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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
The Most Important Factors To Consider When Setting Up Your Headquarters
The matter of setting up where you’re going to manage your business from will never cease to be of utmost importance. This is the very hub of your operations, after all. If you’re not careful, a poorly-made decision is, without a sliver of doubt, going to hinder your business, or worse, cause its demise.
So, what are the things that you should consider when you’re setting up your company headquarters? How do you simplify a problem that holds so much importance? Well, you deal with one disaster at a time. You ascertain the more impactful factors first and you decide from there. Ready? Let's begin.
Cost
It doesn’t matter if you have an abundance of resources at your disposal or if they’re marginal. The golden rule of business applies just the same. For a business to succeed, it must be able to maximize revenue as well as minimize expenses. Different places have different costs of living. And while it’s true that the places that are more expensive to live in are generally better off than their counterparts, there needs to be a balance between quality and cost, much like the principle of diminishing returns.
Available Talent
The local labor pool is going to be your primary source of employees. It’s important to be able to determine the average cost of an employee and the average skill level of the available talent in the area where you wish to set up your headquarters. It’s also for this reason that many tech companies choose to set up shop in Silicon Valley. This is because the best in the industry are bound to flock to the area.
City Culture
You also need to consider the nature of your business when you’re deciding on where you want to establish your headquarters. Would the environment be conducive to the growth and development of not just your company, but your employees as well? It’s also for this reason that Silicon Valley, among other tech hubs, is also a prime spot for tech companies and Hollywood is not. And once you’ve been able to select a city to operate in, that’s when you need to find a specific place for your headquarters. This guide on how to find the best office space should come in handy.
Your Gut
That’s exactly right. While your emotion and instinct aren’t going to be the sole determinants of whether or not you’re going to proceed with setting up your headquarters in a particular place, they are indeed important factors to consider. The realm of business may seem to alienate emotions and instincts and guesswork, but the reality is that morale is an important aspect of running a business. If you or your employees don’t like the place of work, then they aren’t going to perform their duties with as much gusto as when they actually love the place they work at.
You shouldn’t neglect to consider non-tangible things such as human emotions because, as previously stated, they have a real impact on morale.
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