an ironclad lease for years. Companies often sign longer term leases for their office space as the company leasing the space will give a monthly discount for multiple year renters. Keeping overhead expenses low is important for a growing business but a business owner wants their employees to be as productive as possible which can be tough in smaller cramped office spacing. Keep the factors listed above in mind as it could help save you from a bad decision or allow you to make the best decision for the future of the business!