Location is one of the most important factors in determining the success of a business. Location affects employee retention and performance because it impacts their work-life balance, which is highly valued by today’s workforce.
A poor decision on location will have consequences for years down the line, with lost talent, productivity, and capital all being possibilities if you make an ill-judged choice when starting or looking at expanding your company internationally. In comparison, a good location decision can significantly boost a company’s long-term performance.
Following are some of the most important key motivators for choosing a good location for your business.
If you want your company to succeed, it needs a transportation plan. Maintaining an efficient and effective business relies on moving people and resources from one place in the office or factory floor across town. Allocating resources efficiently by getting them where they need to go as quickly and accurately possible are just some skills that come with an organized ground travel strategy.
You can only do this if your business location is easily accessible. The same goes for customers as well. Because easy to access locations will allow more customers and foot traffic.
Real Estate Costs
When it comes to deciding on the best location for your business, real estate cost should be one of the top considerations. While city centers might seem like an ideal spot with their accessibility and talent pool, you’ll find out quickly that these properties come at a hefty price tag in real estate taxes and insurance costs alone. Suburban locations offer low-cost options with quick accessibility, which might prove to be a better suit for your company’s needs.
Regulation and Taxation
Bearing in mind that regulations can change at any given time, it’s important to speak with business stakeholders and agree on where to establish the business as countries/regions offer one the following: lower tax rates and fewer regulatory requirements for businesses.
The government is actively promoting economic growth in Europe by giving incentives to businesses. Some regions and cities offer grants, tax breaks, or other forms of assistance for those who move there.
To learn more about the importance of location in business, visit our blog section.
- Linda’s right hand, Kenneth has been working with Linda for years, helping in planning, managing, and editing projects.