Office location – what does it mean for your business? David McEwen
Location, location, location. The age old real estate mantra should not just apply to where you live. Choosing the right location should be a key element of any good business strategy.
The location you choose for your business is critical in positioning your brand, while a good choice in location will be vital in attracting and retaining the best staff.
But don't be enticed to a premium location if it doesn't match your brand. Alternatively, don’t be put off by the cost of a premium location until you’ve done your due diligence and understood the benefits it can bring to your business. A premium location may retain good staff, so ultimately cut down on your recruiting and training budgets.
Having a clear understanding of your business strategy and how your organisation sits in its market environment are the first steps to choosing your location. Here are a few tips to consider when that all important choice has to be made:
Position it right and talent will follow
In order to attract a steady supply of the right people to your business, you need to consider the type of person you wish to attract, their ages, qualifications, salary expectations and where they live. Once you have a clear understanding of their profile, choose a location which will appeal to them.
Keep competition close
In most countries and cities there are clear geographic clusters for certain types of organisations. Employees move between these organisations and become accustomed to the geography.
What location tells your clients
Where do your potential clients expect you to be? A company's physical address sends market signals that should be in tune with your branding and convey the appropriate stature and size to your target market.
Be easy to work with
Look at the type of business you are in and where work is carried out. Some businesses need their sales or support personnel to be based according to their clients' geographies. Major call centres are often located in proximity to major telecommunications hubs.
Catch talent with an easy commute
Consider where your preferred talent are likely to reside, then ensure that you choose a location that is as easy commute.
Don’t expect staff to walk for a sandwich
Amenity covers a wide range of considerations, from convenient and affordable parking, to cafes and bars, retail, banking and other services.
There's safety in numbers
With longer working hours the norm for many organisations, the relative risks involved in making it safely into one's car, bus or train when leaving the workplace after dark do impact on people's employment decisions.
Pay only for what you need
Do you actually need a physical office presence? Some organisations may be able to operate successfully on a largely virtual basis, with team members working from their homes, co working sites or clients' sites. Where previously staff needed to work in a central office to be able to access records and equipment, this is no longer the case. However, for many organisations a central office fulfils important collaborative, social, cultural/brand and other requirements.
David McEwen is a workplace strategy consultant with Colliers International.
