The business world may have been turned upside down by the Covid-19 pandemic, but for many business owners, this difficult time has given rise to a new motivation to succeed.
With businesses hit particularly hard by Covid-19 restrictions, getting on that road to recovery sooner rather than later is a matter of survival. But why just survive when you can thrive in your respective market sector?
There are many steps you can take to find success once again, even if you’ve had to close your business for a long period of time or your profits have taken a hit due to reduced demand.
One strategy well worth exploring is relocating or expanding your business into a new UK location, here’s why.
Extend your business reach
By relocating your business, you can successfully tap into audiences that you may not have been able to reach before. After a long period of time, even the best businesses experience slow but sure growth.
Many companies get to know the customers within their area but are restricted by their location when it comes to reaching new consumers.
Through relocation you can explore pastures new and discover previously untouched customers.
Choosing the right location for your business move is however vital, and it all starts with identifying your market as MoreBusiness details:
“The first step to selecting an ideal location is to consider the environment your business will require. Is your business related to convenience, commodities or specialty items? The answers to these questions will help your enterprise survive in the cutthroat world of business.”
By identifying your market, collecting specific data and completing competitor analysis, you can pinpoint a location that suits your business requirements and give yourself the best chances of success.
Unlock a new pool of talent
No business can develop without the right talent, and moving into a new location unlocks plenty of potential in this area too.
Finding qualified and experienced professionals that can take a company to the next level has always been a challenge.
By conquering the right location, you can unlock a new pool of talent, and discover the employees that will help you thrive.
Enjoy lower running costs
The financial burden of running your own business can be particularly heavy.
Relocation provides scope to improve your financial outlook, with a new location giving you the opportunity to lower your business running costs.
Alongside selecting a fitting location that has a lower cost of living and commercial rental, relocating to a location that works for you and your employees in terms of distance from home will cut your costs and increase your profit further.
Choosing a location that provides greater access to business advice, support and funding will also leave you perfectly poised to progress your company. In Cambridge for example, the Cambridge Network and the University of Cambridge both run events and talks for businesses.
Cambridge-based companies are therefore better informed to overcome challenges and relish new opportunities in their respective marketplace.
There’s lots of investment in Cambridge too, with readily available support for businesses looking to expand and assistance for small businesses and start-ups wishing to establish themselves.
Time to arrange a business trip?
When making such a huge decision about locations for business relocation or expansion, we’d always recommend scouting out a new destination in person.
Here, at Citystay, we regularly provide a comfortable, luxurious base for business travellers wanting to take advantage of the city’s thriving corporate scene.
Our serviced apartments provide a home away from home and a productive temporary office for you to make those big business decisions.
Book your premium, centrally located serviced apartment at Citystay right here and grow your business the right way during 2021.