Important Tips When Relocating Your Business

Moving your business can be a large undertaking and often leaves many business owners with difficulties running their business for a while after. It’s important to have a plan for your relocation and to plan out the first few weeks of operations at your new location as well, whether you’re moving to Newton, MA, or elsewhere. By having a well-thought-out plan and communicating with your employees and customers, you can guarantee a successful transition. 

Research New Locations

When deciding on a new location for your business, you’ll want to be sure it plays to your business’s strengths. Find out whether your new location has good access to local suppliers, customers, and other important services for your business. Researching local tax laws can also help you determine if a new location is suitable for your business. It’s also a good idea to poll your employees and take their suggestions into consideration. 

Moving to a New State

If your business is moving to a new state, you might consider forming an LLC in your new location. If your company is already an LLC, changing your formation state to the state where your business will be located may be beneficial. Check how to form an LLC in Massachusetts before moving ahead. Avoid high lawyer fees by handling the paperwork on your own or by using a formation service.

Stock Up With Extra Inventory

Stocking up on extra inventory is an already-common strategy that will help your business even more ahead of its move. By increasing your inventory to above-normal levels, you can ensure that you have an uninterrupted supply while you adjust your business for operations in your new location. Prevent any shortages by being proactive and ordering more inventory than you think you might need. It’s also wise to get in contact with suppliers in your new location ahead of time so that you can order supplies well ahead of your relocation. 

Order Other Items Ahead of Time

Additionally, consider what items your business will need outside of inventory. Furniture, signs, or other office equipment should be ordered in advance so that operations can begin smoothly in your new location. Know your new location’s layout well so that you can order the right supplies immediately. 

Keep Your Customers and Employees Informed

When planning a business relocation, it’s important to let everybody involved in the business know well ahead of time. There are a number of ways to go about announcing this to your customers, including email newsletters, social media, or even local advertisements. By keeping your customers informed about the moving process, you can minimize any potential losses and even start reaching out to customers in your new location ahead of time. Advising your employees about the move in a timely manner allows them to decide if they’ll remain with your company or seek employment elsewhere.

Making a Seamless Transition

Moving your business can become a simple task when properly planned. When you relocate your business, you’ll surely experience some changes in your budget and cash flow for a time. If you’re a Newton business owner, get help with your business’s finances by contacting the expert financial planners at KJH Financial Services today.

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