While moving can be a mammoth task, it can bring several benefits:
Renovating on the other hand offers its own advantages:
So how can you decide what's the best option for you? Mapping your business's future needs is a good place to start.
“Understand the business you have today, review your strategic plan and how this will deliver on your business goals into the future.,” says Brendan Weinert, Head of Sustainable Business Energy Solutions at AGL.
This will include looking at:
“If, for example, your business is energy intensive, running a more sustainable business might be your focus over the coming years, becoming more energy efficient might be an important element to consider,” Weinert offers.
“You might think about your current , heating, ventilation and air conditioning (HVAC) system"
“You might think about your current , heating, ventilation and air conditioning (HVAC) system. And if you’re leasing, whether you will get consent to install products such as solar, batteries and a more efficient HVAC system. If these don’t meet the future energy needs of your business, you may consider relocation options.”
Once you’re clear on where your business is headed, here are some things to consider to help you decide.
6 things to consider for the ideal office space
One of the biggest elements that can influence your decision is budget. If you don’t already have one, create a detailed budget for your business, taking into account your operational costs, and projected revenue. Consider how much you can realistically spend on the ideal office space, weighing up finding a new fit-for-purpose space against upgrading your existing office.
This might be a good opportunity to assess if you’re getting the best deal from your current suppliers as well. You can start with making sure you have the best energy plan to support your business.
Once you have your business plan, including a documented budget, you think you can afford to buy an office space, speak to your business adviser or accountant. They can help you work out whether you should buy or rent. Make sure you also seek legal advice and understand the implications of contracts and/or lease agreements.
“If you’re leasing, you need to understand your lease conditions, what you can and can’t do to the property and the risks associated with any upgrades,” Weinert suggests.
Where your office is located can be an important factor for your business.
“If your business relies on foot traffic, location is key. While amazing facilities might be appealing, if they’re in the right location for your business, it might not be worth the move,” says Weinert.
When it comes to location, also think about your people’s needs. Is your office close to or easily accessible for your customers? What about your staff? Is there enough parking? Is it near public transport? Or could you be in a better location that is more affordable, convenient or visible for the products/services you provide?
Moving and renovating can both come with substantial disruption to your business. Consider how much downtime you can afford to have.
Moving into a turn-key office may be a less disruptive process than doing major renovations on your existing space. But if your current office only needs minor updates, you may be able to avoid significant disruption all-together.
It can also be useful to think about the improvements to your business that come with moving or renovating.
For instance, moving to a newer building may help improve your energy efficiency – and reduce your costs. But with government initiatives and grants supporting energy efficient updates, you may be better off upgrading existing systems and appliances at your current premises.
