The Financial Side Of The Office Relocation Process

Relocating your business into a new office can be the beginning of new opportunities, but it’s also a difficult and expensive task. There is a whole variety of costs that you have to consider. The first things that come to mind are certainly paying the moving company and getting new utilities, but there are other costs that you may not instantly think of, such as the expenses of pausing your business activities or closing your previous office. However, if you make a plan and pay attention to the details, you can avoid your business taking a big hit.

Prepare the budget for the new space

You need to think about any construction and repairs that may be necessary to be done so that the new space is made appropriate for what you are looking for. You should hire a professional who will be the main negotiator for your deal, so get quotes from office space brokers in order to get the best price. You also need to check with the building manager of the new office to see whether build-out expenses are included in the contract, or if they charge for their services.

Think about loss of revenue

The last thing that you should do is let your move come in the way of your essential business operations. During the relocation process, you are bound to lose some revenue. In order to make sure that your business doesn’t really suffer from it, you should avoid planning the move right in the middle of a big project. The best time for the move in this regard is during the weekend or a holiday. It might even be necessary to keep your previous location operational while you’re preparing your new office. A good plan is necessary so that you don’t lose any clients in the process.

Contact service providers

Negotiating contracts and establishing possible deposits, costs, and fees with your service providers is another thing that shouldn’t be looked over. You need to know what the costs of hiring people who are going to install your electronics, computers, and phones are. Negotiate the price of services such as electricity, gas, cleaning, vending, cable, and internet. When it comes to phones, the installation will probably be done by the phone company. However, you have to keep in mind that they might charge you an installation fee. The same goes for your ISP.

Close your old office

In the case that you are ending your lease earlier than previously determined, you need to check with your landlord whether there are any fees and penalties included. You need to prepare the building for the next buyer, so make sure that all damage is repaired, including items like walls, fixtures, and carpeting. You need to determine the costs related to selling the building, like commissions, realtor fees, advertising, repairing, and generally preparing it for sale. It is also necessary to determine the costs of terminating or moving contracts for internet, phones, electricity, gas, vending machines, cleaning, and other services.

Find an affordable storage space

There is a possibility that you will not be able to move everything in one go. Or, there may be items that your new office isn’t going to need right away, but you will find necessary in the long run. Therefore, storage solutions Sydney professionals suggest finding a cost-effective and good-quality storage space where you can hold these items until they can be moved into your new office.

Negotiate a set moving fee

You need to find out whether it is possible to negotiate a set moving fee. It isn’t uncommon among moving companies to charge extra for boxes and tape, which you learn only after your items are already packed and ready to go. The price that you have to pay can end up being more than you originally planned if you don’t pay attention. The problem is that if you do not pay the fee, they will keep your items and you will have to go to court to settle the disagreement.

In summation

Behind the office relocation process, there is a whole financial side that requires careful estimating and planning. If you follow the 6 steps in this article, you can decrease your relocation costs and make sure that everything goes according to plan.

from Finance Girl http://www.financegirl.co.uk/the-financial-side-of-the-office-relocation-process/

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Author: Frozen Pension

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