The location of your business is vitally important, it will be crucial to your customers but also to your suppliers and of course, to your staff. Rent may be cheaper outside of town but if it doesn’t help the business from a geographical point of view then you will be wasting your money. Today we are going to take a look at just some of the positive and negative impacts which the location of your business can have on its overall success, in order for you to better understand the impact which it can have. For more info, check out the infographic below this post by Pall Mall Estates, who’s campaign #loveyourlocation is all about the importance which location has on businesses.
When it comes to the positive impacts for your business in terms of location, it will of course depend greatly on the type of business which you have. If you have a shop which requires customers then heavy footfall locations make the most sense, offices can be further out of course but you also must consider transport links for your suppliers and most importantly, your staff. On top of the accessibility of your business, there are also additional aspects to consider such as cost of renting or buying of property, and taxation laws. Occasionally you will find that having an out of town location will positively impact your company, as you will have lower costs. The key is in the balance, get it right and your business can really thrive.
If you get the balance wrong in terms of the location, you could be looking at high rent costs, difficulty to contract staff given the obscure location, especially if it isn’t reachable via transport links, as well as lower volume of customers through the doors. These negative impacts should not be overlooked, they play a key role in the success of your business. Cheap rent or property prices are great, but not if it damages your ability to hire staff, and sell your products and services. Finally there is the security aspect to consider, an isolated business could very well present a higher security risk than one which is surrounded by other businesses, don’t discount this aspect when planning the location of your business.
The world of business is more competitive than it has ever been which means that you need to get all of the factors in line in order to find the success which you want, the location of your business will be one of the most important.